Not more than six years ago, it was simple and boring: in the conventional view it dealt with one main objective, – that is, keeping inflation under control, – and in a few cases with the additional objective of abating unemployment; the central bank was the main institution within the state with the mandate to achieve such objective(s); and it was also empowered with the instrument to achieve this, namely the capacity to set a short term reference interest rate.
At the core of the Bank’s statutory mandate is monetary policy and financial regulation. In the coming decades, our monetary policy will continue to prioritise, above all else, the control of inflation.