graph_Graph 7_E4835D18

Foreign currency credit growth,¹ exchange rates² and policy rate

In per cent

Graph 7

A. US dollar

B. Euro

C. Japanese yen

¹Credit to non-bank borrowers. The calculation of year-on-year growth rates of credit is based on the quarterly changes adjusted for breaks in series and exchange rate fluctuations. ² Year-on-year growth rate of nominal effective exchange rate index (NEER) for dollar, euro, and yen. An increase indicates appreciation of the currency.

Sources: BIS global liquidity indicators; BIS effective exchange rates; BIS policy rates.