More important, the recent period has been marked by a transformation to an economy that is more productive as competitive forces become increasingly intense and new technologies raise the efficiency of our businesses. With the rapid adoption of information technology, the share of output that is conceptual rather than physical continues to grow.
This act gave the central bank the objective "of achieving and maintaining stability in the general level of prices," with "regard for the efficiency and soundness of the financial system." The act provided that the government and Reserve Bank jointly determine the specific inflation target and other policy objectives through Policy Target Agreements.