Internal administration In order to achieve the objective of price and financial stability and to ensure that all activities are conducted efficiently, a number of changes were again made to the internal administration of the Reserve Bank in the past year. In particular, the reduction of costs without loss of productivity received high priority. Staff and operational costs were thoroughly scrutinised to minimise expenses.
A moratorium was placed on appointments with effect from 1 August 2002 to reduce staff numbers. Moreover, voluntary early retirement packages were also offered during April 2003 to 282 staff members aged 50 and older to curtail costs. A total of 173 responses have been received to date, of which 114 staff members indicated that they accept the offer.