In terms of the costs of too-low inflation, there are three main issues, each of which we emphasised when we clarified our objective in 2003. First, in the presence of downward rigidities, delivering an inflation rate closer to 2% than to 0% supports product and labour market functioning.
Thanks to the provisions of the Financial Transactions Reporting Act (FTRA), the Central Bank has been able to provide guidance that streamlines “know your customer"(KYC) requirements for access to retail domestic banking services. For low-risk customers, a passport is adequate documentation in itself for account opening. In the absence of the passport, a list of other government issued identity documents is acceptable.