The IMF has noted that while coordinated credit operations by the major central banks, together with rate cuts, have helped ease liquidity tensions, wider problems in the financial system still persist. These include problems in the valuation of complex products, credit deterioration, counterparty mistrust, and balance sheet pressures.
The Committee is made up of the Governor as Chairman, four Deputy Governors and heads of relevant departments as members. Others are two members of the Board of Governors, including the Permanent Secretary, Federal Ministry of Finance. In the spirit of transparency, the summary discussions and decisions of the MPC are communicated to the general public in newspaper publications every month.