After a rate-setting meeting in July, the Council said it had wound up an easing cycle started almost two years earlier. According to the minutes of the October meeting, the Council judged that “inflation was likely to move into line with the target over the medium term” with current monetary conditions maintained.
“If the assumptions underlying the bank’s projection held, achieving the medium-term inflation target pointed in the direction of maintaining current loose monetary conditions for an extended period,” the Council said in the minutes, reiterating its stand since the end of the easing cycle.
The Council said a “cautious approach to policy was still warranted due to uncertainty about future developments in the global financial environment”. The Council’s next rate-setting meeting will take place on November 25.
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