The BSP’s fine-tuning of the Interest Rate Corridor (IRC) system to make it even more marketoriented is also aligned with this purpose. The IRC system will guide market interest rates closer to the BSP’s policy rate. We see this as a contribution to capital market development through better price discovery for very short term interest rates.
I am also very much aware that, while my name is on the award, I owe that fact in large measure to the efforts of a great many other people, including my colleagues on the Monetary and Economic Council, on the Committee of Inquiry into Inflation Accounting, on the New Zealand Planning Council, on the Economic Monitoring Group, and on the various taxation advisory committees I was privileged to chair in the eighties; to the efforts of my colleagues and staff in the Reserve Bank; and of course to my teachers and family over a great many years.