These functions constitute the bulk of the Bank’s activities, and they involve the licensing of commercial banks and other deposit-taking institutions, continuous monitoring of their solvency and liquidity, daily processing of cheques and other means of payment used in the hundreds of thousands of financial transactions that occur each day, and designing, printing and minting as well as distributing good quality bank notes and coin to the public.7 It is important to point out that the overall credibility of the Bank, and hence its effectiveness in achieving its fundamental objectives, is critically dependent on how well it performs these operational tasks.
Competent and well-trained staff, high standards of efficiency and accuracy, up-to-date equipment and facilities, are required and must have the full attention of management to ensure that they are the best available for the job to be performed. Experience has shown that financial stability and monetary stability are inextricably linked.