Central Banks of Countries
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Reserve Bank of Malawi Reserve Bank of Malawi Reserve Bank of Malawi Reserve Reserve Bank of Malawi Reserve Bank Of
Report and Accounts 2010 RBM Reserve Bank of Malawi Reserve Bank of Malawi Reserve Bank of Malawi Reserve Reserve Bank of Malawi Reserve Bank of RESERVE BANK OF MALAWI REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2010 2 Report and Accounts RBM RESERVE BANK OF MALAWI REPORT AND ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2010 3 Report and Accounts 2010 RBM BOARD OF DIRECTORS Dr. Perks M. Ligoya Governor & Chairman of the Board Mrs Mary C. Nkosi Deputy Governor Mrs. Betty Mahuka Mr. Gautoni Kainja Mr. Joseph Mwanamveka Board Member Board Member Board Member Dr. Patrick Kambewa 4 Board Member Mr. Ted. Sitimawina Board Member Report and Accounts RBM MISSION STATEMENT As the central Bank of the Republic of Malawi, we are committed to promoting monetary stability and soundness of the financial system. In pursuing these goals, we shall endeavour to carry out our duties professionally and exclusively in the long-term interest of the national economy. To achieve this, we shall be a team of professionals dedicated to international standards in the delivery of our services. 5 Report and Accounts 2010 RBM EXECUTIVE MANAGEMENT Dr. Perks M. Ligoya Governor Mrs. Mary C. Nkosi Deputy Governor Dr. Grant P. Kabango Acting General Manager, Economic Services 6 Report and Accounts RBM 7 Report and Accounts 2010 RBM HEADS OF DEPARTMENTS Banda, L. (Ms) Director, Banking and Payment Systems Chitsonga, D Director, Information and Communication Technology Chokhotho, R. Director, Human Resources Goneka, E. Director, Research and Statistics Kabango G.P. (Dr) Director, Special Duties Kajiyanike, M. (Ms) Director, Currency Management Malitoni, S. -
Samoa for the Pacific Disaster Resilience Program
International Monetary Fund Assessment Letter: Samoa For the Pacific Disaster Resilience Program IMF Country Report No. 17/112 SAMOA 2017 ARTICLE IV CONSULTATION—PRESS RELEASE; May 2017 STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR SAMOA Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. In the context of the 2017 Article IV consultation with Samoa, the following documents have been released and are included in this package: A Press Release summarizing the views of the Executive Board as expressed during its May 1, 2017 consideration of the staff report that concluded the Article IV consultation with Samoa. The Staff Report prepared by a staff team of the IMF for the Executive Board’s consideration on May 1, 2017, following discussions that ended on February 17, 2017, with the officials of Samoa on economic developments and policies. Based on information available at the time of these discussions, the staff report was completed on April 13, 2017. An Informational Annex prepared by the IMF staff. A Debt Sustainability Analysis prepared by the staffs of the IMF and the International Development Association (IDA). A Statement by the Executive Director for Samoa. The IMF’s transparency policy allows for the deletion of market-sensitive information and premature disclosure of the authorities’ policy intentions in published staff reports and other documents. Copies of this report are available to the public from International Monetary Fund Publication Services PO Box 92780 Washington, D.C. 20090 Telephone: (202) 623-7430 Fax: (202) 623-7201 E-mail: [email protected] Web: http://www.imf.org Price: $18.00 per printed copy International Monetary Fund Washington, D.C. -
On the Measurement of Zimbabwe's Hyperinflation
18485_CATO-R2(pps.):Layout 1 8/7/09 3:55 PM Page 353 On the Measurement of Zimbabwe’s Hyperinflation Steve H. Hanke and Alex K. F. Kwok Zimbabwe experienced the first hyperinflation of the 21st centu- ry.1 The government terminated the reporting of official inflation sta- tistics, however, prior to the final explosive months of Zimbabwe’s hyperinflation. We demonstrate that standard economic theory can be applied to overcome this apparent insurmountable data problem. In consequence, we are able to produce the only reliable record of the second highest inflation in world history. The Rogues’ Gallery Hyperinflations have never occurred when a commodity served as money or when paper money was convertible into a commodity. The curse of hyperinflation has only reared its ugly head when the supply of money had no natural constraints and was governed by a discre- tionary paper money standard. The first hyperinflation was recorded during the French Revolution, when the monthly inflation rate peaked at 143 percent in December 1795 (Bernholz 2003: 67). More than a century elapsed before another hyperinflation occurred. Not coincidentally, the inter- Cato Journal, Vol. 29, No. 2 (Spring/Summer 2009). Copyright © Cato Institute. All rights reserved. Steve H. Hanke is a Professor of Applied Economics at The Johns Hopkins University and a Senior Fellow at the Cato Institute. Alex K. F. Kwok is a Research Associate at the Institute for Applied Economics and the Study of Business Enterprise at The Johns Hopkins University. 1In this article, we adopt Phillip Cagan’s (1956) definition of hyperinflation: a price level increase of at least 50 percent per month. -
