To ensure accountability in cases where the BSP fails to achieve the inflation target, the BSP Governor issues an Open Letter to the President outlining the reasons why actual inflation did not fall within the target, along with the steps that will be taken to bring inflation towards the target. Open Letters to the President have been issued on 16 January 2004, 18 January 2005,
25 January 2006, 19 January 2007, 14 January 2008, 26 January 2009, 28 January 2016, 20 January 2017, and
25 January 2019.
The BSP was able to achieve its inflation target from 2009 to 2014. For this reason, no Open Letters were issued for this period.