He said the government has taken various decisive steps in the last two-and-a-half years which have helped the economy to get out from inflationary spiral to stable prices.
It is now characterized by the massive creation of money, so as to allay concerns over the liquidity of financial claims, at the risk of touching off an inflationary spiral.
Some policymakers have voiced concern that consumers and businesses may start taking high inflation as a given and trigger an inflationary spiral through higher wage demands and pre-emptive price hikes.
While it will soak up demand from the economy on the one hand, it can also start an inflationary spiral on the other if international oil prices start rising again.
The undeniable product of such monetary rascality, as evidenced over the years, will be unbridled inflationary spiral, while cost of funds will also never be conducive to drive industrial growth!
This helped prevent an inflationary spiral and restored the island's international competitiveness thereby leading to a period of long term economic growth of 2.7% between 1993 and 2000.