Hashemite Kingdom of Jordan Update the General Objectives for Education in the Being Broadly Vocationally Or Iented
HASHEMITE KINGDOM FOURTH QUARTER 2001 OF JORDAN A Quarterly Publication of the Jordan Country Unit Public Disclosure Authorized Update The World Bank Group STRATEGIC ISSUES FOR FURTHER DEVELOPMENT OF THE EDUCATION SECTOR g Introduction policy objectives of this program focused on upgrading teacher qualifications, upgrading Jordan is currently embarking upon an ambitious curricula and textbooks, and expansion and Public Disclosure Authorized program of social and economic reform with enhancement of school facilities. During the human resources development at its center. The intervening period, significant progress has been following notes outline the core strategic issues, made towards the achievement of these goals. which are being addressed at the respective levels While other policy objectives can be implied from of the education sys tem for their achievement. government directives, programming initiatives or other fora, an explicit policy framework for basic education addressing objectives such as access, g Basic Education equity, relevance, efficiency, financing, etc., is The Jordan “Accelerated Social and Economic currently not in place. The absence of this Development Plan” recognizes education as a framework presents challenges at all levels of the cornerstone of development and the principal system in terms of prioritizing inves tments, means of improving the welfare of its citizens. establishing program goals, and implementing effective monitoring and evaluation systems. Public Disclosure Authorized With the guiding purpose of basic education to produce a literate and numerate population, and Formulation of a policy framework reflective of current priorities is seen to be an important also to lay the foundation for further education, strategic objective. It is understood that a high the primary and secondary educ ation systems need to undergo continuous adaptation to the level policy forum on basic education involving international participation is planned for the near changing characteristics of the wider society. -
The Impact of Financial Liberalization on the Performance of the Algerian Public Banks
DEMOCRATIC AND POPULAR REPUBLIC OF ALGERIA MINISTRY OF HIGHER EDUCATION AND SCIENTIFI RESEARCH UNIVERSITY OF TLEMCEN FACULTY OF ECONOMICS, COMMERCE AND MANAGEMENT The Impact of Financial Liberalization on the Performance of the Algerian Public Banks. Thesis submitted as a partial fulfillment of the “Doctorate” degree in Economics Thesis presented by: Supervised by: Souad GUESMI Prof. Mohamed BENBOUZIANE Jury Members: Prof. Abdelkader DERBAL President University of Oran Prof. Mohamed BENBOUZIANE Supervisor University of Tlemcen Prof. Ali BOUHANNA Examiner University of Tlemcen Dr. Mohamed BEZZAOUYA Examiner University of Tlemcen Dr. Soufiane SLIMANE Examiner University of Relizane Dr. Mohamed BENSAID Examiner University of Sidi Belabbes 2014-2015 Dedication This thesis is a dedication to my husband, my dearest father and to my beloved tender mother who mean everything to me. To my brothers who mean a lot to me. To all my family -Guesmi and Boutayeba- who believed in me and supported me in practical and constant ways, their confidence in my abilities and their belief in the importance of this work have ensured its completion. i Acknowledgments I am extremely grateful to the almighty Allah who bestowed me the understanding and perseverance to make this accomplishment possible. I would like to express my special thanks, gratitude, and appreciation to my supervisor Prof. Mohamed Benbouziane for his guidance, suggestions, and valuable comments made this work possible. My special thanks and respects go to the members of the examining committee, for their consent to take part in reading and discussing this thesis. This thesis would not have been accomplished without the help and support of my husband Dr. -
Liquidityframeworkandinterbank
Central Bank of Oman Occasional Paper: 2019-1 Liquidity Management Framework and Interbank Overnight Interest Rate in Oman: An Empirical Investigation Amal Al Raisi, Sunil Kumar and Razan Al Humaidi* Abstract Oman’s overnight inter-bank rate generally follows the trends in federal fund rate due to currency peg with the US dollar and open capital account, albeit with some intermittent deviations. In our ARDL model, we find federal fund rate along with domestic liquidity conditions as drivers of the overnight inter-bank rate in Oman. Accordingly, intermittent deviations of Oman’s overnight inter-bank rate from the federal fund rate appears to have been caused by evolving domestic liquidity conditions and less than perfect arbitrage due to various prudential limits. Keywords: Overnight inter-bank rate, federal fund rate, monetary policy, liquidity conditions JEL Classification: E43, E52, E58 *Amal Al Raisi is a Manager, Sunil Kumar is an Economist, and Razan Al Humaidi is an Associate Research Analyst in Economic Research & Statistics Department of the Central Bank of Oman. The authors would like to express their sincere thanks to Dr. Mazin Al Ryami for his valuable comments/inputs on the paper. The views expressed in this paper and errors, if any, are strictly of the authors and do not belong the organization they work for. All the usual disclaimers apply. CONFIDENTIAL Central Bank of Oman Occasional Paper: 2019-1 Introduction The Central Banks across a large number of countries have shifted from monetary targeting to interest rate targeting as the main instrument of monetary policy. This shift was mainly necessitated by the weakening of relationship between the monetary aggregates and final objective(s) i.e. -
