Operation of monetary policy 1983 Q4

This article covers the three months from mid-August to mid-November 1983.

Monetary growth decelerated further during the period under review. Sterling M3 came down to within the target range; and M1 and PSL 2 also grew more slowly, though they remained above target for the period since mid-February as a whole. Other monetary aggregates also showed moderate growth, while among the other indicators of monetary conditions, the exchange rate was steady, and price developments and prospects remained satisfactory. Interest rates declined modestly.

Operation of monetary policy