Central Bank of Ruritania: management commentary

This commentary is intended to be read in conjunction with the financial statements to enable the reader to get a better understanding of the finances and performance of the Central Bank of Ruritania.

The Central Bank of Ruritania, as the central bank, has its objectives and functions prescribed by legislation and these are set out on the first page of the annual report. Central banks' operations are for the purposes of public policy. Profit maximisation is not a central bank objective, which di