The rate on three months bankers’ acceptances for example reached a peak of almost 17 per cent at the end of November 1996, before declining to 14.9 per cent at the end of October 1997.
The monetary operations to take place over the coming months will add to this accommodation and will support bank lending. As our measures work their way through to the economy, they will contribute to a return of inflation rates to levels closer to 2%.