It does so through a range of refinancing operations conducted with commercial banks which are executed at or with a spread to the repurchase (repo) rate. The Department also conducts a range of open market operations to influence liquidity in the money market. Operations are undertaken in the domestic and foreign exchange markets. The latter include foreign exchange transactions conducted on behalf of clients or to accumulate foreign reserves.
The Financial Markets Department is also responsible for the management of the official gold and foreign exchange reserves in accordance with criteria set out in the Bank’s Investment Policy and Guidelines. Reserves play a key role in ensuring that the country will be able to:
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