On the narrowing interest rate differential and the weakening exchange rate The other reason we did that [raise the policy rate] is, as the US [United States] increased its policy rate, its policy rate became very close to ours.
BIS Review 3/2005  1  We trust that the media will also play its rightful role in informing and educating the public and in so doing protecting the public and ensuring that we give no quarter to criminals should they attempt to counterfeit our currency. All five denominations of the upgraded banknotes will go into circulation on 1 February 2005.