THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING

Size: px
Start display at page:

Download "THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING"

Transcription

1 THE ROLE OF THE CENTRAL BANK OF SUDAN IN DEVELOPMENT FINANCING The Central Bank of Sudan commenced business in Its role, like that of other central banks, is set to include the achievement of monetary and financial stability through contributing to the realization of positive and sustainable rates of GDP growth, maintaining low rates of inflation, stability of the exchange rate and development and organization of the banking system so as to perform its role in contributing to achieve economic development by mobilizing resources to the various economic sectors. The Central Bank works toward attaining these objectives through formulation and implementation of the following policies: monetary, financing; foreign exchange and exchange rate; banking development, supervision, and payment systems. The following is a succinct summary of what the Central Bank of Sudan has implemented in terms of the above mentioned issues: First: Monetary and Financing Policy The Central Bank of Sudan initiated its monetary policy since The policies devoted special attention for directing finance to the productive sectors and stirring up these sectors through the provision of production inputs and other requirements and prohibition of financing to the nonpriority, marginal sectors. Furthermore, these policies showed concern for the geographical distribution of finance by making it available to the rural areas through obligating the banks to utilize 50% of the deposits to extend finance within the locality of operation of the bank s branch and to encourage the geographical spread of banks for the purpose of raising awareness of the public. In addition, group financing was adopted through forming consortiums for financing productive projects whose requirements exceed the capabilities of the banks. In this regard, the Central Bank extends investment finance to shudder up the banks financing capacities in a bid to develop the productive sectors, particularly those with high risks (the agricultural sector), in addition to raising the capital of the existing.

2 Development Banks, besides facilitating of the establishment of new ones. In order to cope with liberalizing the banking operations and to sterilize its negative impact on the productive sectors, the Central Bank pursued a policy of extending incentives and encouraging the banks to finance the priority sectors, beside its coordination with the Ministry of Finance and other local external parties to alleviate poverty. the year 2006, the Central Bank of Sudan set up a Micro Finance Unit in the context of the Government Plan for alleviating the intensity of poverty. The Unit issues guidelines for regulating the institutions that extend micro finance, including the Family Bank (2009), the Savings and Social Development Bank, in addition to the micro finance units in other banks. The banks were directed to allocate 12% of their financing portfolios in the year to micro and small finance. Also, the policy encouraged the micro finance units to use non-conventional guarantees, such as group lending and utilize the resources of social funds and Zakat, in providing guarantees to the weak segment targeted by micro finance. In pursuit of reinforcing the role of the Central Bank in achieving development, the priority sectors were expanded to include the social services such as electricity, water and health in the rural areas (finance of a social dimension). Second: Foreign Exchange Policies The Central Bank has regulated the foreign exchange market through unification and liberalization of the market; activation of its role in building of foreign exchange reserves through expansion of exports, foreign direct investment and facilitating inflow transfers. The Bank continue in liberalizing the current account operations; provision of adequate resources for its stabilization; The inter-banks market was encouraged by setting up of market makers groups in the area of foreign exchange to reinforce the role of banks and activate the market forces; A number of exchange companies was licensed. Regarding export promotion, some procedures was adopted such as abolition of the Customs Declaration. This is in addition to management, follow up and monitoring of foreign flows in order to neutralize their adverse effects on monetary policy and ensure their positive contribution to the econcomy. 2

3 With regard to the exchange rate policy, the Central bank has adopted a policy which aims at maintaining the flexibility and stability of the exchange rate through the adoption of the Managed Float Exchange Rate system and work toward its stability in order to achieve internal and external equilibrium and maintain the value of the national currency. Concerning the policies taken by the Central Bank to mitigate the adverse effects of the current global financial crisis, a number of policies were introduced to reduce demand for foreign exchange including: raising the cash margin for importation by 100% for all payment methods, with the exception of industrial and agricultural production inputs; deferred payment importation of one or more than one year; and, restrictions on the uses of foreign exchange in the banks and exchange companies. On the supply side, the Central Bank encourages the non-oil exports through the following: Removal of restrictions on the export account and the use of its recourses were permissible for all purposes, except for clean transfers and transfers to the free account. Permission to sell export proceeds which flow in after six months period to the banks instead of the Central Bank of Sudan. Contribution to the establishment of the National Agency for Insurance and Finance of Exports and encouragement of the banks to make use of its services. Regular consultation and coordination with the Ministry of Finance and the Private Sector with regard to the monetary, and the foreign exchange policies. Participation in fairs abroad through clarification of policies and measures, response as well as queries related to direct foreign investment, for instance capital registration, concessions, incentives, and remittance of profits of capital invested in the country to abroad, and the modality for obtaining finance from the local banks. 3

