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First Quarter Review of the Annual Statement on Monetary Policy for the Year 2005-06- July 26, 2005

The annual policy Statement for the year 2005-06, presented on April 28, 2005 had proposed quarterly reviews of monetary policy to provide the opportunity for structured communication with markets on a more frequent basis while retaining the flexibility to take specific measures as the evolving circumstances warrant. Accordingly, this First Quarter Review of the Annual Statement on Monetary Policy for the Year 2005-06 is being issued.

This Review consists of two Sections:

I. First Quarter Review of Macroeconomic and Monetary Developments in 2005-06

a) Highlights... Click Here

b) Domestic Developments... Click Here

c) Developments in the External Sector... Click Here

d) Developments in the Global Economy... Click Here

II. Stance of Monetary Policy for the Remaining Period of 2005-06... Click Here

An analytical review of macroeconomic and monetary developments for the first quarter of 2005-06 was issued, a day in advance, as a supplement to this Review providing the necessary information and analysis.

Mid-term Review

The Mid-term Review of the annual policy Statement will be undertaken on October 25, 2005 and will contain such other changes/measures as may be necessary.

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