8. Governing Board of the Central Bank

the Governor of the Central Bank who shall be the

six members who shall have expertise in

take general policy decisions other than monetary policy;

take enforcement measures, including issuing instructions to the financial institutions, regulating payment, clearing and settlement systems, and taking remedial actions, and to appoint a receiver for such institutions;

take administrative measures, as provided for by this Act or any other written law;

formulate the corporate strategy of the Central

approve the budget of the Central Bank;

approve annual accounts and financial statements of the Central Bank;

organize the Central Bank and the general framework regulating the powers, duties and functions of the employees of the Central Bank;

prepare schemes for appointments, promotions and the exercise of disciplinary control over the employees of the Central Bank;

appoint the Chief Internal Auditor of the Central

oversee the financial reporting, risk management, compliance, information technology, security and internal control system of the Central Bank;

supervise the administration of the Central Bank;

adopt policies including accounting policies and procedures of the Central Bank in line with internationally recognized accounting standards;

approve the internal audit report prepared by the

generally, do all such acts and things as are necessary for, or incidental or conducive to the administration and management of the Central