Committees Of The Board

• Audit Committee
• Financial Supervision Committee
• Human Resource Committee
• Monetary Policy Committee

The Audit Committee

The CBG Act established the Audit Committee as a Committee of the Board. Under the Act, the functions of the Committee are to:

• Establish appropriate accounting procedures and controls;
• Monitor compliance with laws applicable to the Bank;
• Review the external auditor’s report;
• Review the work of the Internal Audit Department; and
• Make a decision on any matter brought to its attention by the Board or Bank Management.

The Financial Supervision Committee

The Financial Supervision Committee is responsible for overseeing the functions of the Financial Supervision Department. The Committee reviews onsite examination reports of financial institutions and takes decisions on appropriate actions to address shortcomings. It also examines the Prompt Corrective Action (PCA) framework reports and holds discussions with affected banks.

The Human Resources Committee

This Committee has responsibility for recruitment of professional staff and its mandate includes responsibility for staff retention, career development, and succession planning and remuneration policies.

The Monetary Policy Committee

The Monetary Policy Committee (MPC) was established by CBG Act (2005) to set key policy interest rate

The MPC is responsible for;

• Providing the statistical data for the formulation of monetary policy; and
• Setting the policy interest rate to achieve the price stability objective of the Bank.

The MPC meets every quarter. The membership comprises the Governor, the two Deputy Governors, Director, Economic Research Department, Director, Financial Supervision Department, Director, Banking Department and two members appointed by the Minister of Finance and Economic Affairs.