In this regard, good governance must begin with internal consistency in the bank’s operational framework and administrative structure such that the attainment of the primary objective of monetary and financial sector stability will be ensured, while high quality of service to government, financial institutions and other stakeholders in the economy is maintained.
Besides, robust contingency plans that will promote the soundness and stability of financial institutions must be strictly implemented. In recognition of the fundamental role of the effective conduct of monetary policy in any economy a central bank should accord special attention to enhancing its efficiency.