However, as I will discuss in more detail later on, it should be noted that domestic macroeconomic fundamentals play an equally decisive role in emerging markets. Apparently, emerging market economies with larger external and internal imbalances have been faced with stronger currency depreciations (as shown in the IMF’s GFSR, October 2013).
Issues pertaining to liquidity management  The implementation of the NISS on 10 June 2002 and the subsequent introduction of Intra-day Repurchase Agreement (repo) on 27 October 2003 compelled the Bank to introduce a new lending policy and credit facilities for local banking institutions.