Average monthly volumes are 8.05 million transactions (ECS Credit – NECS, Regional and local) and 13.40 million transactions (ECS Debit – Regional and local), while monthly values are averaging about Rs.126.43 billion and Rs.60.60 billion for ECS Credit and ECS Debit respectively.
We expect inflation to move within the target tolerance band over the projection horizon. In the short run, a rise in inflation will be primarily driven by the low base effect from prices of petroleum products and the January increase in cigarette prices. In the medium run, a rise in inflation will be driven by an increase in aggregate demand and inflation abroad.