The latest released minutes of the Exchange Fund Advisory Committee reveal that the panel rejected a proposal to dollarize the "aggregate balance" or the total of the clearing accounts banks maintain with the Monetary Authority, the de facto central bank.

CNN: Intelligence: The Dollarization Debate Again

The authorities have also had to resort to quantitative easing, using the balance-sheets of central banks to ensure the funding of clearing banks and to keep the lid on bond yields.

ECONOMIST: A new economic era is dawning