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Investor Presentaiton

Enhancements to monetary policy framework under the inflation targeting regime • • Once the epidemic recedes, the Central Bank will focus on disinflation strategy as its overriding objective, planning to: o tighten monetary policy to anchor inflation expectations within inflation target. o re-assess the policy instrument with the possibility to revert to the short term reference rate to improve signals to economic agents. Monetary authority's commitment to break inflation expectations inertia and new wage-setting guidelines for the private sector that prioritize employment creation, should reinforce disinflation pressures as softer economic activity cools down price. increases. 17

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