Operational Monetary Policy Committee

The Operational Monetary Policy Committee (OMPC) is a body established by the National Bank Council in 2005, in terms of regular and efficient assessment of the developments in the economy related to the monetary policy decisions. The Governor chairs the Committee, while members are: the three Vice Governors, two non-executive members of the Council, Chief Economist, and the managers of the departments whose activities and competencies are directly related to monetary policy implementation. The Governor and the Vice Governors are members of the Committee with a voting right, and in the event of a tied vote, the Chairperson have the casting vote. The Committee discusses the achieved and expected developments in the monetary, real, fiscal and external sector, developments on the domestic and international financial markets, as well as the proposals regarding the monetary policy stance and the implementation of the monetary policy. On the basis of the proposals and the discussions of the Committee members, the members with the voting right make decisions on the monetary policy stance and the actual implementation of the monetary instruments.

The meetings schedule of the Committee is defined with the Calendar, which is synchronized with the beginning of the reserve requirement maintenance periods. The National Bank communicates the monetary policy decisions made at the meetings of the Operational Monetary Policy Committee through press releases.