The bank cannot disregard the exchange rate because the exchange rate can exercise considerable influence on developments in inflation.

208

Growth in real gross domestic product amounted to 4.5 percent in 2004, and preliminary anecdotal evidence suggests that this performance may have been exceeded somewhat in 2005.

129

All those reforms will need to be nurtured carefully and it is crucial that they be supported throughout by a stable and transparent macroeconomic policy framework.

118