ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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The Prime Minister and the Press

but probably declining to about $20 billion in 1978), a sizeable part of which is recycled by the private banking sector. With borrowing requirements by governments and industry in industrialised countries remaining at a relatively low level due to the sluggish recovery from recession, ample funds continue to be available. This liquidity has created a borrowers' market with a narrowing of "spreads'' and a lengthening of 'maturities, but interest rates have been rising. The following average interest rates were recorded for six-month bank loans repayable in dollars :

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