BIS Review 9/2004  13  Table II Changes in key macronomic indicators  October 1999  September 2003  GDP growth rate Inflation Fiscal deficit/GDP Current account/GDP Domestic Debt/GDP External Debt Remittances Exports Tax Revenues Rupee-Dollar Parity Foreign Direct Investment Foreign Exchange Reserves  4.2% 5.7% -6.1% -3.2% 52.0% $ 38 billion $ 88 million per month $ 7.8 billion Rs.
Challenges and constraints  As central bankers, it is beneficial to evolve the culture of a regular critical appraisal of our performance with a view to improving on our effectiveness and adapt to changes in the economic environment. Clearly, every central bank faces constraints in the conduct of economic policies, some of which create the problem of policy credibility.