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Mid-term Review of Monetary and Credit Policy for the year 2003-04

Domestic Developments

· GDP growth in 2003-04 placed at 6.5-7.0 per cent, with an upward bias, compared to 6.0 per cent projected in April.

· Inflation projected for policy purposes at 4.0-4.5 per cent, with a possible downward bias, as compared with earlier projection of 5.0-5.5 per cent.

· Money Supply (M3) growth within the projected level as envisaged in April.

· Lower increase in reserve money despite sharp increase in forex inflows.

· Total resource flow to the commercial sector around the same level as last year.

· Government borrowing of over 60 per cent of the budgeted amount completed with longer maturities and at lower cost to Government.

· Fiscal deficit as at end-September higher compared to last year.

· Reduction in interest rates in financial markets and deposits observed.

· Noticeable reduction in banks' lending rates except for corporates and housing segment yet to take place.

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