Since we are not an inflation targeting central bank, there is no formal memorandum of understanding (MOU) or a “Results Agreement” between the Government and the Reserve Bank. Nevertheless, we render accountability for our performance on inflation. We explain the rationale for our monetary policy stance quite extensively.
Importantly, the Governor addresses a press conference following each policy review in order to disseminate the specifics of the policy and the expected outcomes, and to respond to questions from the media. This is followed by structured interviews in the print and electronic media.