Alongside a current account surplus from a robust terms of trade, relatively low levels of external and foreign currencydenominated debt, the currency played its role as an ‘automatic stabiliser’ without triggering financial concerns. 17  Over the ten-year period running up to May 2022, when inflation breached the upper end of the target, 83% of the time monthly inflation was within the target band.
8  Implications for policy going forward With negative real policy rates and the accompanying commodity price boom, a large part of our recovery was demand driven.