Be that as it may, the probability is that price increases will be subdued in 2009 compared to 2008. It is, therefore, anticipated that, by the end of the year, inflation will be closer to, if not within, the medium-term objective range of 3-6 percent. Honoured Guests: You may very well ask: What about the monetary policy stance in 2009 in the circumstances!
Well, we at the Bank consider that monetary policy action this year will take into consideration the following scenarios: first, the increase in government spending is unlikely to be inflationary; second, the exchange rate is expected to be stable; and third, it is hoped the inflation trend will continue to be downward.