In this regard, the Bank will, in the first half of 2022, introduce the reforms to the monetary policy framework as follows: first, the Bank will adopt and designate the yield on the main monetary operations instrument (currently the 7-day BoBCs) as the anchor policy interest rate; it will be called Monetary Policy Rate; replacing the Bank Rate.
This is important because financial inclusion has lately emerged as a priority policy objective for many central banks in developing countries across the world. Therefore, regulators need to take steps to address this issue. And finally, the importance of modern and robust domestic payment systems in strengthening and complimenting correspondent banking in a particular jurisdiction cannot be overemphasized.