4 Third: Banking and Supervisory Policies On this aspect, the Central Bank implemented the Banks Restructuring Program to reform their financial and management situations, strengthen their financial positions and increase their capital through mergers and bank alliances which are expected to lead to the existence of big banking entities capable of competing internally and externally that will lure foreign investment to the banking sphere. A number of foreign banks and substantial capital funds entered the Sudan. These policies also contributed to upgrading and development of the banks infrastructure and diversification of the banking institutions and services. On the side of supervision, the Central Bank accomplished the activation of the role of banking supervision by focusing on prudential supervision and application of the Basel I&11 standards through the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Preparations are underway for applying the Basel 1II standards. Moreover, the Central Bank has utilized the Electronic Enquiry Mechanism for control and supervision purposes. The banks have at their disposal the possibility of using the data base that will enable them to know the obligations of clients toward the other banks for assisting in assessing the creditworthiness of the client before granting him the requested finance. Also, the Central Bank initiated the implementation of the Credit Coding System in mid 2008 which is considered to be one of the most important arrangements adopted by the Central Bank, at present, with the aim of obtaining a significant portion of demographic data about clients of the banking system by focusing on finance requesting clients in the present stage. A notable benefit of this system is that the bank can apply, through it, the principle of (know your customer) for taking the appropriate decision upon extending finance. As for risk management, the Finance Risk Information Unit was set up in 2003 and was upgraded to the Risk Directorate in 2006, with the aim of identifying the source of risk, measuring the probability of its occurrence, determining the magnitude of its impact on revenues, income and assets, assessing the expected effect on the bank s activities, and work toward mitigating the impact or eliminating the sources of risk. In this regard, banks managements were directed to complete the structure of the Risk Directorate which has among other functions, to study and analyze clients risks according to the information available to it on the client and to make a 4

5 recommendation on the basis of the assessment results. Regarding the banking technology, the banks were connected through the Electronic Network to the Central bank and with theirs branches. The Electronic Clearance System was adopted in the Capital City and in some States. Also, the use of Electronic Payment methods was introduced as well as that of the ATM through the National Payment Switch System; moreover the Real Time Gross Settlement System was established. In general, it can be said that policies of the Central Bank have led to the increase in banks resources such as deposits and capital, also reasonable progress has done in restructuring banks and number of foreign banks branches was entered. This has contributed to the achievement of banking soundness and improved banking performance which will result in an increase in banking finance, rendering other banking services and positive contribution to revival of the productive sectors and improvement of the macro economic indicators. For further information related to the Central Bank of Sudan policies in addition to monetary, foreign and other macroeconomic indicators, please refer to THANK YOU. Mohamed Elhassan Moh Central Bank of Sudan 5

IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL CENTRAL BANK OF SUDAN

IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL CENTRAL BANK OF SUDAN IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL CENTRAL BANK OF SUDAN CENTRAL BANK OF SUDAN POLICIES FOR THE YEAR, 2011 IN THE NAME OF ALLAH, THE MOST GRACIOUS, THE MOST MERCIFUL -( D R A F

More information

Monetary policy rules and their application in Russia. Economics Education and Research Consortium Working Paper Series ISSN 1561-2422.

