An important development since 1998, coinciding with the adoption of inflation targeting, was the establishment of a Monetary Policy Committee with responsibility for deciding on the monetary policy stance.
The establishment of this Committee has contributed significantly to the removal of the myth that monetary policy decisions and reasons for such decisions are clouded in secrecy, taken by an invisible decision-maker not accountable to anybody. The Committee deliberates on recent economic and financial developments and members reach consensus on the appropriate policy stance to be adopted.