The link between the Lombard rate and the money market has to be robust for any shift in the interest rate policy stance to be instantly transmitted. However, as you may have observed, changes in the Lombard rate have been having the intended impact on our interest rate structure.
In time to come our operational framework for the conduct of monetary policy will be refined with the progress in the development of our money market. Depending on the pace of development of our money market in 2005, the Lombard rate will be replaced by a Repurchase rate, commonly referred to as the Repo rate.