One may also say that while all three being tigers – a metaphor commonly used to describe the past exceptionally strong expansion of the Baltic economies – each of the three had and still has its own – unique – character. One of the obvious differences among the Baltic countries was their policy stance in the runup to crisis.
Moreover, this elevated level of inflation also persisted through the first quarter of 2011–12. In response to inflationary pressures, the Reserve Bank has raised the policy repo rate 11 times bringing it up from a low of 4.75 per cent in March 2010 to 8.00 per cent by July 2011.