Monetary policy rules and their application in Russia. Economics Education and Research Consortium Working Paper Series ISSN 1561-2422. Economics Education and Research Consortium Working Paper Series ISSN 1561-2422 No 04/09 Monetary policy rules and their application in Russia Anna Vdovichenko Victoria Voronina This project (02-230) was

More information

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA V.1 PAYMENT SYSTEM Objectives of the system One of the main tasks of the Bank of Albania (pursuant to the Law On the Bank of Albania ) is the encouragement

More information

Monetary policy in Qatar and Qatar s attitude towards the proposed single currency for the Gulf Cooperation Council

Monetary policy in Qatar and Qatar s attitude towards the proposed single currency for the Gulf Cooperation Council Monetary policy in Qatar and Qatar s attitude towards the proposed single currency for the Gulf Cooperation Council Fahad Faisal Al-Thani 1. Monetary policy in Qatar, 1940s-2002 A review of the monetary

More information

CENTRALE BANK VAN ARUBA & THE FINANCIAL SYSTEM

CENTRALE BANK VAN ARUBA & THE FINANCIAL SYSTEM CENTRALE BANK VAN ARUBA & THE FINANCIAL SYSTEM The establishment of a central bank and the issue of a national currency on the 1 st of January 1986 marked the beginning of a separate financial system for

More information

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014

REPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014 JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom

More information

LEGISLATIVE AMENDMENTS

LEGISLATIVE AMENDMENTS 111 1 Ukraine Ratified the WTO Agreement on Simplification on Customs Procedures 2 Law on Prevention of Corruption in Sports in Effect 10 December 2015 3 Law on Additional Guarantees to Persons Employed

More information

Seminar. Global Foreign Exchange Markets Chapter 9. Copyright 2013 Pearson Education. 20 Kasım 13 Çarşamba

Seminar. Global Foreign Exchange Markets Chapter 9. Copyright 2013 Pearson Education. 20 Kasım 13 Çarşamba Seminar Global Foreign Exchange Markets Chapter 9 9- Learning Objectives To learn the fundamentals of foreign exchange To identify the major characteristics of the foreign-exchange market and how governments

More information

THE BANK OF ISRAEL FROM VISION TO OBJECTIVES

THE BANK OF ISRAEL FROM VISION TO OBJECTIVES THE BANK OF ISRAEL FROM VISION TO OBJECTIVES 2011 Bank of Israel Passages may be cited provided source is specified Editing: Director General s office, Planning and Economics unit Catalog #314141011 www.bankisrael.org.il/firsteng.htm

More information

New Monetary Policy Challenges

New Monetary Policy Challenges New Monetary Policy Challenges 63 Journal of Central Banking Theory and Practice, 2013, 1, pp. 63-67 Received: 5 December 2012; accepted: 4 January 2013 UDC: 336.74 Alexey V. Ulyukaev * New Monetary Policy

More information

The Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen,

The Macroeconomic Situation and Monetary Policy in Russia. Ladies and Gentlemen, The Money and Banking Conference Monetary Policy under Uncertainty Dr. Sergey Ignatiev Chairman of the Bank of Russia (The 4 th of June 2007, Central Bank of Argentina, Buenos Aires) The Macroeconomic

More information

The Danish Foreign-Exchange Market

The Danish Foreign-Exchange Market 33 The Danish Foreign-Exchange Market by Henrik Smed Krabbe, Market Operations Department and Lisbeth Stausholm Pedersen, Economics Department The foreign-exchange market is a market for purchase and sale

More information

Risk Management. Credit Risk Management

Risk Management. Credit Risk Management Risk Management In response to market changes, the Bank intensified proactive risk management to improve the Group s overall risk control capability. Credit Risk Management The Bank made deeper adjustments

More information

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains

More information

Monetary and Financial Aspects of Issuing Public Debt Instruments in Kuwait (1)

Monetary and Financial Aspects of Issuing Public Debt Instruments in Kuwait (1) Monetary and Financial Aspects of Issuing Public Debt Instruments in Kuwait (1) I would like to thank the Faculty of Commerce for arranging this meeting, which I hope will lead to the clarification of

More information

THE PROCESS OF PLANNING AND INSTITUTIONAL FRAMEWORK FOR POVERTY REDUCTION STRATEGY: THE CASE OF UGANDA.