SURINAME 1. General Trends Suriname's Economy Contracted By
Economic Survey of Latin America and the Caribbean ▪ 2016 1 SURINAME 1. General trends Suriname’s economy contracted by an estimated 2% in 2015, as falling oil and gold prices took their toll on the real, fiscal and monetary sectors of the economy. This represented a major turnaround from the growth of 2.8% in 2013 and 1.8% in 2014. In addition to lower prices for Suriname’s commodities, the Suralco alumina refinery was shut down in late 2015, when parent company Alcoa decided to streamline its business. As a result, exports and foreign-exchange earnings fell steeply last year. International reserves decreased by almost half in 2015. The central bank, finding it increasingly difficult to maintain the United States currency peg, devalued the Surinamese dollar (Sr$) by 20.5% in November 2015. This was followed by foreign-currency auctions in March 2016 and the introduction of a freely floating exchange-rate regime in May 2016. As a result, the exchange rate rose from 3.35 Surinamese dollars (Sr$) per United States dollar (US$) in early November 2015 to over Sr$ 6 per US$ 1 in May 2016. In April 2016 Suriname reached a staff-level agreement with the IMF for balance-of- payments support in the amount of US$ 478 million over two years. The agreement comes with a raft of structural reforms aimed at increasing government revenues and improving fiscal and monetary policy frameworks. The fiscal deficit expanded in 2015, as the government faced lower commodity-related revenues and higher spending in the lead-up to the May 2015 general election. -
Regulations 2011
REGULAT IONS 2011 REGULATION 11-01 OF MARCH 24TH, 2011 RELATING TO CREATION OF A BANKNOTE OF TWO THOUSAND (2000) ALGERIAN DINARS The Governor of the Bank of Algeria, Whereas Order 03-11 of Jumaada al-THaany 27th, 1424 corresponding to August 26th, 2003 as amended and completed, relating to Money and Credit, namely its Articles 38, 62 (paragraph a), 63 and 64; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of the Governor and Vice-Governors of the Bank of Algeria; Whereas the Presidential Decree of Raby` al-awal 10th, 1422 corresponding to June 2nd, 2001 relating to appointment of Members of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Sha`baan 26th, 1423, corresponding to November 2nd, 2002 relating to appointment of a Member of the Executive Board of the Bank of Algeria; Whereas the Presidential Decree of Thw al-Qi`dah 24th, 1424 corresponding to January 14th, 2004 relating to appointment of Members of the Council of Money and Credit of the Bank of Algeria; Whereas the Presidential Decree of Jumaada al-awal 5th, 1427 corresponding to June 1st, 2006 relating to appointment of a Vice-governor of the Bank of Algeria; Further to the Resolution of the Council of Money and Credit of the Bank of Algeria of Raby` al-THaany 19th, 1432 corresponding to March 24th, 2011; promulgates the Regulation the content of which follows: Article 1: The Bank of Algeria shall create a two thousand (2000) Algerian Dinar banknote. -
Advent of Islamic Banks and the Emerging Banking Landscape in Sultanate of Oman
International Journal of Humanities and Social Sciences (IJHSS) ISSN(P): 2319-393X; ISSN(E): 2319-3948 Conference Edition, July 2014, 85-90 © IASET ADVENT OF ISLAMIC BANKS AND THE EMERGING BANKING LANDSCAPE IN SULTANATE OF OMAN VIBHA BHANDARI Assistant Professor, Department of International Business Administration, College of Applied Sciences, Nizwa, Oman ABSTRACT Islamic banking can be defined as a banking system which is in consonance with the sprit, ethos and value system of Islam and its operations are governed by the rules and principles laid down by Shari'a which means ‘the way to the source of life’. Islamic banks do business just like their counterparts on the conventional side, with the difference that all their operations and businesses are conducted in accordance with the rules and principles prescribed by the Shari'a and the code of behavior called for, by the Holy Quran. Islamic banking has been gaining tremendous popularity over the years, and not just in the Middle East and South East Asia, but even in the UK. Nearly non-existent 30 years ago, the global Islamic finance industry had assets forecast to cross $1.8 trillion in 2013, up from $1.3 trillion in 2011, according to Ernst & Young’s World Islamic Banking Competitiveness Report 2013. Though a late entrant in the field of Islamic banking, the Sultanate’s banking sector is poised to grow. Since, the announcement to open the Islamic Banks in 2011, the banking sphere in Oman has witnessed positive activity with the launch of separate full-fledged Islamic banks as well as new Islamic outlets of the conventional - reputed banks. -
How Is Money Made?
