In 2008, intra-regional trade within COMESA stood at over $ billion; it has more than doubled since 2003, and quadrupled during the decade. Moreover, with REPSS, we not only offer faster settlement of payments but we also cut the transaction costs by more than a half, thus giving a further boost to trade.
At the same time, the substantial reduction in key ECB interest rates since October 2008 appears to have been passed through to lower bank lending rates, thereby easing financing conditions for companies and households. Moreover, there are some indications that the pace of tightening of bank credit standards is stabilising, albeit at high levels by historical standards.