In a more general sense, the hikes have sought to contribute to stronger macroeconomic fundamentals in the face of an adverse international environment. Other factors considered include the relative monetary stance vis‐à‐vis that of the United States, as well as the phase of the economic cycle. Going forward, monetary policy will remain vigilant.
More data and further analysis are required before a better assessment can be made of the extent to which the ongoing process of risk reappraisal and banks’ balance sheet adjustment will affect credit growth in the future. With regard to the prospects for price stability, the short-term inflation outlook is not satisfactory.