In light of these prospects, the task for monetary policy in 2003 will be to ensure that underlying inflation does not increase; the objective is also to reverse the upward trend in overall inflation that was experienced in 2002 to a downward path of the Bank’s desired range of 4 - 6 percent by the end of this year.
While the Bank will continue to respond appropriately to monetary and inflation developments, the fiscal restraint that characterises the 2003/04 government budget should contribute to a balanced sharing of the burden of containing inflation as between monetary and fiscal policies during 2003. I thank you for having joined us this evening and for your kind attention. Thank you Director of Ceremonies.