The Financial Stability Board continues to work on these issues and over time presumably we will be able to refine our assessments. Monetary policy Turning to other policies, when the financial crisis ushered in a very serious economic downturn in late 2008, central banks around the world reduced their policy rates dramatically – in a number of cases reaching the so called “zero bound”.
Third, as a result of lower debt servicing costs and higher tax revenue collections the size of public sector development expenditure will rise from Rs.130 billion to Rs.150 billion in 2003-04 and Rs.180 billion in 2004-05. This will help give a spur to private sector investment also. Tax revenues are projected to increase from Rs.460 billion this year to Rs.560 billion in 2004-05.