The Central Bank of the Philippines opened business at the seventh floor of the old Philippine National Bank Building in Escolta on January 3, 1949. Under Republic Act No. 265, otherwise known as the Central Bank Act, the Central Bank of the Philippines is the sole currency-issuing authority in the Philippines. As administrator of the monetary system of the Republic, it regulates the money supply in the economy not only to achieve internal but also external monetary stability in the country within the framework of the Act. This thesis will attempt to evaluate the performance of the Bank during the first twenty years of its existence , or from January 3, 1949 to January 3, 1969. It will also determine if the Central Bank achieved the objectives outlined in the Act during the period under review, i.e., maintenance of an internal and external monetary stability and the promotion of a rising level of production, employment and real income in the Philippines.