I don’t know if you remember, but it was not so long ago that internal auditing was considered a boring and perhaps an unnecessary hassle. And then starting around the end of the 1990s, a series of well-publicized international financial scandals changed all that.
The inflation outlook had worsened at the time of our last Monetary Policy Committee meeting and is now expected to be slightly higher at 5.9 per cent and 5.5 per cent in 2013 and 2014, respectively. Inflation is projected to temporarily breach the target range in the third quarter of 2013, at a slightly higher average level of 6.3 per cent.