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Saturday, September 5, 2009
On the basis of the overall assessment, the stance of monetary policy for the remaining period of 2009-10 will be to manage liquidity actively so that the credit demand of the government is met while ensuring the flow of credit to the private sector at viable rates and to maintain a monetary and interest rate regime consistent with price stability and financial stability supportive of returning the economy to the high growth path.
Broad money growth (y-o-y) remained high at 20% (up to July 3,2009), driven by robust growth in deposits (21%) on the components side and significant increase in banking system's credit to the government (48%) on the sources side. Market absorption of the government borrOWing program was facilitated by dampened demand for credit from the private sector in the face of a high deposit growth.
Broad money growth (y-o-y) remained high at 20% (up to July 3,2009), driven by robust growth in deposits (21%) on the components side and significant increase in banking system's credit to the government (48%) on the sources side. Market absorption of the government borrOWing program was facilitated by dampened demand for credit from the private sector in the face of a high deposit growth.
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