Such an advisory body should be able to produce a blue print within few months since substantial international experience and domestic research are already available in this direction. Zero regulation As mentioned, one of our major achievements in this decade has been the strength and successful management of the external sector. There are some lessons to be learnt from the experience.
Concerning the wider subjects of exchange rate expectations and risk perception, a crucial factor will not only be how monetary policy is conducted but also the comprehensiveness and consistency of the overall macroeconomic adjustment program. As noted earlier the terms of trade shock is large; moreover, an announced fiscal adjustment program is in train within the context of a recently unveiled Central Government budget.