In particular, in the current setting of heightened price pressure due to food and energy price increases, it is becoming obvious that globalisation does not necessarily produce tailwinds for a stability-oriented monetary policy. In fact, “headwinds induced by globalisation” are a better description of the drivers of today’s inflationary pressures.
Moreover, Section 37 of the Act provides further that if at any time the Minister of Finance is of the opinion that the Bank has failed to comply with any provision of the act or of a regulation made thereunder, he may by notice in writing require the Board of the Bank to make good or remedy the default within a specified time.