In doing so, we will take full account of the implications for the outlook of both the incoming economic data and the ongoing developments in the financial markets. Economic forecasting is always difficult, but the current stresses in financial markets make the uncertainty surrounding the outlook even greater than usual.
Further, with the official exchange rate nearly converging to market exchange rate, there was not much incentive for routing remittances through unofficial exchange brokers. The rapid growth of private transfers reinforced the trade account adjustment to make the current account situation much more comfortable (Chart 4). 4  BIS central bankers’ speeches  During the 1980s, BoP again came under stress.