Here I have taken a two-year moving average series of inflation rate to represent adaptive inflation expectations and for estimating ex post real lending rates. The smoothed real lending rate series reinforces our earlier observation that lending rates rose in the 1990s and declined during the 2000s (Chart 4).
Among others, the payments system infrastructure has also created an integrated and interoperable retail payments ecosystem which includes cheque codeline clearing with truncation, automated clearing house for direct debit and credit transactions, an instant retail payment system, mobile 5  money interoperability and the recently launched hybrid card – which has consolidated the e-zwich and gh-link cards – to provide convenience to customers. 10.