Maturing global value chains, geographical shifts in trade and an accelerating push towards more automation make it less likely that trade can again expand at the pace observed during the precrisis boom. To the extent that trade helps lift growth, policymakers have a role to play in providing an environment that is conducive to trade.
The addresses are purported to enhance transparency in the Bank’s policy decision-making. The theme for my address this evening is: A perspective of our monetary policy objective and the evolution of its operational framework since 1994 when our Exchange Control Act was suspended. Let me start with a remark - a remark that is generally valid.