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Statement on the Monetary Council meeting of 6 May

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At its meeting on 6 May 2002, the Monetary Council discussed the Quarterly Report on Inflation, to be published on 22 May. The Council issued a separate account of its assessment of economic conditions linked to the Report.

The Council considered the latest economic and financial developments. Based on information available for the assessment, the Council and saw no need for the Bank to alter the current monetary conditions. Therefore, it left the central bank base rate unchanged at 8.50%.