Statement on the Monetary Council meeting held on 28 October 2002

1 At its meeting on 28 October 2002, the Monetary Council left the central bank base rate unchanged at 9.50%.

2 The Council discussed the first draft of the Quarterly Report on Inflation, to be published on 19 November.

3 The Council decided to set the December 2004 inflation target at 3.5±1%, in accordance with the Government’s ‘Medium-term Economic Policy Programme’.