THE PROCESS OF PLANNING AND INSTITUTIONAL FRAMEWORK FOR POVERTY REDUCTION STRATEGY: THE CASE OF UGANDA. THE PROCESS OF PLANNING AND INSTITUTIONAL FRAMEWORK FOR POVERTY REDUCTION STRATEGY: THE CASE OF UGANDA. By Margaret Kakande Poverty Analyst Ministry of Finance, Planning and Economic Development, Government

More information

Central Banks and the Development Agenda The CBN Experience Sadiq Usman 1 Presentation Outline 2 Slide Introduction Brief on Nigeria The recent Banking Crisis CBN Developmental Activities CBN Interventions

More information

Financial Overview INCOME STATEMENT ANALYSIS

Financial Overview INCOME STATEMENT ANALYSIS In the first half of 2006, China s economy experienced steady and swift growth as evidenced by a 10.9% surge in GDP. In order to prevent the economy from getting overheated and to curb excess credit extension,

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. Survey of Macroeconomics, MBA 641 Fall 2006, Quiz 4 Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The central bank for the United States

More information

Roadmap to Bolster Timor- Leste s Economic Sector

Roadmap to Bolster Timor- Leste s Economic Sector 2015 Timor-Leste & Development Partners Meeting (TLDPM) Consolidating Institutions, Transitioning Towards Resilience Roadmap to Bolster Timor- Leste s Economic Sector Presented by : Helder Lopes, Vice

More information

Directors Review. Domestic Economy

Directors Review. Domestic Economy Directors Review On behalf of the Board of Directors, I am pleased to present the condensed interim unconsolidated financial statements for the half year ended June 30, 2015. Domestic Economy Pakistan

More information

Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1

Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1 Catalogue of Major Existing Laws and Regulations in Effect on Foreign Exchange Administration (as of June 30, 2015) 1 I. General (24 Items) 1- Basic Rules 1. Regulations of the People's Republic of China

More information

CESD WHAT IS HAPPINING IN THE BANKING SECTOR IN AZERBAIJAN? Center for Economic & Social Development. Better Research, Better Reform, Better Policy

CESD WHAT IS HAPPINING IN THE BANKING SECTOR IN AZERBAIJAN? Center for Economic & Social Development. Better Research, Better Reform, Better Policy Center for Economic & Social Development WHAT IS HAPPINING IN THE BANKING SECTOR IN AZERBAIJAN?, Azerbaijan Dr. Vugar Bayramov February, 13, 2014 , Azerbaijan Page 1 of 9 What is happening in the Banking

More information

SUMMARY PROGRAM IMPACT ASSESSMENT

SUMMARY PROGRAM IMPACT ASSESSMENT Third Financial Sector Program, Subprogram 2 (RRP VIE 37577) SUMMARY PROGRAM IMPACT ASSESSMENT I. Introduction 1. This program impact analysis (PIA) documents the formulation of the Financial Sector Program

More information

Strategic Planning and Organizational Structure Standard

Strategic Planning and Organizational Structure Standard Table of contents Strategic Planning and Organizational Structure Standard 1. General provisions Grounds for application of the Standard Provisions of the Standard 2. Contents of the Standard 3. Corporate

More information

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION

SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION SIERRA LEONE UPDATES FROM THE INSTANBUL PRIORITY AREAS OF ACTION 1 OUTLINE OF PRESENTATION Recent Developments Istanbul Priority Areas of Action Poverty Levels Agenda for Prosperity Challenges Conclusion

More information

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent FDI limitations, there is no distinction between established

More information

MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES

MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES MADISON GENERAL INSURANCE COMPANY (Z) LIMITED (MGen) EXPORTING INSURANCE SERVICES TO TANZANIA: EXPERIENCE AND CHALLENGES INTRODUCTION Zambia is a landlocked country in Southern Africa. The neighboring

