Specifically, the Bank uses the Monetary Policy Statement as an instrument to report on the inflation trajectory and policy performance in the past year; to outline and convey its prognosis of economic and other policy developments going forward; and, in turn, the prospective monetary policy response in the year ahead.
Background and Context In essence, the Statement commits the Bank with respect to its role in contributing to macroeconomic stability. In this regard, it is propitious that the 2020 launch of the Monetary Policy Statement follows a Budget Speech that proposes a new direction for policy and economic management.