15. pants

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.