More information

Proposed medium-term plan for the period 2002-2005

Proposed medium-term plan for the period 2002-2005 United Nations A/55/6 (Prog. 9) General Assembly Distr.: General 18 April 2000 Original: English Fifty-fifth session Item 120 of the preliminary list* Programme planning Contents Proposed medium-term plan

More information

Markets, Investments, and Financial Management FIFTEENTH EDITION

Markets, Investments, and Financial Management FIFTEENTH EDITION INTRODUCTION TO FINANCE Markets, Investments, and Financial Management FIFTEENTH EDITION Ronald W. Melicher Professor of Finance University of Colorado at Boulder Edgar A. Norton Professor of Finance Illinois

More information

List of legislative acts

List of legislative acts List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment

More information

combating terrorism financing, those activities aim at enhancing sustainable development and realizing prosperity in Iraq.

combating terrorism financing, those activities aim at enhancing sustainable development and realizing prosperity in Iraq. Central Bank of Iraq Statistics & Research Dept. Financial Market Research Division Summery: Annual Report on Financial Stability in Iraq for 2014 The Central bank of Iraq performs its regulatory, supervisory

More information

Thailand s Home Mortgage Market

Thailand s Home Mortgage Market Khan Prachuabmoh, President Government Housing Bank Thailand 25 th Anniversary Celebration International Housing Financing Program The Wharton School, University of Pennsylvania June 18, 2010 1 Brief overview

More information

Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia

Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia Abdulrahman Al-Hamidy 1 Abstract As Saudi Arabia s oil export revenues constitute about 90% of its

More information

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA.

We also assign a D- bank financial strength rating (BFSR) to the bank. The rationale for this rating mirrors that for the BCA. Moody s Investors Service Ltd CREDIT OPINION MORTGAGE AND LAND BANK OF LATVIA Summary Rating Rationale In accordance with Moody s rating methodology for government-related issuers (GRIs), we assign A2/Prime-1

More information

Simplification Measures in the Foreign Exchange Area Exchange control

Simplification Measures in the Foreign Exchange Area Exchange control Simplification Measures in the Foreign Exchange Area Updated in January, 2013 Simplification Measures in the Foreign Exchange Area The sensible improvement of the Brazilian economic fundaments and the

More information

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010 From: OECD Banking Statistics: Methodological Country Notes 2010 Access the complete publication at: http://dx.doi.org/10.1787/9789264089907-en Greece Please cite this chapter as: OECD (2011), Greece,

More information

THE CENTRAL BANK VISION

THE CENTRAL BANK VISION THE CENTRAL BANK VISION The Central Bank of the Republic of Armenia, in pursuit of being recognized as a prestigious, transparent, independent, knowledge-sharing and effective entity, as well as by virtue

More information

Key matters in examining Liquidity Risk Management at Large Complex Financial Groups

Key matters in examining Liquidity Risk Management at Large Complex Financial Groups Key matters in examining Liquidity Risk Management at Large Complex Financial Groups (1) Governance of liquidity risk management Senior management of a large complex financial group (hereinafter referred

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

3. Foreign Exchange Management

3. Foreign Exchange Management 3. Foreign Exchange Management Foreign Exchange Market Operations The Bank kept on pursuing dynamic stability of the NTD exchange rate under a managed floating regime in 2004. During the year, the US dollar

More information

Specifics of national debt management and its consequences for the Ukrainian economy

Specifics of national debt management and its consequences for the Ukrainian economy Anatoliy Yepifanov (Ukraine), Vyacheslav Plastun (Ukraine) Specifics of national debt management and its consequences for the Ukrainian economy Abstract This article is about the specifics of the national

More information

FUNDAMENTALS OF MICROFINANCE BANKING

FUNDAMENTALS OF MICROFINANCE BANKING FUNDAMENTALS OF MICROFINANCE BANKING GENERAL COMMENTS The questions were standard, simple and within the syllabus. A total of 913 candidates attempted this paper, 379 candidates (42%) passed, which include

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,

More information

The Global Banking Crisis: an African banker's response

The Global Banking Crisis: an African banker's response Sir Patrick Gillam Lecture The Global Banking Crisis: an African banker's response Mallam Sanusi Lamido Sanusi Governor, Central Bank of Nigeria Professor Judith Rees Chair, LSE Suggested hashtag for Twitter

