Overseas economies have been growing moderately on the whole, but the pace has continued to decelerate since the start of the year (Chart 1). According to the World Economic Outlook (WEO) Update released by the International Monetary Fund (IMF) in July, growth is forecast at 3.2 percent in 2019 on a year-on-year basis, marking a decline from the previous year's figure of 3.6 percent.
 The other intervention was the Standards on Cash Deposit Fees which removed all cash deposit fees charged by banking institutions to all accounts of individuals and accounts belonging to businesses with a turnover of $ million or less which become effective from 31 March 2015. 12.