In Section 10 the powers and duties of the central bank are spelled out in great detail. Most of the functions described in this section are the normal functions that one would expect a central bank to perform.
Section 10(2) also clearly states that “the rates at which the Bank will discount or rediscount the various classes of bills, promissory notes and other securities, shall be determined and announced by the Bank from time to time”, plainly giving the Bank the right to determine Bank rate, or rather the repo rate, in an autonomous manner.