These transactions converted the oversold NOFP of $ 1,8 billion in mid-2002 to an overbought position of $ 0,9 billion at the end of July 2003. Having removed this perceived vulnerability, the price discovery process in the foreign-exchange market has been displaying a better two-way trading pattern.
We also welcome the commitment made by national authorities with regard to the provision of support facilities for banks where private sector means are insufficient. Sound balance sheets, effective risk management and transparent, robust business models are key to strengthening banks’ resilience to shocks and to ensuring adequate access to finance, thereby laying the foundations for sustainable growth, job creation and financial stability.