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Statement on the Monetary Council meeting of 24 September 2001


1 As a stage of its inflation forecasting process, today the Monetary Council made a preliminary review of the list of external factors affecting the inflation projection as well as of monetary and real economic developments.

2 The Council discussed and defined the principles of emergency lending to credit institutions in crisis situations, one of the functions of the central bank. The Council delegated the drafting of the rules of procedures serving as a framework of implementing the basic guidelines to the Board of Directors.

3 The Council approved a report on the experiences with foreign exchange liberalisation. In the Council's judgement, this move was of historical importance from the perspective of individuals' and enterprises' economic autonomy. The measures have not caused any disturbance to the financial market and economic conditions, but they have contributed to the broader use of financial instruments by opening new opportunities.