In fact, our volume of external debt has been generally on the decline and during 1993-97 total external debt was reduced by $ 1 billion, while there was accretion to reserves of the order of $ 16.6 billion. Indeed, strict control over external debt is the cornerstone of our external sector liberalisation. Sometimes, the issue of forward liabilities of the central bank is raised.
Taking into account our unlimited supply of liquidity at our main policy rate and the fact that we have the deposit rate at 0.5%, we have, at the moment I am speaking, our six-month rates on the money market that are a little bit below U.S. sixmonth rates, and our one-year rates that are 13 basis points below the U.S. money market one-year rate.