Central bank transparency and accountability  The independence of a central bank, especially in democracies, must be accompanied by the bank’s responsibility to account for its policies and the achievement of its objectives. For that purpose it is necessary to provide it with clearly defined targets against which its performance can be measured.
It is thus important that the central bank submit a regular report to the legislature, government and public on its policy and the achievement of its goals. The report should describe the decisions made and the reasons behind them, the instruments employed and how they were operated, the resources employed and how they were used, etc.