In addition to the Intelligence, Compliance, and Enforcement Section mentioned earlier, we also set up a specialised unit for reserve management to serve as the nucleus for a Middle Office and Risk Management Division which we created just after the period covered by this report.
We re-jigged the Economic Research Division and tasked it with developing our forecasting and modeling capacity to support our expected move to an explicit Inflation Targetingregime. None of these moves would have been possible without recruiting new staff, with the requisite experience, at an appropriate level in the Bank’s hierarchy.