Of the $ million in profits, the RBF Board with the approval of the Minister transferred $ million to the General Reserve Account to strengthen the Reserve Bank’s capital base. This is similar to how private companies retain dividends or earnings to strengthen their capital positions.
On that occasion, I highlighted that central banks were facing the challenge to maintain their independence and conservatism, of which we – central bankers – are all proud. At the same time, we had to respond to dynamic changes that called for almost everyday adjustments.