are aiming to achieve with a strengthened resolution framework. we depend on your valuable input on the proposals presented in the discussion paper to ensure that we design a framework that will serve our financial system better into the future. i foresee likely changes to the policy proposals once we have processed all the comments and inputs. we look forward to receiving your honest and constructive opinions to help us achieve the best possible outcome. bis central bankers ’ speeches

. the interest rate at which it provides in the liquidity needs of the banks. in such a framework there is no target for the exchange rate of the rand. the external value of the rand forms part of the results obtained in the economy. 5. decision - making process in view of the growing complexity of functional relationships between the various economic and financial variables, a detailed and careful analysis has to be made of the underlying economic conditions. a large number of economic indicators are therefore monitored by the bank to arrive at its monetary policy stance, such as developments in price indices, the level of interest rates, the shape of the yield curve, changes in nominal salaries and wages, nominal unit labour costs, the gap between potential and actual domestic output, money market conditions, the overall balance of payments position, the net open position in foreign exchange and the public sector borrowing requirement. to evaluate the results of such an analysis of the economy a monetary policy committee was created in the reserve bank. the monetary policy committee consists of the governor and deputy governors as voting members and senior officials of the bank as non - voting members. the first meeting of the monetary policy committee was already held in october 1999. at the meetings of this committee an evaluation is made over a two - day period of international and domestic economic conditions, the expected behaviour of the inflation rate and the current stance of monetary policy. although the governors of the bank are the only members with voting rights on the committee, consensus decisions are normally made. the final decision - making power on monetary policy matters nevertheless is still vested in the governor ’ s committee, i. e. a subcommittee of the board comprising the governor and three deputy governors. after the completion of every meeting of the monetary policy committee a statement is issued to the public. this statement summarises the more important aspects that were discussed at the meeting and the conclusions that were made. in this statement the monetary policy stance of the reserve bank is also formulated. for example, in the last monetary policy statement of 2 march 2000 it was concluded that after taking cognisance of the current economic circumstances and consistent with the inflation target set by the authorities, the monetary policy committee is of the opinion that the current level of the repo rate is appropriate. in accordance with the decision taken at the previous meeting, the reserve bank will therefore continue to manage the banks ’ daily liquidity requirement in a way that will result in a repo rate at or around 11. 75 % ”. 6. conclusion as