ABSTRACT
As the Governor is personally responsible for the formulation and implementation of monetary policy, he makes his decisions with the advice of an internal body, the Monetary Policy Committee (MPC). The external Board of Directors,18 appointed by the Minister of Finance, has a largely supervisory function, particularly in reviewing the Bank’s performance in achieving the objectives of the PTA. MPC met weekly (and whenever required) to review economic and financial market news and to discuss the main issues of the formulation of policy. MPC, which is chaired by the Deputy Governor responsible for monetary policy, has a membership which includes the three governors and the senior managers of the departments involved in the policy process, a membership of about a dozen. When specific issues are discussed those who have done the work will join the committee for the meeting as full participants. The Bank has a very flat structure so that even quite junior researchers found themselves presenting their work directly to MPC and discussing it with the Governor face to face.