More information

ECONOMIC ANALYSIS (Republic of the Marshall Islands: Public Sector Program)

ECONOMIC ANALYSIS (Republic of the Marshall Islands: Public Sector Program) Public Sector Program (RRP RMI 43321-1) A. Summary ECONOMIC ANALYSIS (Republic of the Marshall Islands: Public Sector Program) 1. The Republic of the Marshall Islands (RMI) gross domestic product (GDP)

More information

STANDARDS OF BEST PRACTICE ON COUNTRY AND TRANSFER RISK

STANDARDS OF BEST PRACTICE ON COUNTRY AND TRANSFER RISK STANDARDS OF SOUND BUSINESS PRACTICES COUNTRY AND TRANSFER RISK 2005 The. All rights reserved 1 STANDARDS OF BEST PRACTICE ON COUNTRY AND TRANSFER RISK A. PURPOSE/OBJECTIVE This document sets out the minimum

More information

Monetary Policy does not work in Russia's Barter Economy German Banking as a Solution?

Monetary Policy does not work in Russia's Barter Economy German Banking as a Solution? Monetary Policy does not work in Russia's Barter Economy German Banking as a Solution? Dalia Marin University of Munich, CEPR, and RECEP October 1999 The Non-Cash Economy in Ukraine/CIS - in Quest of Policy

More information

S t a n d a r d 4. 4 a. M a n a g e m e n t o f c r e d i t r i s k. Regulations and guidelines

S t a n d a r d 4. 4 a. M a n a g e m e n t o f c r e d i t r i s k. Regulations and guidelines S t a n d a r d 4. 4 a M a n a g e m e n t o f c r e d i t r i s k Regulations and guidelines THE FINANCIAL SUPERVISION AUTHORITY 4 Capital adequacy and risk management until further notice J. No. 1/120/2004

More information

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions.

A full report of our recent meeting will be distributed to all the delegations. Let me briefly summarize some of the most salient conclusions. Statement by the Executive Secretary of the Economic Commission for Latin America and the Caribbean, ECLAC, Dr. José Antonio Ocampo, in the name of Regional Commissions of the United Nations It is a great

More information

FROM BILLIONS TO TRILLIONS:

FROM BILLIONS TO TRILLIONS: FROM BILLIONS TO TRILLIONS: MDB Contributions to Financing for Development In 2015, the international community is due to agree on a new set of comprehensive and universal sustainable development goals

More information

Competitive Advantage of Libyan Business Environment

Competitive Advantage of Libyan Business Environment Economics World, ISSN 23287144 May 2014, Vol. 2, No. 5, 325332 D DAVID PUBLISHING Competitive Advantage of Libyan Business Environment Salem Abdulla Azzaytuna University, Tripoli, Libya The economic development

More information

Challenges and opportunities in reaching SME through Leasing Egypt Experience

Challenges and opportunities in reaching SME through Leasing Egypt Experience Challenges and opportunities in reaching SME through Leasing Egypt Experience Presented by: Mohamed Amiri C.P.A., M.B.A., Dipl. Vice president International Co. for Leasing INCOLEASE Historical Background:

More information

Renminbi banking business in Hong Kong

Renminbi banking business in Hong Kong Renminbi banking business in Hong Kong by the External Department Hong Kong s renminbi banking business was launched in early 24 to facilitate crossborder tourist spending and to further strengthen economic

More information

The 2013 Tailored Resolution Plan

The 2013 Tailored Resolution Plan Section 1: Public Section 1 Contents (a) Public Section... 3 (1) The names of material entities... 3 (2) A description of core business lines... 4 (3) Consolidated or segment financial information regarding

More information

7. Spillovers from Russia to the CCA

7. Spillovers from Russia to the CCA 7. Spillovers from Russia to the CCA In the face of sharply lower oil prices and geopolitical tensions and sanctions, economic activity in Russia has rapidly decelerated, resulting in negative spillovers

