In February 2003 the IMF concluded that exceptional access should be reserved for truly exceptional cases, access limits must be strictly adhered to, and the four criteria for exceptional access must be fulfilled. Will the agreed principles pass future tests? Alternatively, should the Fund have a free hand in resolving crises?
The implementation of the new framework marked the return to a market based mechanism for monetary operations following the removal of interest rate controls and lending policies by the Bank. The modernisation of the framework is expected to improve the transmission of monetary policy.