2 The Bank’s view on recent economic and financial developments, determined by the Policy Board at the Monetary Policy Meeting held on July 16, as the basis of monetary policy decisions. BIS Review 63/1998  -2demand of private firms with the worsening of overall economic activities, and the continued cautious attitudes of private banks in extending loans.
Meanwhile, some firms, especially small and medium-sized firms, have been facing difficult financing conditions in terms of both funds availability and fund-raising costs. This influence on the overall economy continues to warrant careful monitoring. BIS Review 63/1998