To evaluate the results of such an analysis of the economy a Monetary Policy Committee was created in the Reserve Bank. The Monetary Policy Committee consists of the Governor and Deputy Governors as voting members and senior officials of the Bank as non-voting members. The first meeting of the Monetary Policy Committee was already held in October 1999.
At the meetings of this Committee an evaluation is made over a two-day period of international and domestic economic conditions, the expected behaviour of the inflation rate and the current stance of monetary policy. Although the governors of the Bank are the only members with voting rights on the Committee, consensus decisions are normally made.