ABSTRACT
Monetary targets may take several forms, depending on the objectives of the adjustment programme and the constraints imposed by a country's financial system. A target may be set for the overall rate of monetary expansion, or for one or more sub-components. If governments or their advisers believe that excess demand can be controlled by restricting monetary demand, and that they can determine the level of demand by influencing the supply, the intermediate target to set is the rate of growth of credit.
