For reasons that I have already outlined, differentials in interchange-like payments can have an important influence on the incentives to use particular payment methods, and these developments in companion card usage suggest that the different regulatory treatments for the two arrangements may have been a factor in shaping the development of the market.
I am pleased to have this opportunity today to talk about recent economic and financial developments and present an overall review of the Bank’s conduct of monetary policy. I. Economic and Financial Developments I will first explain recent economic and financial developments. Overseas economies have picked up from a state of significant depression.