More information

Mizuho China Business Express

Mizuho China Business Express Policy Issues for Foreign Exchange Administration May 5, 2014 Mizuho Bank (China), Ltd. (Translated Date: January 21, 2015) Advisory Division Mizuho China Business Express (No. 324) State Administration

More information

SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities Small Business and Entrepreneurship Development Project (RRP UZB 42007-014) SECTOR ASSESSMENT (SUMMARY): MICRO, SMALL AND MEDIUM-SIZED ENTERPRISE DEVELOPMENT 1 Sector Road Map 1. Sector Performance, Problems,

More information

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate.

Credit Risk. Loss on default = D x E x (1-R) Where D is default percentage, E is exposure value and R is recovery rate. Credit Risk Bank operations involve sanctioning of loans and advances to customers for variety of purposes. These loans may be business loans for short or long term commitments and consumer finance for

More information

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015

News Release January 28, 2016. Performance Review: Quarter ended December 31, 2015 News Release January 28, 2016 Performance Review: Quarter ended December 31, 20% year-on-year growth in total domestic advances; 24% year-on-year growth in retail advances 18% year-on-year growth in current

More information

THE PAYMENT SYSTEM IN ZAMBIA

THE PAYMENT SYSTEM IN ZAMBIA THE PAYMENT SYSTEM IN ZAMBIA Table of Contents OVERVIEW OF THE NATIONAL PAYMENT SYSTEM IN ZAMBIA... 225 1. INSTITUTIONAL ASPECTS... 225 1.1 General legal aspects... 225 1.2 Role of financial intermediaries

More information

EDICT OF THE PRESIDENT OF THE REPUBLIC OF BELARUS. August 29, 2008 No. 460 Minsk

EDICT OF THE PRESIDENT OF THE REPUBLIC OF BELARUS. August 29, 2008 No. 460 Minsk EDICT OF THE PRESIDENT OF THE REPUBLIC OF BELARUS August 29, 2008 No. 460 Minsk On Approval of the Republic of Belarus Monetary Policy Guidelines for 2009 1. To approve the Republic of Belarus Monetary

More information

BANKING SECTOR- FINANCIAL ANALYSIS DURING POST REFORM ERA

BANKING SECTOR- FINANCIAL ANALYSIS DURING POST REFORM ERA BANKING SECTOR- FINANCIAL ANALYSIS DURING POST REFORM ERA DR. YOGESH MAHESWARI COUNSELOR IGNOU IIP-KOLKATA ABSTRACT In this paper an attempt has been made to review the performance of banking sector in

More information

Planning, Strategy, and Competitive Advantage

Planning, Strategy, and Competitive Advantage Planning, Strategy, and Competitive Advantage Chapter 6 website Mark Gosling Office: D404 Phone: 5417 Learning Objectives LO1 Identify the three main steps of the planning process and explain the relationship

More information

Profit before taxation 7,107 Taxation (2,509) Profit after taxation 4,598. Share of minority interest (7)

Profit before taxation 7,107 Taxation (2,509) Profit after taxation 4,598. Share of minority interest (7) DIRECTORS REPORT TO THE MEMBERS On behalf of the Board of Directors, I am pleased to present to you the consolidated financial statements of the Bank for the half-year ended June 30, 2009. Financial Highlights

More information

Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries

Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries September 2011 Dr. Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School Ekalter@EMStrategies.com

More information

SECTION ONE. Purpose and Scope, Basis and Definitions

SECTION ONE. Purpose and Scope, Basis and Definitions From the Banking Regulation and Supervision Agency: REGULATION ON THE ESTABLISHMENT AND OPERATING PRINCIPLES OF ASSET MANAGEMENT COMPANIES (Published in the Official Gazette Number 26333 dated November

More information

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

Risk Management in Islamic Financial Instruments

Risk Management in Islamic Financial Instruments Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC ) Risk Management in Islamic Financial Instruments COMCEC Coordination Office September 2014

