On October 26, 2004, we set out in the Mid-Term Review of Annual Policy Statement for the year 2004-05 that the overall GDP growth for the year 2004-05 would be in the range of 6.0 to 6.5 percent.
Going forward, the core inflation rate is projected to stabilize around the 5 present medium term target. In view of this, let me take this opportunity to once again urge banks to align lending rates with the CBR and facilitate the stimulating effects that are intended from BOU’s monetary policy stance to be channelled to the economy.