About the National Bank

About the National Bank

The consultation draft establishes a central bank that is not an executive ministry, commercial bank or political body. Its institutional design combines operational independence, professional administration, a nine-member Board, a separate Monetary Policy Committee, external and Auditor-General audit, parliamentary reporting, access to information, administrative reconsideration and judicial review.

Institutional establishment is preparatory; no statutory clock has begun.

This status is intentionally explicit so preparatory infrastructure cannot be mistaken for an official central-bank action.

Proclamation implementation tracker
MilestoneStatusResponsible bodyDeadlineProgressSupporting documentsLast updateNext actionDelay explanation
Constitute Independent Central Bank Selection PanelNot Yet CommencedIndependent nominating bodies and National AssemblyBefore first appointments0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Select and appoint the GovernorNot Yet CommencedSelection Panel, President and National AssemblyBefore first Board0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Appoint and stagger the Board of DirectorsNot Yet CommencedSelection Panel and PresidentAt initial constitution0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Appoint Deputy Governors and external MPC membersNot Yet CommencedBoard, Selection Panel and PresidentDuring institutional constitution0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Adopt interim ethics, delegation, reserve-custody, payment-security, information-security and continuity controlsNot Yet CommencedFirst Board30 days from first Board0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Prepare the costed three-year institutional roadmapNot Yet CommencedBoard and Governor120 days from first Board0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete opening balance-sheet and official-reserve auditNot Yet CommencedBoard, external auditor and Auditor-General6 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Review legacy Government creditNot Yet CommencedBoard and Ministry responsible for finance6 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete foreign-exchange diagnostic and transition planNot Yet CommencedForeign Exchange and Reserve Reporting9 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete financial-sector diagnostic and phased relicensing programmeNot Yet CommencedBanking Regulation and Supervision12 to 24 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Publish interim monetary-policy frameworkNot Yet CommencedMonetary Policy Committee12 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Implement risk-based supervisory frameworkNot Yet CommencedBanking Regulation and Supervision18 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Publish payment-system and cash-resilience planNot Yet CommencedPayment Systems and Currency and Cash18 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Conduct crisis-management exerciseNot Yet CommencedFinancial Stability Committee24 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Prepare consumer- and deposit-protection proposalsNot Yet CommencedSupervision and Financial Stability24 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.
Complete independent assessment and final transition reportNot Yet CommencedIndependent assessor and Board30 to 36 months0% 0%Not yet issued16 July 2026Await lawful commencement of the relevant institutional step.No statutory clock has begun because the proposed Bank and first Board have not been constituted.