Executive Summary Eritrea Remains a Strict Command Economy, With
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List of Certain Foreign Institutions Classified As Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms
NOT FOR PUBLICATION DEPARTMENT OF THE TREASURY JANUARY 2001 Revised Aug. 2002, May 2004, May 2005, May/July 2006, June 2007 List of Certain Foreign Institutions classified as Official for Purposes of Reporting on the Treasury International Capital (TIC) Forms The attached list of foreign institutions, which conform to the definition of foreign official institutions on the Treasury International Capital (TIC) Forms, supersedes all previous lists. The definition of foreign official institutions is: "FOREIGN OFFICIAL INSTITUTIONS (FOI) include the following: 1. Treasuries, including ministries of finance, or corresponding departments of national governments; central banks, including all departments thereof; stabilization funds, including official exchange control offices or other government exchange authorities; and diplomatic and consular establishments and other departments and agencies of national governments. 2. International and regional organizations. 3. Banks, corporations, or other agencies (including development banks and other institutions that are majority-owned by central governments) that are fiscal agents of national governments and perform activities similar to those of a treasury, central bank, stabilization fund, or exchange control authority." Although the attached list includes the major foreign official institutions which have come to the attention of the Federal Reserve Banks and the Department of the Treasury, it does not purport to be exhaustive. Whenever a question arises whether or not an institution should, in accordance with the instructions on the TIC forms, be classified as official, the Federal Reserve Bank with which you file reports should be consulted. It should be noted that the list does not in every case include all alternative names applying to the same institution. -
Tax Relief Country: Italy Security: Intesa Sanpaolo S.P.A
Important Notice The Depository Trust Company B #: 15497-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Intesa Sanpaolo S.p.A. CUSIPs: 46115HAU1 Subject: Record Date: 9/2/2021 Payable Date: 9/17/2021 CA Web Instruction Deadline: 9/16/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages. -
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- 33 - ANNEX References Balassone and Franco (2000), "Assessing Fiscal Sustainability: a Review of Methods with a View to EMU"; Banco d'ltalia Workshop on "Fiscal Sustainability", 2000; pp. 21-60 Chalk and Hemming (2000), "Assessing Fiscal Sustainability in Theory and Practice", IMF Working Paper (WP/00/81) published in Banco d'ltalia Workshop on "Fiscal Sustainability, 2002; pp. 61-93 International Monetary Fund (2002), "Assessing Sustainability", SM/02/166 (May 28, 2002) Melhado, Oscar (2003), "Fiscal Sustainability and Resource Mobilization in the Dominican Republic", IMF Working Paper (WP/03/19) World Bank (2002a), "Eritrea: Investment Climate Assessment" World Bank (2002b), "Eritrea: Revitalizing Eritrea's Development Strategy" ©International Monetary Fund. Not for Redistribution -34- IIT. MONETARY POLICY AND MANAGEMENT1 A. Introduction 1. Eritrea's central bank, the Bank of Eritrea (BE), was established by a temporary proclamation (No. 32/1993) following independence in 1993. Prior to the introduction of the national currency, the nakfa, in November 1997, Eritrea was in a de facto currency union with Ethiopia—using the Ethiopian birr as the legal tender. In March 1997, the Bank of Eritrea Proclamation (No. 93/1997, hereafter "the Proclamation") was enacted and superseded the temporary 1993 Proclamation.2 The Proclamation was intended to provide for an independent central bank, with expanded powers to issue a legal tender and conduct monetary policy with a broad set of instruments, as well as to license, regulate, and supervise financial institutions. 2. This section begins with a brief description of the financial sector and policy environment for the BE. It then undertakes an assessment of key aspects of the Proclamation and its implementation with respect to their implications for central bank independence, and discusses the main factors that have affected actual monetary management of the BE. -
Classification of Accounts Guide Last Updated – January 2018
