The objectives of the division are achieved through the following main tasks:
- Monitor economic and financial developments both locally and internationally and provide advice on appropriate monetary policy directions;
- Compilation, update and analysis of the balance of payments of the country
- Undertake research and studies on sectors of interest within the economy;
- Prepare the Bank’s publications namely the Quarterly Review and Annual Report and report on economic and financial matters on a weekly and monthly basis;
- Disseminate economic knowledge and promote greater understanding of economic issues and
- Assist international agencies such as the IMF and World Bank on their regular missions.
- Analyse international relations, commitments and developments to ensure compliance under existing agreements and potential implications to the economy
(b) Market Operations Unit
The Market Operations Unit (MOU) is responsible for the administration and execution of monetary policy instruments at the disposal of the Bank, more specifically those listed under open market operations, as defined by the Monetary Policy Framework. These instruments provide the Bank the means through which it can manage liquidity in the monetary base, thus ensuring that any periodical Reserve Money (RM) target is met as well as keeping RM volatility to a minimum.
The MOU is tasked in attending any meeting in which liquidity fluctuations is of issue and provides recommendations to the MOC for any counter-measures that needs to be undertaken. Furthermore, as and when necessary the MOU provides insight and recommendations to the Monetary Policy section and vice versa, with regards to policy formulation or any other pertinent issue that may arise from liquidity fluctuations.
(c) Statistics Unit
The Statistics Unit provides the Division with the necessary data to best perform its functions. Additionally, via set schedules the Unit is responsible in disseminating information to other entities, including domestic print and visual media as well external parties such as the IMF.
Its other main functions are
- To collect, compile, consolidate and analyse data across the four economic sectors, namely the Balance of Payments, Monetary and Financial statistics , Government Finance and the Real Sector;
- To produce a macro economic statistical framework to undertake forecasts; namely in the context of the current monetary policy framework of reserve money targeting; and
- Assist with research work being undertaken by the Division or in which the Bank is participating in
