Therefore, its approach to development the cash as well as derivative segments of these markets has been characterised by what one can call as cautious gradualism. I shall elaborate on the issues involved in these markets. Foreign exchange derivatives 16. The backdrop for the foreign exchange market is provided by several factors following the Balance of Payment crisis we faced in 1991.
At today's meeting, the Governing Council continued its comprehensive examination of monetary, financial and economic developments and assessed new evidence that has become available over the past few weeks. Our conclusion was that while risks to price stability over the medium term remain tilted to the upside, recent evidence sends mixed signals.