The Central Bank independence was reaffirmed in a public announcement by the Treasurer in November 2007. This was done to dispel comments that the independence of the central bank should be curtailed or diluted.
Formulation and conduct of monetary policy for price stability In carrying out its responsibilities under increased independence, the Central Bank has to perform and be more accountable and transparent to the Parliament and the public. Before 2000, monetary policy was formulated for a year horizon and announced in the first quarter of each year.