Second, the persistent high growth in bank credit and money supply, the pick-up in non-oil import growth and the widening of the trade deficit in recent years together indicate upside pressures on aggregate demand.
Internal analyses have shown that over the review period since mid-March 2017 an ESTER rate calculated on the basis of data as submitted by reporting banks by 7:00 CET would not have been significantly different from a rate based on final (i.e. pre-ESTER) data.