We’ve been consulting with industry on the calibration and testing programme, and at this stage we’re confident the industry will be ready to handle the new notes later next year. We’ll continue to work closely with the industry to ensure the transition is as smooth as possible.
For other developing and emerging-market countries, I would argue that the best course is generally to let the exchange rate float freely and to make low and stable inflation a principal focus of monetary policy. As I have already suggested, this approach makes the targeted inflation rate, and not the exchange rate or some other variable, the nominal anchor of the system.