These shocks, global as well as domestic, included a series of financial crises in Asia, Brazil, Russia and Mexico, in the 1990s and other events such as 9/11 terrorist attacks in the US, border tensions, sanctions imposed in the aftermath of nuclear tests, political uncertainties, changes in the Government, and the current oil shock. Nonetheless, stability could be maintained in financial markets.
Indeed, inflation has been contained since the late-1990s to an average of around five per cent, distinctly lower than that of around seven to eight per cent per annum over the previous four decades. Simultaneously, the health of the financial sector has recorded very significant improvement.