Furthermore, independent regulatory agencies were established to execute these tasks. As a monopoly service provider, Aqualectra until now has not been subject to economic regulation as there is not a body which has responsibility for regulating competition, controlling prices and protecting consumers in the water and electricity supply industry.
In the past, the department of economic affairs used to advice the government on the tariffs of water and electricity. This task is now being fulfilled by the bureau of Telecommunications and Post (BT&P). BIS central bankers’ speeches  7  Ladies and gentlemen, I would like to turn now to the best practices that have evolved during the last several years.