Classification of Accounts Guide Last updated – January 2018 Contents Part I: General introduction Part II: Residence Part III: Sector categories Part IV.1 – IV.2: Industrial classification Part IV.3: Relationship between sector and industrial classifications Part V.1: Sector components (ESA 10) and sub components Part V.2: List of countries 1 Part I Classification of Accounts Guide – General Introduction I.1 Foreword This guide is intended for all institutions completing a range of Bank of England statistical returns. It describes the two most important systems of classification used in compiling economic and financial statistics in the United Kingdom – the economic sector classification, and the industrial classification. This guide is intended to serve both as an introduction for newcomers and as a source of reference. The nomenclature in the sector classification is in line with international standards – in particular, the European System of National and Regional Accounts (abbreviated to ‘ESA10’). In addition, the analysis of industrial activity is in line with the 2007 standard industrial classification of economic activities (SIC) introduced by the Office for National Statistics. Those without knowledge of accounts classification are recommended to refer to the ‘Guide to Classification’ (Part I Section 3) which takes the reader through the main questions to be answered to help classify accounts correctly. The system of classification used in this guide is solely for statistical purposes. Parts II to IV of the guide describe the main aspects of the classification system in more detail, including lists of examples of institutions, or a web link reference, for many categories. I.2 An introduction to the classification of accounts Sector and industrial classification To understand the underlying behaviour which is reflected in movements in economic and financial statistics, it is necessary to group those entities engaged in financial transactions into broad sectors with similar characteristics. -
University of Groningen Adverse Selection and Moral Hazard In
University of Groningen Adverse selection and moral hazard in group-based lending Mehrteab, H.T. IMPORTANT NOTE: You are advised to consult the publisher's version (publisher's PDF) if you wish to cite from it. Please check the document version below. Document Version Publisher's PDF, also known as Version of record Publication date: 2005 Link to publication in University of Groningen/UMCG research database Citation for published version (APA): Mehrteab, H. T. (2005). Adverse selection and moral hazard in group-based lending: evidence from Eritrea. s.n. http://dissertations.ub.rug.nl/FILES/faculties/eco/2005/h.t.mehrteab/c2.pdf Copyright Other than for strictly personal use, it is not permitted to download or to forward/distribute the text or part of it without the consent of the author(s) and/or copyright holder(s), unless the work is under an open content license (like Creative Commons). The publication may also be distributed here under the terms of Article 25fa of the Dutch Copyright Act, indicated by the “Taverne” license. More information can be found on the University of Groningen website: https://www.rug.nl/library/open-access/self-archiving-pure/taverne- amendment. Take-down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Downloaded from the University of Groningen/UMCG research database (Pure): http://www.rug.nl/research/portal. For technical reasons the number of authors shown on this cover page is limited to 10 maximum. Download date: 29-09-2021 Chapter 3 Eritrean Financial Institutions 3.1 Introduction This chapter investigates the Eritrean financial intermediaries. -
15496-21Tax Relief Country
Important Notice The Depository Trust Company B #: 15496-21 Date: August 24, 2021 To: All Participants Category: Tax Relief, Distributions From: International Services Attention: Operations, Reorg & Dividend Managers, Partners & Cashiers Tax Relief Country: Italy Security: Eni S.p.A. CUSIPs: 26874RAG3 & 26874RAE8 Subject: Record Date: 8/28/2021 Payable Date: 9/12/2021 CA Web Instruction Deadline: 9/10/2021 8:00 PM (E.T.) Participants can use DTC’s Corporate Actions Web (CA Web) service to certify all or a portion of their position entitled to the applicable withholding tax rate. Participants are urged to consult TaxInfo before certifying their instructions over CA Web. Important: Prior to certifying tax withholding instructions, participants are urged to read, understand and comply with the information in the Legal Conditions category found on TaxInfo over the CA Web. ***Please read this Important Notice fully to ensure that the self-certification document is sent to the agent by the indicated deadline*** Questions regarding this Important Notice may be directed to Acupay at +1 212-422-1222. Important Legal Information: The Depository Trust Company (“DTC”) does not represent or warrant the accuracy, adequacy, timeliness, completeness or fitness for any particular purpose of the information contained in this communication, which is based in part on information obtained from third parties and not independently verified by DTC and which is provided as is. The information contained in this communication is not intended to be a substitute for obtaining tax advice from an appropriate professional advisor. In providing this communication, DTC shall not be liable for (1) any loss resulting directly or indirectly from mistakes, errors, omissions, interruptions, delays or defects in such communication, unless caused directly by gross negligence or willful misconduct on the part of DTC, and (2) any special, consequential, exemplary, incidental or punitive damages. -
Guidelines to the International Consolidated Banking Statistics
