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FIJI Building Inclusive Institutions for Sustained Growth COUNTRY DIAGNOSTIC STUDY
FIJI BUILDING INCLUSIVE InstitUTIONS foR SUstained GROWTH COUNTRY DIAGNOSTIC STUDY ASIAN DEVELOPMENT BANK FIJI BUILDING INCLUSIVE InstitUTIONS foR SUstained GROWTH COUNTRY DIAGNOSTIC STUDY Economic Research and Regional Cooperation Department November 2015 ASIAN DEVELOPMENT BANK Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) © 2015 Asian Development Bank 6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines Tel +63 2 632 4444; Fax +63 2 636 2444 www.adb.org; openaccess.adb.org Some rights reserved. Published in 2015. Printed in the Philippines. ISBN 978-92-9257-099-6 (Print), 978-92-9257-100-9 (e-ISBN) Publication Stock No. RPT157617-2 Cataloging-In-Publication Data Asian Development Bank Fiji: Building inclusive institutions for sustained growth. Mandaluyong City, Philippines: Asian Development Bank, 2015. 1. Economic development. 2. Fiji. I. Asian Development Bank. The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned. By making any designation of or reference to a particular territory or geographic area, or by using the term “country” in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area. -
Nepal Rastra Bank in Fifty Years Part I
Front Cover Inside Page “While expressing our unflinching faith in multi- party democracy, we would like to mention that economic and institutional reforms will continue. Efforts at reforms in the utilisation of public expenditure and public service delivery will be made more effective. Banking discipline will be restored. Measures will be adopted towards the effective implementation of the poverty reduction strategy and the anti-corruption drive. Sustainable development is now our national agenda.” – His Majesty King Gyanendra Bir Bikram Shah Dev Nepal Rastra Bank in Fifty Years Nepal Rastra Bank Kathmandu, Nepal July 2005 © 2005 Nepal Rastra Bank Central Office Baluwatar, Kathmandu Nepal Website: http://www.nrb.org.np All rights reserved. The statements, findings, interpretations, opinions, and conclusions in the articles contained in this publication are those of the authors themselves and do not necessarily reflect those of the Nepal Rastra Bank. Cover Design : Mr. Sundar Shrestha Interior Design : Mr. Amar Ratna Bajracharya Editorial Assistance : Mr. Sanu Bhai Maharjan Printed at : Sajha Prakashan, Pulchowk, Lalitpur. His Majesty King Gyanendra Bir Bikram Shah Dev Her Majesty Queen Komal Rajya Laxmi Devi Shah Governor Bijaya Nath Bhattarai Foreword On the auspicious occasion of the 59th birthday towards qualitative improvement in the ongoing celebrations of His Majesty King Gyanendra Bir expansion of the financial system based on market- Bikram Shah Dev and also to mark the Golden oriented healthy competition have definitely added new Jubilee Year of the establishment of the Nepal Rastra milestones in developing and nurturing a financial Bank (NRB), this publication, ‘Nepal Rastra Bank in system that would surely contribute to the sustainable Fifty Years’, has been brought out incorporating growth of the economy with overall macroeconomic articles outlining the accomplishments of the NRB stability. -
(Bis) –– Dated 15 June 2003 Law No. 88 of the Year 2003 Promulgating
First draft 1 Official Journal Issue No. 24 (bis) Dated 15 June 2003 Law No. 88 of The Year 2003 Promulgating The Law of The Central Bank, The Banking Sector And Money, Amended by Law No. 162 of the Year 2004 and Law No. 93 of the Year 2005 In the Name of the People, The President of the Republic, The Peoples Assembly has passed the following Law and we hereby promulgated it. Article: 1 The provisions of the accompanying Law shall apply to the Central Bank, the banking sector, and to money. The Banks and Credit Law as promulgated by Law No. 163 of the year 1957, Law No. 120 of the year 1975 concerning the Central Bank of Egypt and the banking sector, Law No. 205 of the year 1990 concerning the secrecy of bank accounts, Law No. 38 of the year 1994 regulating dealing in foreign exchange, and Law No. 155 of the year 1998 regulating the private sectors contribution to the capital of public sector banks, shall be repealed. With due regard to the provisions of international agreements concerning the establishment of certain banks in the Arab Republic of Egypt, any provision contradicting the provisions of the accompanying Law shall be repealed. Article : 2 The provisions of the Law of Joint Stock Companies, Partnerships Limited by Shares, and Limited Liability Companies as promulgated by Law No. 159 of the year 1981 shall apply to the banks that are subject to the provisions of the accompanying Law, where no specific provisions are stipulated therein. The provisions of the Trade Law shall apply to banks transactions with their customers, traders or non-traders, whatever the nature of these transactions. -
Monetary Policy Rule and Taylor Principle in Mongolia: GMM and DSGE Approaches
