In the last half of this decade, the increase in the share of loans to non-banks in the Gulf States is noticeable, and it reflects the internationalization strategy of banks which have favored extending credit by local affiliates to cross-border lending. Until the beginning of this decade, international banking growth tracked well the increasing world integration as measured by international trade growth.
On Tuesday, the Bank raised its key policy interest rate by one-quarter of one percentage point to 4 1/2 per cent, and we said that some modest further increase in the overnight rate may be required to bring inflation back to the target over the medium term. Paul and I would now be happy to take your questions. BIS Review 81/2007  1