task of systematizing feedback about real world dilemmas being faced and decisions being made in the economy in ways that give a more nuanced and lively picture of what is going on out there than can be gleaned from standard statistical series. anyway, it ’ s an exciting time to be an economist and i ’ m glad to see so many fellow professionals puzzling together over how the economy works and ought to work.

provide provisional advances to the government up to 10 % of the estimated government revenue of the current financial year, subject to recovery of each advance within 6 months, and such advances are only to meet the expenditures authorized under the consolidated fund. managing public debt by the central bank is beneficial for the country since the central bank can raise public debt in line with interest rate structure envisaged in its monetary policy. if the debt management is undertaken by a separate government office, it may attempt to raise debts without regard to market interest rates and monetary policy and that will cause immense conflicts with the current monetary policy. the opposite view is that as the central bank manages public debt, its monetary policy is constrained by the need to attempt to raise and maintain public debt at low cost. the central bank as the banker to the government maintains accounts of the general treasury and government institutions and agencies. the treasury account, known as dst account, is the main transaction account to handle public debt flows. in terms of the mla, government or government institutions and agencies must obtain the advice of the monetary board on the implications if any borrowing on the monetary conditions before raising such debts. this is to ensure that government borrowing is made with the concurrence of the monetary board in line with the monetary policy. two other important agency functions are the management of employees ’ provident fund and administration of exchange control act, both of which have evolved controversy. in the case of employees ’ provident fund, the monetary board is empowered to manage the fund including investment of surplus funds in securities the monetary board considers fit. i know you have heard enough on some of the epf investments made in the recent past. given the nature of the epf and responsibilities of the government, epf funds are, i would submit meant only for safer investments. bis central bankers ’ speeches the exchange control act is to regulate and manage foreign exchange flows of the country which is essentially a part of macroeconomic management. in economics, exchange controls are about the regulation of the quantity or volume in the foreign exchange market. conversely, the central bank regulates the price or exchange rate in the market under the mla. therefore, provisions of the exchange control act strengthen the macro - economic policy hand of the central bank. in nutshell, implementation of the exchange control act is focused nowadays to facilitate financing investment – savings gap of the country through foreign resources which is essential for the development of the country. at present, foreign exchange transactions involving trade, services, travel and most of