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Minutes of the Monetary Policy Committee

Since December 2011, the minutes of MPC meetings are released on the Bank’s website two weeks after the MPC meeting. This practice enhances transparency and accountability in the decision-making process of the MPC and aligns the Bank with best practices adopted by many central banks worldwide. The minutes contain information about global and domestic economic developments since the previous MPC meeting as well as an assessment of risks to the growth and inflation outlook. It reveals MPC members’ perspectives and concerns on specific issues, thus indicating the main factors underlying the MPC’s decision on the KRR. Moreover, the voting pattern of MPC members is also made public. Prior to December 2011, the Bank was publishing a Monetary Policy Statement after each MPC meeting to explain the main assessments and findings of the MPC. The Statement disclosed the overall voting pattern of the MPC members.