"In line with the rate reduction in the primary market, the secondary market yield curve that represents the interest rate structure in the market, showed a downward shift during 2008," the statement also said.
"The reduction of the interest rates in the secondary market is in the range of 130-440 basis points."
However other economic analysts have shown that a steep rise of rates in the first quarter of 2008 was partly consequence of running soft-pegged exchange rate based monetary regime where foreign assets were sterilized by the monetary authority.
Sterilizing foreign flows coming through the peg, and the build-up of reserves without a similar expansion of local money supply, takes capital out of the economy and causes a cash crunch.
The cash ends up in the US budget deficit when foreign reserves are invested abroad, and effectively 'crowds out' the local economy.
However analysts say it was a consequence of the central persuing very tight monetary targets in a bid to ar