There is also a need for altering the skewed participation profile in the IRS market given that majority of the participants are foreign and private sector banks with miniscule interest from public sector banks.
Indeed, as the solid line in Figure 3 indicates, advanced economies ran current account surpluses in 2013 and were also projected to do so in 2014, a shift in current account balances of about 1.5 percentage points of GDP since 2008.