This reveals the fall in credit demand following stagnant economic conditions as well as the continued cautious lending attitudes of private banks. 1  The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on June 12, as the basis of monetary policy decisions.
The deep recession and slow recovery likely have held back investment in physical and human capital, restrained the rate of new business formation, prompted discouraged workers to leave the labor force, and eroded the skills of the long-term unemployed.