Thus, the period where the Australian economy was experiencing a contractionary impact from abroad and where the outlook was for weaker growth and sub-2% inflation has now well and truly passed. The monetary policy that was appropriate for that period is no longer appropriate to the new circumstances that we face.
I would like to commend the Board and the management of Bank of Baroda for their foresight in issuing bonus shares to facilitate the increase in the bank’s paid up capital, as well as for their continued good stewardship of the bank.