Central Bank Independence in Transition Economies

Central Bank Independence… 

S&A 120 

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4B. Objectives, Formulation of Monetary Policy and Relations with other 

State Institutions 

Main task of the CNB is to ensure the stability of the national currency (Art. 2). 

The Board of the Bank formulates and determines the instrument of the monetary 

policy to achieve this goal. The Government delegate can participate in the Board 

meetings in an advisory capacity (Art. 9). The Bank performs an advisory role to the 

Government on banking and monetary issues. The NBS Governor is entitled to 

participate in the Government meetings (Art. 10, 11). The Bank submits to the 

Parliament a report on monetary development at least twice a year (Art. 3).