In the longer run, however, real and durable international competitiveness and export diversification must ultimately come from improvements in productivity.
The Bank’s focus on bringing inflation down to low and sustainable levels reflects both this fundamental national objective as well as its own statutory objective of achieving and maintaining monetary stability.6 The second main responsibility of the Bank is to promote and maintain financial stability through the regulation and supervision of domestic banks, by assisting in the development and operation of an efficient payments mechanism, and by maintaining confidence in the currency.