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Monetary Policy Committee (Central Bank of Sri Lanka)

A primary function of the Central Bank, as stated in the Monetary Law Act, is the determination and implementation of monetary policy for the country. Over the years, the economy, and in particular the financial sector, has deepened and become more sophisticated. Consequently, the Bank's tasks in determining and implementing monetary policy have also increased in complexity. Hence, as a part of the Bank's ongoing process of adapting itself to meet new challenges, and a step towards improving the transparency of the decision making process, a formal Monetary Policy Committee (MPC) was established early in 2001, to study and make recommendations on monetary policy for the consideration of the Monetary Board.

In order to improve the operational efficiency of monetary management, the Monetary Board has approved of the establishment of the Monetary Policy Committee (MPC) to be chaired by the Deputy Governor in charge of Monetary Policy and include the following:

a. Assistant to the Governor responsible for Monetary Policy;
b. The Director of Economic Research;
c. The Additional Director of Economic Research responsible for Money and Banking;
d. The Chief Accountant (alternate, Additional Chief Accountant responsible for Open Market Operations), or their successors, Director, International Operations (alternate, Deputy Director, International Operations) and Director, Domestic Operations (alternate, Deputy Director, Domestic Operations); and 
e. The Deputy Director, Economic Research responsible for Money and Banking (alternate, Head of Division, Money and Banking).

The primary function of the MPC would be to forecast and evaluate emerging monetary and macro-economic developments and make recommendations on appropriate future directions of monetary policy for consideration by the Governor and the Monetary Board. The MPC would meet at regular intervals, at least once a month. At these meetings, members would consider reports prepared by the Economic Research Department and other departments on monetary, foreign exchange market and price developments, together with developments in the fiscal, external and real sectors, which would serve as the bases for the deliberations of MPC, in the formulation of recommendation to the Governor and Monetary Board.

Calendar for the Central Bank's Monetary Policy Announcements ' 2005

The dates for the Central Bank's monetary policy announcements for the rest of 2005 are as follows:
Month
Date
Comment
5-Feb
16 Wednesday
 
5-Mar
16 Wednesday
 
5-Apr
12 Tuesday
 
5-May
13 Friday
 
5-Jun
15 Wednesday
 
5-Jul
15 Friday
 
5-Aug
17 Wednesday
 
5-Sep
16 Friday
 
5-Oct
14 Friday
 
5-Nov
16 Wednesday
 
5-Dec
16 Friday
 

Any changes to this general calendar will be communicated to the market. It should be noted, however, that if conditions warrant, the Bank would make changes to its monetary policy on dates other than those announced in this general advance release calendar.



INTERNATIONAL EVENTS

UK|USA

Bank of England

Schedule of Monetary Policy Committee Minutes- 2006

The Bank of England Act 1998 says that the Bank "shall publish minutes of the [MPC] meeting before the end of the period of 6 weeks beginning with the day of the meeting." Until October 1998 the minutes were published about five weeks after the meeting.

The Monetary Policy Committee announced on 8 October 1998 that it would publish the minutes of its monthly meetings on the Wednesday of the second week after the meetings take place.

The reasons for the decision are explained in the letter from the Governor to Giles Radice, chairman of the Treasury Committee. The Treasury Committee recommended in a report published on 17 July that "the MPC should give serious thought to whether the minutes can be published earlier insofar as this can be done without lowering the quality of the minutes themselves or the quality of the debate they encapsulate."

To accompany the minutes we also make available a "Glossary and other information" page (see Related Links).

Monetary Policy Committee Decisions

The decisions on interest rates are announced at 12 noon immediately following the Thursday meeting. The announcement of the outcome is made on the wire services' Bank of England pages and on the website.

Decisions of the Monetary Policy Committee are made on a one-person one-vote basis, with the Governor having the casting vote if there is no majority.

Forthcoming Dates:

MPC Decisions
MPC Minutes
Inflation Report
11 & 12 January
25-Jan
 
8 & 9 February
22-Feb
15-Feb
8 & 9 March
22-Mar
 
5 & 6 April
19-Apr
 
3 & 4 May
17-May
10-May
7 &8 June
21-Jun
 
5 & 6 July
19-Jul
 
2 & 3 August
16-Aug
9-Aug
6 & 7 September
20-Sep
 
4 &5 October
18-Oct
 
8 & 9 November
22-Nov
15-Nov
6 & 7 December
20-Dec
 

for details visit BANK OF ENGLAND 




USA

Monetary Policymaking
Federal Open Market Committee
Meeting calendar, statements, and minutes 

The term "monetary policy" refers to the actions undertaken by a central bank, such as the Federal Reserve, to influence the availability and cost of money and credit to help promote national economic goals. The Federal Reserve Act of 1913 gave the Federal Reserve responsibility for setting monetary policy. 

The Federal Reserve controls the three tools of monetary policy--open market operations, the discount rate, and reserve requirements. The Board of Governors of the Federal Reserve System is responsible for the discount rate and reserve requirements, and the Federal Open Market Committee is responsible for open market operations. Using the three tools, the Federal Reserve influences the demand for, and supply of, balances that depository institutions hold at Federal Reserve Banks and in this way alters the federal 

funds rate. The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.

Structure of the FOMC

The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco. Nonvoting Reserve Bank presidents attend the meetings of the Committee, participate in the discussions, and contribute to the Committee's assessment of the economy and policy options. 

The FOMC holds eight regularly scheduled meetings per year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. 

For more detail on the FOMC and monetary policy, see section 2 of the brochure on the structure of the Federal Reserve System and chapter 2 of Purposes & Functions of the Federal Reserve System. 

Meetings and Proceedings of the FOMC

Press Releases
The FOMC holds eight regularly scheduled meetings during the year, and other meetings as needed. Links to press releases issued after FOMC meetings since the beginning of 1996 are in the calendars below. 

Minutes
The Committee unanimously decided to expedite the release of its minutes. The minutes of regularly scheduled meetings will be released three weeks after the date of the policy decision. The first set of expedited minutes were released at 2 p.m. EST on January 4, 2005.

Transcripts
Procedures adopted by the FOMC provide for the public release of transcripts for an entire year of meetings with a five-year lag. .

FOIA Report
The FOMC makes an annual report pursuant to the Freedom of Information Act. The FOMC FOIA Service Center provides information about the status of FOIA requests and the FOIA process.



FOIA process Minutes are released at 2:00 p.m. (Eastern Time) unless otherwise noted.
Note: Each meeting date is tentative until confirmed at the meeting immediately preceding it.



Minutes are released at 2:00 p.m. (Eastern Time) unless otherwise noted. 

Note: Each meeting date is tentative until confirmed at the meeting immediately preceding it. 

Note: A two-day meeting is scheduled for January 29-30, 2008 (Tuesday-Wednesday).
Each meeting date is tentative until confirmed at the meeting immediately preceding it.

2006 Members of the FOMC