International Journal of Financial Studies Article Monetary Policy Rule and Taylor Principle in Mongolia: GMM and DSGE Approaches Hiroyuki Taguchi * and Ganbayar Gunbileg Graduate School of Humanities and Social Sciences, Saitama University, 225 Shimo-Okubo, Sakura-ku, Saitama 338-8570, Japan; [email protected] * Correspondence: [email protected]; Tel.: +81-48-858-3324 Received: 22 October 2020; Accepted: 11 November 2020; Published: 16 November 2020 Abstract: This article aims to examine the monetary policy rule under an inflation targeting in Mongolia with a focus on its conformity to the Taylor principle, through two kinds of approaches: a monetary policy reaction function by the generalized-method-of-moments (GMM) estimation and a New Keynesian dynamic stochastic general equilibrium (DSGE) model with a small open economy version by the Bayesian estimation. The main findings are summarized as follows. First, the GMM estimation identified an inflation-responsive rule fulfilling the Taylor principle in the recent phase of the Mongolian inflation targeting. Second, the DSGE-model estimation endorsed the GMM estimation by producing a consistent outcome on the Mongolian monetary policy rule. Third, the Mongolian rule was estimated to have a weaker response to inflation than the rules of the other emerging Asian adopters of an inflation targeting. Keywords: monetary policy rule; Taylor principle; Mongolia; inflation targeting; GMM; the New Keynesian DSGE model; E52; E58; O53 1. Introduction Mongolia has evolved her monetary policy framework, since she transformed the economic system from a centrally planned economy to a market-based economy in the early 1990s. In 1991, the Bank of Mongolia (BOM) started implementing monetary policy as a central bank. -
“Impact of Regulation and Supervision on Nepalese Banking Sector ”
International Journal of Business and Management Review Vol.4, No.7, pp.60-81, September 2016 ___Published by European Centre for Research Training and Development UK (www.eajournals.org) EFFECTS OF MONETARY POLICY ON BANK LENDING IN NEPAL Neelam Timsina Dhungana Director, Nepal Rastra Bank, Research Department, Central Office, Baluwatar, Kathmandu, Nepal. (Currently, Ph.D. Scholar, Mewar University, Rajasthan, India) ABSTRACT: Bank lending and monetary transmission mechanism are closely interlinked phenomena. Banks cannot be efficient in their performance without analyzing the impact of monetary policy actions. On the other hand, central bank cannot take appropriate policy actions without having appropriate knowledge of bank lending behavior. This study attempts to find out the impact of monetary policy actions such as cash reserve ratio, open market operations and bank rate on bank lending. In the study, panel data of 24 commercial banks during the period of 1996 to 2015 were collected and analyzed using descriptive statistics, correlation and regression analysis. This analysis shows that open market operations and cash reserve ratio have negative impact but bank rate has positive impact on bank lending. Therefore, the central bank of Nepal should rely mostly on open market operations and cash reserve ratio for monetary operation. Further, the study recommends that central bank should hold cash reserve ratio constant as a cushion for the borrowers from fluctuating lending rates by commercial banks. However, since excessive borrowing will have inflationary effect in the economy, the study recommends that central bank commit commercial banks to open market operations to control short term interest rate and money supply in the economy. -
International Directory of Deposit Insurers
Federal Deposit Insurance Corporation International Directory of Deposit Insurers September 2015 A listing of addresses of deposit insurers, central banks and other entities involved in deposit insurance functions. Division of Insurance and Research Federal Deposit Insurance Corporation Washington, DC 20429 The FDIC wants to acknowledge the cooperation of all the countries listed, without which the directory’s compilation would not have been possible. Please direct any comments or corrections to: Donna Vogel Division of Insurance and Research, FDIC by phone +1 703 254 0937 or by e-mail [email protected] FDIC INTERNATIONAL DIRECTORY OF DEPOSIT INSURERS ■ SEPTEMBER 2015 2 Table of Contents AFGHANISTAN ......................................................................................................................................6 ALBANIA ...............................................................................................................................................6 ALGERIA ................................................................................................................................................6 ARGENTINA ..........................................................................................................................................6 ARMENIA ..............................................................................................................................................7 AUSTRALIA ............................................................................................................................................7 -
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. -
Financial Sector Development in the Pacific Developing Member Countries
TABLE OF CONTENTS i FINANCIAL SECTOR DEVELOPMENT IN THE PACIFIC DEVELOPING MEMBER COUNTRIES Volume Two Country Reports Financial Sector Development in the Pacific Developing Member ii Countries: Country Reports © Asian Development Bank 2001 All rights reserved. First published in September 2001. This report was prepared by consultants for the Asian Development Bank. The findings, interpretations, and conclusions expressed in it do not necessarily represent the views of ADB or those of its member governments. The Asian Development Bank does not guarantee the accuracy of the data included in the publication and accepts no responsibility whatsoever for any consequences of their use. ISBN 971-561-392-6 Publication Stock No. 080401 Asian Development Bank P.O. Box 789, 0980 Manila Philippines Website: www.adb.org TABLE OF CONTENTS iii Abbreviations ADB Asian Development Bank ALTA Agricultural Landlord and Tenant Act, Fiji Islands AMU Asset Management Unit ANZ ANZ Bank, Australia and New Zealand Banking Group APRA Australian Prudential Regulation Authority ATHL Amalgamated Telecom Holdings (Fiji Islands) ATM Automatic Teller Machine AusAID Australian Agency for International Development BOK Bank of Kiribati BOT Bank of Tonga BPNG Bank of Papua New Guinea BSP Bank of South Pacific, Papua New Guinea CBS Central Bank of Samoa CBSI Central Bank of Solomon Islands CMDA Capital Market Development Authority (Fiji Islands) CNB Colonial National Bank (Fiji Islands) CPI Consumer Price Index CPSF Civil Service Pension Fund, Tonga DBK Development Bank of -
