Efficient and integrated markets reinforce the shock-absorption capacity of the system, as they are more liquid and offer better opportunities for financing and risk distribution. Similarly, in periods of high market volatility, the efficency of processing, clearing and settlement and the timeliness of reusing funds contributes to the stability and shock-absorption capacity of financial markets.
If the Government will receive any windfall revenue from high mineral taxes and dividends as a result of increasing commodity export prices, it should allow the Central Bank to insulate them by keeping the funds in offshore foreign currency accounts, instead of depositing them in trust accounts domestically. This would reduce the impact of these funds on domestic liquidity, the exchange rate and inflation.