reserve requirement. second, there is a single policy rate. third, the objective of the policy rate is to target a short - term money market rate. fourth, there is a corridor around the policy rate charted by interest rates for standing facilities which aim to contain the volatility in the target interest rate. fifth, the interest rates on standing facilities are determined with reference to the policy rate. what is the reserve bank of india ’ s operating framework? the monetary policy framework and the associated operating procedure of monetary policy in india have also evolved over time. on 3rd may 2011, the reserve bank in its annual bis central bankers ’ speeches monetary policy statement announced a revised monetary policy operating procedure based on the recommendations of a committee constituted for the purpose. 5 before i delve into the current operating procedure, let me give you a snapshot of the evolution of our monetary policy operations since the inception of the reserve bank of india in 1935. first, in the formative years during 1935 – 1950, the focus of monetary policy was to regulate the supply of and demand for credit in the economy through the bank rate, reserve requirements and omo. second, during the development phase during 1951 – 1970, the need to support plan financing through accommodation of government deficit financing by the rbi began to significantly influence the conduct of monetary policy. this led to introduction of several quantitative control measures to contain the consequent inflationary pressures while ensuring credit to preferred sectors. these measures included selective credit control, credit authorisation scheme ( cas ) and “ social control ” measures to enhance the flow of credit to priority sectors. the bank rate was raised more frequently during this period. third, during 1971 – 90, the focus of monetary policy was on credit planning. however, the dominance of fiscal policy over monetary policy accentuated and continued through the 1980s. to raise resources for the government from banks, the statutory liquidity ratio ( slr ) was progressively increased from the statutory minimum of 25 per cent of banks ’ net demand and time liabilities ( ndtl ) in 1970 to 38. 5 per cent by 1990. and to neutralise the inflationary impact of deficit financing, the cash reserve ratio ( crr ) was gradually raised from its statutory minimum of 3 per cent to 15 per cent of ndtl during the period. fourth, the 1980s saw the adoption of monetary targeting framework based on the recommendations of chakravarty committee ( 1985 ). under this framework, reserve money was used as operating target and broad

abdul - nashiru issahaku : developing ghana ’ s banking system speech by dr abdul - nashiru issahaku, governor of the bank of ghana, at the inauguration of the sunyani regional office building, sunyani, 30 june 2016. * * * nananom board of directors of bank of ghana representatives of banks in the brong - ahafo region representatives of security agencies in the brong - ahafo region heads of departments regional managers my cherished members of staff distinguished ladies and gentlemen good morning i am delighted to welcome you all to the inauguration of our new sunyani regional office building. let me sincerely thank the chiefs and people of sunyani, in fact, the brong ahafo region for making the land available to us. this is a clear indication of the support and collaboration between the bank and the chiefs. and let me also take this opportunity to thank the immediate past governor of the bank of ghana dr. henry kofi wampah for spearheading this project and seeing to its completion. as we may all be aware, prior to the construction of this ultra - modern office complex, the sunyani regional office had operated from the second floor of a building whose lower floors were occupied by gcb bank. the regulator sharing office with the client is not ethically sound and exposes the bank to familiarity threats. in addition, the former office did not have a banknote processing capacity and depended on the kumasi regional office for the processing of its deposits as well as fit - sorting banknotes for re - issuance to banks and other financial institutions in its catchment area. we have been under pressure and in a hurry to catch up and provide the facilities necessary to deliver the required services in the region and make a difference. the inauguration of this magnificent sunyani regional office with adequate space for a banking hall to be serviced by four tellers, an office space for cheque codeline clearing supported by a back office to serve customers, and fully equipped offices, is one of the eloquent testimonies to show that the bank of ghana is living up to expectations for posterity in this region and the country as a whole. beyond providing this beautiful edifice to reduce the stress in relation to inadequate office accommodation for workers, we have also made provision for a cash processing centre which is yet to have the full complement of machines. a state of the art electronic security and fire - fighting systems have been