During the past two years, a number of collaborative research projects have also been initiated and completed. This latter initiative has become more formalised with the launch this year of the Visiting Research Fellows Programme which will enable leading academics or researchers from other central banks to spend time at our Head Office pursuing their research and interacting with Bank staff.
With a large boost to income, we need to think about the balance between saving and spending, because we do not know the permanent level of the terms of trade. I argue for erring on the side of saving for the time being, and I think this is by and large what is happening so far.