Central Bank Independence in North Africa
POLICY BRIEF NO. 36 MARCH 2014 CENTRAL BANK INDEPENDENCE IN NORTH AFRICA BESSMA MOMANI AND SAMANTHA ST. AMAND KEY POINTS • Over the past 30 years, North African states have made positive strides toward central bank independence (CBI) that are correlated with overall structural transformations toward economic liberalization. • The Arab uprisings appeared to provide a positive political nudge for advancing statutory amendments toward CBI. • Compared to other emerging market economies and developing regions, there is further room for improvement on achieving the goals of CBI in North Africa. • CBI in North Africa can be strengthened by promoting a learning culture and technocratic BESSMA MOMANI values within the central banks. Bessma Momani is associate professor in the Department of Political Science at the University INTRODUCTION of Waterloo and the BSIA. She is also a senior fellow with the Centre for International Governance Securing CBI has become best practice in global governance. Both the political Innovation (CIGI). and economic literatures suggest that CBI facilitates price stability, promotes transparency to citizens and provides accountability toward the public good. CBI is also credited with protecting the economic and financial system from the trappings of regulatory capture. In addition, a number of scholars have argued that CBI is correlated with positive policy outcomes, including balanced long- term economic growth, stable financial markets and a reduced likelihood of publicly funded financial institution bailouts. Moreover, some have suggested that CBI is important for fostering a healthy liberal democracy. As global markets SAMANTHA ST. AMAND have become increasingly integrated and interdependent, securing CBI is also Samantha St. Amand is a research associate in the Global Economy considered a domestic, regional and global public good. -
Central Bank of Ecuador, 1927: Among Dictatorship, Revolution and Crisis
Volume 2, Number 1, 128-173, January-June 2017 doi: 10.1344/jesb2017.1.j025 Cristian Paúl Naranjo Navas Universidad Nacional de Chimborazo (Ecuador) Central Bank of Ecuador, 1927: among Dictatorship, Revolution and Crisis Abstract On July 9th, 1925, a coup d’état overthrew the Ecuadorian government of the president Gonzalo S. Córdova. The Military Junta chose the new president, Dr. Isidro Ayora, who founded the Central Bank of Ecuador in 1927. The majority of historians emphasize the patriotic spirit of the military forces in order to eliminate the influence of private banks. Nonetheless, there is a less popular view of the process known as the Julian Revolution, which understands the coup d’état, and the foundation of the Central Bank of Ecuador, as the result of struggles between bankers due to controversies around currency emissions. The arguments behind the Julian Revolution were based on some economic facts. Even though real GDP did not decrease in any year from 1913 to 1927, there was a generalized perception of a critical economy due to the constant fluctuation in prices, the increasing of fiscal deficit, and the reduction of revenues from the trade balance. This article proposes two hypotheses: first, the economic crisis was not an isolated case in Latin America, on the contrary, it was part of a regional trend; second, the economic crisis only affected the urban areas, which account for less than half of the total population. Keywords: Central Bank of Ecuador; Julian Revolution; Dictatorship Corresponding author: e-mail:[email protected] Received 18 October 2016 - Accepted 13 January 2017 This is an Open Access article distributed under the terms of the Creative Commons Attribution-Non-Commercial-No Derivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-comercial re-use and distribution, provided the original work is properly cited, and is not altered or transformed in any way. -
National Bank of Egypt New York Branch
National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan Section 1: Public Section December 2013 National Bank of Egypt New York Branch National Bank of Egypt Resolution Plan December 2013 Table of contents 1. Section 1 : Public section 1 Introduction 1 2. Summary of resolution plan The names of material entities 2 Description of core business lines 3 Summary of financial information 3 Description of derivatives and hedging activities 5 Membership in material payment, clearing and settlement systems 6 Description of foreign operations 6 Material supervisory authorities 8 Principle officers 9 Corporate governance structure for resolution planning and related processes 9 Description of material management information systems 10 High-level description of resolution strategy 10 National Bank of Egypt Resolution Plan 2013, Public Section National Bank of Egypt (“NBE”) New York Branch Resolution Plan Section 1: Public Section Introduction This is the public section of the plan for resolution (“Resolution Plan”) prepared by the National Bank of Egypt and required pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and regulations of the Federal Deposit Insurance Corporation ("FDIC") and the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The initial Resolution Plan of the National Bank of Egypt is due on December 31, 2013, with annual updates thereafter. The FDIC and the Federal Reserve have each, by rule and through the supervisory process, prescribed the assumptions, required approach and scope for these resolution plans, and have required that certain information be included in a public section of the resolution plans. -
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.