It is exactly in the area of macroeconomic stability, which represents the first and most important pillar of the Strategy, that we have achieved significant results. Household dinar savings are now around 3 times higher than at end-2012. More than two-thirds of new household loans in 2015 were in dinars, while the figure is even higher this year (over 70%).
Nevertheless, the risk to inflation continues to be on the upside until we see further confirmation in this trend toward moderation. In thinking about the macroeconomic consequences of inflation, it makes sense to look at the core rate, which excludes the prices of energy and food, when the focus is on the short run.