CENTRAL BANK OF SAMOA FACT SHEETS How is money made? c. Regulatory policy acts as a limit on Money creation banks’ activities in order to lessen a build-up of risks that could pose a In the modern economy, most money threat to the stability of the financial takes the form of bank deposits. When- system. ever a bank makes a loan, it simultane- ously creates a matching deposit in the 2. Money creation is also controlled by borrower’s bank account, thereby cre- the behaviour of the money holders ating new money. – households and businesses. House- holds and companies who receive the Although commercial banks create newly created money might respond money through lending, they cannot by carrying out transactions that im- do so freely without limit. mediately destroy it, for example by repaying outstanding loans. In the modern economy there are three main sets of limitations that re- 3. The ultimate limit on money creation strict the amount of money that banks is monetary policy. By influencing the can create: level of interest rates in the economy, the Central Bank of Samoa’s monetary 1. Banks themselves face limits on how policy affects how much households much they can lend. In particular: and companies want to borrow. This a. Market forces limit lending be- occurs both directly, through influenc- cause individual banks have to be ing the loan rates charged by banks, able to lend profitably in a compet- but also indirectly through the overall itive market. effect of monetary policy on econom- b. Lending is also constrained be- ic activity. -
Investment Guide
SURINAME INVESTMENT GUIDE Where Business equals Quality of Life INVESTMENT GUIDE SURINAME Where Business equals Quality of Life INVESTMENT GUIDE SURINAME Where Business equals Quality of Life PREFACE In the last number of years, Suriname made significant steps to integrate its economy into the globalizing world economy. By becoming a member of the Caribbean Community in 1995, a process started which included regulatory reforms and trade liberalization with the purpose of modernizing the economy and cutting red tape. In 2004, the country was able to reach a positive trade balance. For decades, the US and The Netherlands were significant trading partners of Suriname. Regional integration is an important policy aspect of the current Government which took office in August of 2010. By following a conscious strategy of integrating into non traditional markets and participating in the South American integration process, the country is opening doors to investors who will see opportunities in mining, a wide range of services, agriculture, cultural diversity, communications and value added products. By deepening the relationship with traditional trading partners with investment modalities and implementing a South South strategy with nontraditional partners, the economy of Suriname is being transformed into an emerging market. Suriname is a unique and safe place with the natural resources and geological characteristics of South America, the warmth of the Caribbean, a cultural diversity found nowhere else, and a constantly improving investment and business climate. The Government makes serious effort to make Suriname a better place do to business and will treat all investors alike, according to the Most Favorite Nation principles. -
Blockchain and Cryptocurrency in Africa a Comparative Summary of the Reception and Regulation of Blockchain and Cryptocurrency in Africa
Blockchain and Cryptocurrency in Africa A comparative summary of the reception and regulation of Blockchain and Cryptocurrency in Africa 2018 Baker McKenzie, Johannesburg IMPORTANT DISCLAIMER: The material in this report is of the nature of general comment only. It is not offered as legal advice on any specific issue or matter and should not be taken as such. Readers should refrain from acting on the basis of any discussion contained in this report without obtaining specific legal advice on the particular facts and circumstances at issue. While the authors have made every effort to provide accurate and up-to-date information on laws and policy, these matters are continuously subject to change. Furthermore, the application of these laws depends on the particular facts and circumstances of each situation, and therefore readers should consult their lawyer before taking any action. Information contained herein is as at November 2018. CONTENTS PREFACE ............................................................................................................................................1 GEOGRAPHICAL OVERVIEW ....................................................................................................... 2 COUNTRY PROFILES ..................................................................................................................... 3 1. Botswana ................................................................................................................................................................... 3 2. Ghana .........................................................................................................................................................................4