The FOMC’s outlook depends importantly on the view that longer-run inflation expectations have been stable for many years at a level consistent with PCE price inflation that will average around 2 percent in the longer run.
We have also removed the local content requirement. We hope that these changes will make the facility more attractive to the commercial banks and exporters. With the recent stability in the level of our foreign reserves, we have relaxed the limits on payment for credit cards for expenditure abroad, cash drawings and delegated limits on import payments.