(4)

POLICY TRANSPARENCY

(a) Are decisions about adjustments to the main operating instrument or target promptly announced?

No, or after a significant lag = 0.

Yes, at the latest on the day of implementation = 1.

(b) Does the Central Bank provide an explanation when it announces policy decisions?

No = 0.

Yes, when policy decisions change, or only superficially = 1/2.

Yes, always and including forward-looking assessments = 1.

(c) Does the Central Bank disclose an explicit policy inclination after every policy meeting or an explicit indication of likely future policy actions (at least quarterly)?

No = 0.

Yes = 1.

(5)

OPERATIONAL

TRANSPARENCY

(a) Does the Central Bank regularly evaluate to what extent its main policy operating targets (if any) has been achieved?

No, or not very often (at less than annual frequency) = 0.

Yes, but without providing explanations for significant deviations = 1/2.

Yes, accounting for significant deviations from target (if any); or, (nearly) perfect control over main operating instrument/target = 1.

(b) Does the Central Bank regularly provide information on (unanticipated) macroeconomic

disturbances that affect the policy transmission process?

No, or not very often = 0.

Yes, but only through short-term forecasts or analysis of current macroeconomic

developments (at least quarterly) = 1/2.

Yes, including a discussion of past forecast errors (at least annually) = 1.

(c) Does the Central Bank regularly provide an evaluation of the policy outcome in light of its macroeconomic objectives?

No, or not very often (at less than annual frequency) = 0.

Yes, but superficially = 1/2.

Yes, with an explicit account of the contribution of monetary policy in meeting the objectives = 1.