Guidelines to the international consolidated banking statistics Monetary and Economic Department Public version Update June 2012 Bank for International Settlements Press & Communications CH 4002 Basel, Switzerland E-Mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 © Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISBN 92 9197 728 4 (online) Contents Introduction to the international banking statistics....................................................................1 Box 1: Upcoming improvements to the International Banking Statistics ................2 Historical background ...............................................................................................................3 Part I: Reporting requirements..................................................................................................4 A. General............................................................................................................................4 B. Reporting requirements common to both sets of consolidated banking statistics...........5 1. Reporting area .......................................................................................................5 Table I.1 .................................................................................................................5 Reporting countries providing consolidated banking data* ....................................5 2. Reporting institutions..............................................................................................5 -
An Investigation of the Macroeconomic and Monetary Effects of Dollarization in Eritrea
http://researchcommons.waikato.ac.nz/ Research Commons at the University of Waikato Copyright Statement: The digital copy of this thesis is protected by the Copyright Act 1994 (New Zealand). The thesis may be consulted by you, provided you comply with the provisions of the Act and the following conditions of use: Any use you make of these documents or images must be for research or private study purposes only, and you may not make them available to any other person. Authors control the copyright of their thesis. You will recognise the author’s right to be identified as the author of the thesis, and due acknowledgement will be made to the author where appropriate. You will obtain the author’s permission before publishing any material from the thesis. An Investigation of the Macroeconomic and Monetary Effects of Dollarization in Eritrea A thesis submitted in fulfilment of the requirements for the degree of Doctor of Philosophy in Economics at The University of Waikato by Lula G. Mengesha 2013 i Abstract Most countries of the developing world have voluntarily or involuntarily been involved in using foreign currencies and trapped their economies for either the best or worst outcomes of dollarization. For those countries that have fully dollarized their economies, dollarization has provided some benefits in terms of bringing economic stability. However, the benefits in these economies came with costs that have worsened the income inequality and poverty that exist within their economies. Similarly, some countries that rely partially on their own currencies and partially on foreign currencies have seen different outcomes of partial dollarization. -
Economy Profile Eritrea
Doing Business 2020 Eritrea Economy Profile Eritrea Page 1 Doing Business 2020 Eritrea Economy Profile of Eritrea Doing Business 2020 Indicators (in order of appearance in the document) Starting a business Procedures, time, cost and paid-in minimum capital to start a limited liability company Dealing with construction permits Procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety mechanisms in the construction permitting system Getting electricity Procedures, time and cost to get connected to the electrical grid, and the reliability of the electricity supply and the transparency of tariffs Registering property Procedures, time and cost to transfer a property and the quality of the land administration system Getting credit Movable collateral laws and credit information systems Protecting minority investors Minority shareholders’ rights in related-party transactions and in corporate governance Paying taxes Payments, time, total tax and contribution rate for a firm to comply with all tax regulations as well as postfiling processes Trading across borders Time and cost to export the product of comparative advantage and import auto parts Enforcing contracts Time and cost to resolve a commercial dispute and the quality of judicial processes Resolving insolvency Time, cost, outcome and recovery rate for a commercial insolvency and the strength of the legal framework for insolvency Employing workers Flexibility in employment regulation and redundancy cost Page 2 Doing Business 2020 Eritrea About Doing Business The Doing Business project provides objective measures of business regulations and their enforcement across 190 economies and selected cities at the subnational and regional level. The Doing Business project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle. -
African Fixed Income and Derivatives Guidebook African Fixed Income and Derivatives Guidebook ETB
