These measures, along with the additional sales of foreign exchange, have helped to reduce excess reserves in the banking system to just around $1.4 billion. Short-term interest rates remained at record low levels. The three-month treasury bill rate fell to 0.31 per cent in November from 0.35 per cent in October while the six-month treasury bill rate dropped to 0.48 per cent from 0.50 per cent in September. With the consumer and business environment still displaying some degree of fragility, the Bank has decided to reduce the repo rate by 25 basis points to 3.75 per cent in order to provide further stimulus to domestic demand and private investment. The Bank will continue to keep economic and monetary conditions under close review. The next 'Repo' rate announcement is scheduled for December 23.