4 July 2005

1   At its meeting on 4 July 2005, the Monetary Council discussed the latest money and capital market developments. In accordance with its meeting schedule, the Council did not take a decision on the central bank base rate at Monday’s meeting.

2   In respect of the Government’s planned tax measures, the Council stated that it would continue to consider medium-term inflation developments in taking policy decisions and, accordingly, it did not aim to offset temporary shocks arising from one-off changes in the general price level.