Senior Deputy Governor Wilkins and I are pleased to be back before you today to discuss the Bank’s Monetary Policy Report (MPR), which we published last week. When we were last here in April, we were celebrating the fact that we had upgraded our economic forecast following a long period of disappointment.
I am happy to tell you that many of the positive trends that we saw then have continued. Sources of economic growth have broadened across sectors and regions, and the process of adjustment to the oil price shock is essentially complete. The Bank raised its policy interest rate twice since our last visit, in July and September.