Introduction of a new instrument for bank liquidity management
At P1R1, the delay occured in part to the lack of a legal framework enabling the central bank to issue negotiable debt instruments.  The operational framework for the instrument will be established by the monetary policy committee by April 18, 2007, and will be preceded by the preparation of a quarterly timetable for treasury bill auctions.  At P1R2, the operational framework for the central bank bills was adopted by the monetary policy committee on April 18, 2007.