BIS Review 29/2003  1  In view of these inflation developments, the momentum of domestic demand, the narrowing of interest rate spreads in credit markets, and diminishing geopolitical uncertainty, we raised our target overnight rate by 25 basis points in March and again in mid-April - bringing it to 3.25 per cent.
In our April Monetary Policy Report, we stated that the risks confronting the world economy appeared to be more evenly balanced than they had been in the autumn.