Also, several measures were taken to improve the overall risk management framework of the EPF with a view to enhancing accountability and the 36  transparency of investment activities. As a part of this process, new Investment Policy Statement and Investment Guidelines were introduced. The governance structure of the EPF risk management was also strengthened through the establishment of an EPF Investment Oversight Committee in addition to the EPF Investment Committee to monitor investment activities. With the assistance of the Asian Development Bank (ADB), EPF carried out a Business Review with the objective of streamlining and improving its current activities. In addition, the actions pertaining to procuring a new ICT system to automate EPF activities were continued with the assistance of Word Bank. With a view to facilitating web based services, we developed the EPF website and it is expected to be launched shortly. Real time validation of member details and the member account updating procedure were continued through online banking systems of LCBs in 2018. Going forward, EPF expects to generate the highest level of risk adjusted return through different investment strategies, while adhering to the new Investment Policy Statement and Investment Guidelines. The Fund, as a long term institutional investor, is seeking to capitalise on new market opportunities and instruments through a comprehensive investment diversification process. Foreign Exchange Management The liberalisation of foreign exchange transactions was advanced with the introduction of foreign exchange Act No. 12 of 2017 (FEA).
Further, several measures are in the pipeline, including the issuing of regular Monetary Policy Reports, which will be developed into Inflation Reports in the future and expanding the public awareness outreach programme, which will be implemented during next two years as set out in the road map for FIT. As another important step, we re-commenced publishing an advance release calendar for regular monetary policy announcements last year. Continuing this practice, we wish to present the advance release calendar for monetary policy announcements for the year 2019 as set out below. 21  Monetary Policy Announcements in 2019 Announcement No. Date of Announcement  1  22 February, Friday  2  10 April, Wednesday  3  31 May, Friday  4  12 July, Friday  5  23 August, Friday  6  11 October, Friday  7  15 November, Friday  8  27 December, Friday  Currently, although the global economy is somewhat less robust than it was in the first half of 2018, the pace of global growth remains strong pointing to further normalisation of monetary policy in major economies. This has necessitated most emerging market economies to adjust their monetary policy in view of addressing economic imbalances associated with capital flows, currency depreciation, trade wars, etc. Taking such trends into consideration and responding to domestic economic developments, we will continue to remain vigilant in formulating our monetary policy to ensure sustained economic and price stability in Sri Lanka. 22  3.