The Operational Monetary Policy Committee (OMPC) is a body appointed by the National Bank’s Council in 2005, in terms of regular and effective monitoring and expertise on the developments in the economy related to the monetary policy decisions. The Governor is the Chair of the Committee, while members are: the three Vice Governors, two non-executive members of the Council, Chief Economist, General Director of the Supervision Sector, and Directors of the sectors whose activities and competencies are directly related to monetary policy implementation. A representative from the Ministry of Finance can also attend the meeting, depending on the issues discussed, in order to provide data and information on fiscal policy, essential to perceive the monetary developments. 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 liquidity of the banking system.
The Governor makes a decisions upon proposals on the monetary policy setup and macroprudential measures, which according to the law and bylaw regulations are under Governor’s authority.
The Committee holds meetings on a regular weekly and monthly basis. At the weekly meetings, every Tuesday, the Committee analyzes the high-frequent data on macroeconomic developments, developments on domestic financial markets and liquidity in the banking sector, as well as other information and analysis important for the monetary policy implementation.
The Committee holds regular monthly meetings, preceding the CB bills auctions. Hence, the dynamics of the monthly meetings is determined with a Calendar, which is in line with the beginning of the reserve maintenance period, i.e. auctions of the main instrument. The monthly meetings discuss indicators and current trends in domestic economy, developments in domestic and international financial markets, based on which the Governor makes decisions on the monetary policy setup, aimed at achieving the main goal- maintaining price stability. The National Bank communicates the decisions on the monetary policy setup, made at the meetings of the Operational Monetary Policy Committee, through press releases.