The effectiveness of monetary policy will remain limited, owing to extensive dollarisation of the economy. The NBC will begin to tighten monetary policy in 2011, but the authorities do not appear to be in a rush to raise the banking sector's reserve requirement, which currently stands at 12%. Money supply growth remains relatively strong, with broad money (M2) expanding by 20.8% year on year in January. Bank lending to the private sector has followed a similar pattern, with claims on the private sector rising by 24.8% in that month. However, with growth in bank lending to the private sector still far below the highs of over 100% that were recorded in early 2008, it will be some time before the reserve requirement is returned to its pre-crisis peak of 16%.