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Press release on the Monetary Council’s special meeting of 22 October 2008


22 October 2008

On 22 October 2008, the Monetary Council held a special meeting. After reviewing the latest financial market developments, the Council decided to raise the central bank base rate to 11.50%. The Council also decided to narrow the interest rate corridor formed by the overnight deposit and collateralised lending facilities around the rate on the Bank’s key policy instrument to +/-50 basis points.