15. Article

Our revised monetary program for 2002 is based on the assumption of a sustained increase in the demand for money and the money multiplier, in line with the rising sophistication of our banking system. We will contain the growth of reserve money to 11 percent in 2002, relying mainly on open market operations. Growth of credit to the private sector is expected to moderate to 27 percent in 2002, primarily reflecting market saturation and continued sound lending practices. Nonetheless, we will continuously monitor credit developments and stand ready to tighten monetary conditions to counteract any potential deterioration of banks' loan portfolios.