Systematic policy For someone my age, it doesn’t seem all that long ago when it was taken for granted that central banking was supposed to be mysterious and secretive – the less said about monetary policy the better. Indeed, it wasn’t until 1994 that the FOMC began to publicly announce the policy changes made at an FOMC meeting.
The Department concerned of the Reserve Bank has been rechristened from the Exchange Control Department to Foreign Exchange Department, highlighting the change in the intent and content of the policy framework. Let me assure you that this change is not just a matter of semantics but is reflective of the changed mind-set.