A few years ago, the Reserve Bank of India was encouraging expansion of bank credit, while, more recently, we are trying to moderate such expansion. Mr. President, you made a strong case for greater monetary co-operation in South Asia.
I do agree that there are close monetary linkages amongst South Asian economies and hence, greater harmonisation of monetary policies, specially through staff exchanges and exchange of information, would be useful. The point is well taken and I trust that all members of the SAARCFINANCE Group would give due consideration to such suggestions by the respective Chambers of Commerce and Industry.