BIS Review 67/2006  3  Second, there are rooms for improvement in legal aspect of the payment & settlement system. A safe and efficient national payment & settlement system requires a transparent, comprehensive and sound legal framework. With development of the payment & settlement system, some flaws in payment regulations gradually attracted people’s concerns.
General commodity prices continued their steady decline, while oil prices were relatively low. Overall, there has been a large gap between the commodity prices enjoyed by New Zealand’s exporters  5 See Callaghan, Cassino, Vehbi, & Wong (2019). 6 See Sullivan & Aldridge (2011).