ðə bˈæŋk hˈæzbiːn sˈɛt ˌʌp æz ðɪ ɐθˈɔːɹɪɾi wˌɪtʃ ɪz ɹᵻspˈɑːnsᵻbəl fɚðə fˌɔːɹmjʊlˈeɪʃən ænd ˌɛksɪkjˈuːʃən ʌv mˈɑːnɪtˌɛɹi pˈɑːlɪsi kənsˈɪstənt wɪð stˈeɪbəl pɹˈaɪs kəndˈɪʃənz.
The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions.