In line with this view, the Porter Report maintained that institutions and markets were well able to withstand substantial shocks and warned against letting the conduct of monetary policy be excessively influenced by an undue concern for the stability of asset values.
In this context, we will closely monitor the possible repercussions of heightened geopolitical risks and exchange rate developments. Turning to the monetary analysis, data for June 2014 continue to point to subdued underlying growth in broad money (M3), with annual growth standing at 1.5% in June, compared with 1.0% in May.