Fourth, with an appropriate FX regulatory environment and a natural pool of talent, we were able to attract FX investments particularly in the BPO sector. Remittances also kept flowing. These allowed us to continue to build our Gross International Reserves to comfortable levels, above international benchmark levels, and therewith continue to register a surplus in the BOP.
The ECB is notified of hundreds of national measures each year and the ECB’s Governing Council may then raise objections. The ECB can also tighten, or “top up”, should measures be deemed insufficient, provided that these refer to instruments covered in European legislation – the Capital Requirements Directive and the Capital Requirements Regulation.