Central Bank actions to influence the availability and cost of money and credit, as a means of helping to promote economic growth and price stability. Tools of monetary policy include open market operations, the discount rate and reserve requirements.
Monetary Policy Statement (MPS) aims to inform the general public, local and overseas, of the outlook for monetary policy for the financial year ahead. And, in line with Government's emphasis on transparency and accountability, the MPS aims to disclose and explain to the public the main monetary policy objectives and targets that will be pursued by the Central Bank in the financial year ahead. A Monetary Policy Statement is compiled and issued at the beginning of each financial year. The first MPS was issued for the financial year ending June, 2001.