Monetary Board keeps rates steady

"The Monetary Board’s decision was based on its assessment that the inflation outlook remains favorable, indicating that current policy settings continue to be appropriate. Latest baseline forecasts show inflation settling within the target range of 4.5 ± 1 percent for 2010 and 4 ± 1 percent for 2011 and 2012. The forecasts are also supported by well-contained inflation expectations which continue to be within target over the policy horizon. The Board noted that the growth in credit and liquidity are broadly at pace with economic activity. Moreover, the current movements of asset prices, particularly in the equities and property markets, do not appear to pose any short-term challenge to the economy."

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