This indicates that we made appropriate decisions taken 18–24 months ago, the estimated time lag for monetary policy to have full impact. Our external position remained strong, with a confidence-building balance of payments surplus of $ billion for the first 11 months and record high gross international reserves at a preliminary $ billion by year-end. Equally important, our banking system remained sound and stable.
We also avoided a credit freeze as banks continued to lend to the productive sectors of the economy. In addition, Bangko Sentral received last year international recognition for having the best regulatory environment conducive for microfinance and for our pioneering regulations for mobile money transfers that promote inclusive banking. This is not to say that 2009 was perfect for us.