The Bank responded promptly by extending a Special Foreign Currency Line of Credit of $ million, i.e. nearly 7% of Bank reserves to ensure the continued financing of the country’s trade. This measure, taken in December 2008, extended the Bank’s toolkit and it was vital to keep the economy functioning smoothly in the unusual conditions prevailing at the time.
The Special Foreign Currency Line of Credit remained available for three years and we only withdrew it last year when it was no longer required.