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Statement on the Monetary Council meeting held on 10 March 2003

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At its meeting on 10 March 2003, the Monetary Council reviewed the latest economic and financial developments and left the central bank base rate unchanged at 6.50%. In the Council's judgement, the current monetary conditions in terms of exchange rate and interest rate levels continue to be in accordance with the Bank's projections. On 10 February 2003, the Bank had published its forecasts of 5.2% and 4.0% for inflation at end-2003 and end-2004 respectively, which the Council approved.

10 March 2003