GRAPH 3  BIS Review 36/1998  -5-  TWI & 90 Day Bank Bill Rate January 1997 - April 1998  Index  %  70.0  11  67.5  10 9  65.0 8 62.5 7 60.0 6 TWI (LHS) 90 Day Bank Bill Rate (RHS)  57.5  5 4 6 Apr 98  17 Mar 98  25 Feb 98  5 Feb 98  16 Jan 98  27 Dec 97  7 Dec 97  17 Nov 97  28 Oct 97  8 Oct 97  18 Sep 97  29 Aug 97  9 Aug 97  20 Jul 97  30 Jun 97  10 Jun 97  21 May 97  1 May 97  11 Apr 97  22 Mar 97  2 Mar 97  10 Feb 97  21 Jan 97  1 Jan 97  55.0  Is the new mix of monetary conditions in some sense undesirable?
I am sure it must seem so to many indebted companies and households. On the other hand, I am equally confident that there are a great number of people in the export sector, and in companies competing with imports, who are absolutely delighted by the change in the mix of monetary conditions. So also are those people who derive income from their savings.