Not unexpectedly, the expansion of the financial system and the emergence of new and liberal structures are proving to be a tremendous challenge for our supervisory authorities whose responsibility it is to ensure that institutions take adequate steps to manage exposure to systemic risk.
Since early 2008, the exchange rate has also begun to pose a threat to the inflation outlook. The exchange rate reacted to a number of developments including the widening deficit on the current account of the balance of payments, electricity supply constraints, bouts of global risk aversion and movements in the US dollar against other currencies.