Commensurate with the build-up of the foreign exchange reserves of the country, there has been a larger opening up of the overseas direct investment avenues resulting in the enhancement in the quantum of overseas direct investment to 400 per cent of the net worth as mentioned earlier.
*  *  *  I am pleased to be here today and to have this opportunity to talk about the Bank of Canada's outlook for the Canadian economy and to update you on our monetary policy actions. This has been a very difficult year for all of us in North America, but especially for you here in New York City.