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The Research Department is the main organ through which the Bank carries out its mandate to undertake continuous economic, financial and monetary research. More specifically, the Research Department assists the Bank with understanding how monetary, credit and exchange conditions change over time and influence economic development. The Department analyses on a continuous basis, information on the performance of the domestic and international economy, and develops projections on how the economy is likely to evolve as a result of both external developments and domestic policy initiatives. More recently the Research Department has become involved in the macroprudential oversight of the financial system, and conducts regular stress testing of the commercial banking system.
The work of the Department is organised in three main areas:
- Policy Support involves the provision of advice to the Governor, the Board of the Central Bank, the Monetary Policy Committee, the Financial Stability Committee, the Liquidity Management Committee and the Government to assist in policy decisions;
- The Economic Intelligence function involves monitoring of the domestic and international economy. This information is transmitted to the public via the various publications produced by the Department, for example the Monetary Policy Report, the Economic Bulletin and the Monetary Policy Announcement, the Annual Economic Survey, Balance of Payment Report, the Mortgage Market Reference Rate Announcement and the Financial Stability Report; and
- Research is conducted on topics relevant for understanding how the economy works and how changes could affect monetary and financial stability. In the past, the research agenda has encompassed financial liberalisation and financial sector reform, capital market activity, regional trading blocs, inflation volatility and price rigidity and the impact of remittances on the domestic economy.