Australia’s terms of trade also fell sharply as commodity prices declined, further exacerbating the decline in export demand. In the event, inflation in Australia rose by less than was forecast, in part because of the decline in the pass-through of the exchange rate depreciation, as well as a greater-than-expected disinflationary impulse from the Asian region that put downward pressure on import prices.
Ladies and gentlemen, we, in the Bangko Sentral, encourage you, distinguished members of ECOP, not only to adjust to financial technnology, but to leverage on its opportunities. Our goal is not just to survive but to thrive. The democratization of technology enables efficiencies and scale in financial service delivery. Mobile devices are cheaper and now within many’s reach. Social media is pervasive.