摘要：Monetary policy implementation underwent several
changes in 2005. They mainly applied to the
decision-making process used in monetary policy
operations and the terms and conditions of specific
NBS transactions.
The first significant change introduced by the NBS in
February 2005 was target-based decision-making on
monetary policy implementation. Decisions are taken
at dates fixed in advance according to the plan of Bank
Board meetings. This method is based on the directed
monitoring of economic and monetary developments,
including the price transmission mechanism and its
impact on domestic financial markets. The qualitative
evaluation of data obtained from such monitoring and
the causes of changes in price developments on domestic
financial markets are decisive factors in the process
of decision-making by the Bank Board of the NBS.