AFRIC ELOP E LO P NE DE DÉ EV ME NE D E DÉ E V M E AI VE D NT A I VE D NT IC L N IC L N R O A F R O A F F P IC U F P I C U A P N A P N E R D E R D E M F E M F A A U E U E Q N Q N N T N T A A A B B N DEVELOPMENT B T T F F N N O O E E N N D M D M E E S P S P A P A P FR O F R O IC EL I C E L AI N DE DÉV AI N D E DÉ V AFRICAN DEVELOPMENT BANK GROUP A NK GROUP African Fixed Income and Derivatives Guidebook African Fixed Income and Derivatives Guidebook ETB LO E DE D EVE PME AIN EV D N IC EL N T R O A F F P IC U P A R N E F D E M A U E Q N N T A B T F N O E N M D E S P A P FR LO IC VE AIN DE DE AFRICAN DEVELOPMENT BANK GROUP Temporary Relocation Agency: Angle de l’avenue du Ghana et des rues Pierre de Coubertin, Hedi Nouira BP 323 1002 Tunis Belvédère TUNISIA Contact: Group Treasurer Tel: +216 7110 2028 Fax: +216 71 33 0632 MAY E-mail: [email protected] 2010 MAY 2010 Website: www.afdb.org African Fixed Income and Derivatives Guidebook Table of Contents iii Table of Contents List of Abbreviations �� � � � � � � � � � � � � � � � � iv Madagascar �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 89 Malawi � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 93 Foreword �� � � � � � � � � � � � � � � � � � � � � � � � � � vii Mauritania �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 97 Mauritius �� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 101 Acknowledgements� � � � � � � � � � � � � � � � � �viii Morocco � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � -
Sino-Eritrean Trade Ties Strengthened
CHINA DAILY FRIDAY,F R I D A Y , OCTOBERO C T O B E R 115,5 , 20102 0 1 0 eritreaspecial 15 Sino-Eritrean trade ties strengthened our current and future operations ance that allows us to stand on our merce Bank of Eritrea. New equipment, technology, knowledge as they are significant investors.” own two feet, as well as being mutu- Founded in 1994, the Asmara- A leading figure in Eritrea’s ally bene� cial.” based bank off ers individual and and skills are rebuilding a proud nation import and export sector — and an business customers a wide range organization that is sure to bene� t Building connections of financial products and serv- from the presence of the free trade Meanwhile, helping � rms connect ices such as savings and deposit Blessed with large deposits of ports and transport facilities. e zones — is the government-owned to the world in today’s technology- accounts, private and commercial precious minerals such as gold, sil- � rst free trade zone will commence Red Sea Trading Corporation. dependent society is EriTel. The loans, plus international money ver, copper and zinc, Eritrea off ers operations shortly at Massawa a er Established in 1984 as a commodi- country’s sole telecommunications transfers. foreign investors a wealth of oppor- the government invested millions of ties trading business, the non-pro� t provider is State-owned and “Even though 60-70 percent tunities in the mining sector, while dollars in the transformation of 5,000 � rm performs a wide range of opera- is committed to improving its of our activities and transactions the agriculture, tourism, fisheries hectares of land next to a former tions. -
African Financial Systems: a Review
University of Pennsylvania ScholarlyCommons Finance Papers Wharton Faculty Research 4-2011 African Financial Systems: A Review Franklin Allen University of Pennsylvania Isaac Otchere Carleton University Lemma W. Senbet University of Maryland Follow this and additional works at: https://repository.upenn.edu/fnce_papers Part of the African Studies Commons, Entrepreneurial and Small Business Operations Commons, and the Finance and Financial Management Commons Recommended Citation Allen, F., Otchere, I., & Senbet, L. W. (2011). African Financial Systems: A Review. Review of Development Finance, 1 (2), 79-113. http://dx.doi.org/10.1016/j.rdf.2011.03.003 This paper is posted at ScholarlyCommons. https://repository.upenn.edu/fnce_papers/238 For more information, please contact [email protected]. African Financial Systems: A Review Abstract We start by providing an overview of financial systems in the African continent. eW then consider the regions of Arab North Africa, West Africa, East and Central Africa, and Southern Africa in more detail. The paper covers, among other things, central banks, deposit-taking banks, non-bank institutions, such as the stock markets, fixed income markets, insurance markets, and microfinance institutions. Keywords Banks, financial markets, insurance Disciplines African Studies | Entrepreneurial and Small Business Operations | Finance and Financial Management This journal article is available at ScholarlyCommons: https://repository.upenn.edu/fnce_papers/238 Available online at www.sciencedirect.com Review of Development Finance 1 (2011) 79–113 Review African financial systems: A review Franklin Allen a,∗, Isaac Otchere b, Lemma W. Senbet c a Finance Department, The Wharton School, University of Pennsylvania, Suite 2300 SH-DH, Philadelphia, PA 19104-6367, United States b Sprott School of Business, Carleton University, Canada c Robert H.