So far during the year, the balance of payments has continued to record a surplus, and a comfortable overall surplus is anticipated in 2013. In fact, although the Central Bank has purchased US dollars 486 million on a net basis from the market this year, greater stability of the exchange rate has been observed owing to increased foreign exchange inflows to the government securities market, and from tourism and private transfers.
In the meantime, it has been a matter of some concern that two months after relaxing monetary policy, interest rates pertaining to both deposit and lending interest rates still remain high. However, following recent discussions that the Central Bank had with leadingcommercial banks, it is anticipated that both deposit rates and lending rates will be adjusted in the near term, in line with the direction of monetary policy. When such adjustment takes place, it is expected to stimulate private sector economic activitytowards the growth targets for 2013.