I am very pleased that the Minister for Finance and Treasury the Honourable Mr. Peter O’Neill CMG M.P. decided that all future trust accounts will be held with the Central Bank. As all of you are aware the Primary Objective of the Central Bank is “Price Stability”. In previous public statements, I clearly defined it as stable inflation rate below the two digit level.
Let me make it very clear, we do not target a specific level of inflation, as we do not follow an “inflation targeting” objective. We want inflation to be stable and predictable, so that investors, the business community, and households have some certainty in planning for the future. In 2008 the annual inflation increased to 11.2%. It was above the acceptable two digit range.