The overall slowdown in bank lending growth reflects the combined effects of muted business confidence and the banks’ stricter loan standards attributed mainly to continued disruptions in business operations.
Third, we are required to consult regularly with the Minister of Finance. This is not an undermining of independence, but rather a mechanism to ensure effective macroeconomic coordination. It should be clear then that central bank independence is not absolute. We are an integral part of the economy and therefore not independent of the economy.