In this regard, the Bank worked closely with the World Bank under the auspices of the latter’s Reserves Asset Management Programme for central banks. Capacity building is central to these efforts, and the Bank continued to invest in training and systems for staff involved in the areas of reserves and risk management.
In addition, the investment policy of the Bank was reviewed and the governance structure was enhanced by the establishment of a Reserves Management Committee. The Bank and the National Treasury further strengthened their co-operation in the areas of reserves accumulation and liquidity management. The National Treasury assisted in draining a large portion of the liquidity created by the foreign-exchange purchases of the Bank.