Second, with a view to spurring greater competition, the Bank issued licences to 14 new Money Changers and one Foreign Exchange Dealer on a revised set of conditions. Whilst the Bank does not target any specific exchange rate against any particular currency and is not itself in a market-maker, we do have a key role in market management.
This is a matter of continual review by the IMF which commented favourably on the functioning of our interbank foreign exchange market in its 2007 FSAP Report. We can say that the foreign exchange market has functioned well in 2008.