We at the Bank continue to judge that the risks to our inflation projection are roughly balanced, although there is now a slight tilt to the upside. 8  BIS Review 41/2007  Last Tuesday, the Bank left its key policy rate unchanged at 4 1/4 per cent.
The current level of the policy interest rate is judged, at this time, to be consistent with achieving the inflation target over the medium term. Mr. Chairman, Paul and I will now be happy to answer your questions. BIS Review 41/2007  9