Despite these unfavorable conditions, its external position remains robust with sufficient foreign exchange reserves and positive current account balances. Manufacturing returned to positive growth in the second half of 2009–10 and a rising trend in industrial imports is pointing to industrial activity firming up further.
The work to develop the Global Code commenced in May last year, when the Bank for International Settlements (BIS) Governors commissioned a working group of the Markets Committee of the BIS to facilitate the establishment of a single global code of conduct for the wholesale FX market and to come up with mechanisms to promote greater adherence to the code.