The increased significance of global factors identified by empirical analysis is likely to reflect common trends as well as the similar orientation of monetary policies and their success in containing inflationary pressures. But nothing prevents national monetary policies from diverging from such a common orientation, which itself has been fostered by increasing competition between currencies.
At this juncture I want to register my compliments to Fina Bank for having reduced its base lending rate to 14.75 percent. I am sure there is room to do more. The continued lowering of base lending rates by commercial banks will not only stimulate our  BIS Review 88/2010  1  economy but also reduce non-performing loans in the industry.