The MPC will remain focused on its core mandate of price stability, but will also be mindful of the impact of its policy actions on economic growth. Many of the problems that the country faces are not within the purview of the Bank’s mandate, nor does the Bank have the policy levers to address these issues.
However, the Bank will continue to play its part in supporting the economy through these difficult times by maintaining its focus on price stability in support of sustainable economic growth. While price stability remains the core mandate of the Bank, financial stability has become part of its extended mandate, which is being formalised in the draft Financial Sector Regulation Bill of 2013.