I am pleased to say that after many years of persuasion by ourselves for the admission of another African country, Algeria is now a shareholder of the BIS. Our co-operation with the International Monetary Fund (IMF) continues.
The Bank can also respond to currency declines with Bank Rate changes. There are two sets of circumstances in which this would be appropriate. The first is when the magnitude of the currency decline threatens to push the economy off a sustainable, noninflationary growth path.