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Press release on the Monetary Council's meeting of 5 July 2004

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1. The Monetary Council has today decided that, beginning with its meeting of 5 July 2004, it will make a decision on changing the central bank base rate only at the second scheduled meeting of each month. In addition, the Council has decided not to issue a press release on its non-rate-setting meetings.

The Monetary Council has taken into consideration that it is an internationally established practice to hold rate-setting meetings once a month or even less frequently and that the vast majority of information on which policy decisions are based are only published with a monthly frequency.

Generally, the Monetary Council will use the first scheduled meeting of each month to discuss issues relating to the other duties and responsibilities of the MNB. Obviously, whenever circumstances warrant it, the Council may decide to change the central bank base rate.

2. Accordingly, the Monetary Council has not put changing the central bank base on the agenda of its meeting on 5 July 2004.