By any standard, we did quite well insofar as our monetary policy is concerned. In fact, even as oil prices breached record high levels, we managed to tame inflation at low and stable rates: In June 2005, our inflation rate was 7.6%; last May, it had dropped to 2.4%, a level comparable to those in developed countries. Second, on banking supervision.
As the central monetary authority of the country, our responsibility is to provide pro-active leadership to bring about a “strong financial system conducive to a balanced and sustainable growth of the economy.” Effective banking supervision as well as responsive policies and programs are key to this task. Overall, we continue to perform well in this regard.