The Central Bank reports that inflation in May was -0.30%. This brings the accumulated inflation for the first five months of the year to 0.77%. Accumulated inflation over the past 12 months is now at 0.93%. The IMF Agreement had originally stipulated that the government should implement a monetary program consistent with reducing inflation to a rate of 11-13% during 2005 and 8 percent during 2006 by observing strict limits on monetary aggregates, while allowing for an increase in international reserves. This was subsequently reduced to 9% for 2005.