The announcement is strengthened through operational instruments, which are market orientated and used commonly by many central banks around the world. These instruments include Treasury bills, short term Inscribed stocks, Repurchase Agreements, and Central Bank Bills. A sound and healthy financial and efficient payments system is a necessary conduit for monetary policy implementation for facilitating business activity.
The Bank has also introduced stringent supervision of banks, finance companies and other financial institutions such as savings and loan societies, superannuation funds and life insurance companies. This is to ensure prudent management of depositor’s funds, members’ contributions, and premiums on life insurance policies held with these financial institutions.