Moreover, we also responded to a number of significant common, global shocks, such as the protracted period of low oil prices and the slowdown in growth in emerging market economies, which threatened not only the achievement of our price stability objective, but also that of many other central banks.
It involved the Government introducing the new Central Banking Act (CBA) 2000, the Banks and Financial Institutions Act (BFIA) 2000, and the Superannuation and Life Insurance Acts. Under the Central Banking Act 2000, the Central Bank has three important objectives and functions, which are the responsibility for monetary policy formulation and implementation, financial system supervision and oversight of the payments system.