More information

Key learning points I

Key learning points I Key learning points I What do banks do? Banks provide three core banking services Deposit collection Payment arrangement Underwrite loans Banks may also offer financial services such as cash, asset, and

More information

Development of Money Markets

Development of Money Markets Development of Money Markets Mats Filipsson International Monetary Fund Monetary and Exchange Affairs Department Workshop on Developing Government Bond Markets in APEC Economies Shanghai, November 12 15,

More information

An Analysis of the Nonperforming Loans in the Albanian Banking System

An Analysis of the Nonperforming Loans in the Albanian Banking System An Analysis of the Nonperforming Loans in the Albanian Banking System PhD Candidate Ali Shingjergji Corresponding author Lecturer in Portfolio Management and Investment Management Finance and Accounting

More information

BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1.

BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. Concept A bad debt or non-performing loan (NPL) can be understood

More information

Naturally, these difficult external conditions have affected the Mexican economy. I would stress in particular three developments in this regard:

Naturally, these difficult external conditions have affected the Mexican economy. I would stress in particular three developments in this regard: REMARKS BY MR. JAVIER GUZMÁN CALAFELL, DEPUTY GOVERNOR AT THE BANCO DE MÉXICO, ON THE MEXICAN ECONOMY IN AN ADVERSE EXTERNAL ENVIRONMENT: CHALLENGES AND POLICY RESPONSE, SANTANDER MEXICO DAY 2016, Mexico

More information

The Contribution of Trade in Financial Services to Economic Growth and Development

The Contribution of Trade in Financial Services to Economic Growth and Development The Contribution of Trade in Financial Services to Economic Growth and Development 26 June 2012 Mina Mashayekhi Head Trade Negotiations and Commercial Diplomacy Branch, DITC/UNCTAD Outline 1. Financial

More information

Chile. First Half 2015. July 30, 2015

Chile. First Half 2015. July 30, 2015 1 Chile First Half 2015 July 30, 2015 Disclaimer 2 Banco Santander Chile caution that this presentation contains forward looking statements within the meaning of the US Private Securities Litigation Reform

More information

Group Financial Review

Group Financial Review Management Discussion and Analysis of Financial Statements. Fifth consecutive year of record performance for the Group. Simplified Income Statement RM Million +/- RM Million % Net interest income 2,065.9

More information

ECO209 MACROECONOMIC THEORY. Chapter 18

ECO209 MACROECONOMIC THEORY. Chapter 18 Prof. Gustavo Indart Department of Economics University of Toronto ECO209 MACROECONOMIC THEORY Chapter 18 THE MONEY SUPPLY AND MONETARY POLICY Discussion Questions: 1. Open market operations are the main

More information

Presidential Decree Law No. 01/P, March 17, 2008

Presidential Decree Law No. 01/P, March 17, 2008 Contents Section I... General Provisions... Section II... Foreign Exchange Trading... Section III... Opening and using of bank deposit accounts in foreign currency by a resident and a nonresident of the

More information

J. Gaspar: Adapted from Jeff Madura International Financial Management

J. Gaspar: Adapted from Jeff Madura International Financial Management Chapter3 International Financial Markets J. Gaspar: Adapted from Jeff Madura International Financial Management 3-1 International Financial Markets Can be segmented as follows: 1.The Foreign Exchange Market

More information

CHALLENGES FOR BASEL II IMPLEMENTATION IN CHILE

CHALLENGES FOR BASEL II IMPLEMENTATION IN CHILE DIALOGUE ON BASEL II IMPLEMENTATION ABAC - SBIF - ABIF CHALLENGES FOR BASEL II IMPLEMENTATION IN CHILE ENRIQUE MARSHALL SUPERINTENDENT OF BANKS AND FINANCIAL INSTITUTIONS SEPTEMBER 2004 EVALUATION OF THE

More information

Supervisory Letter. Current Risks in Business Lending and Sound Risk Management Practices

Supervisory Letter. Current Risks in Business Lending and Sound Risk Management Practices Dollars in Billions Supervisory Letter Current Risks in Business Lending and Sound Risk Management Practices The September 2009 Financial Performance Report data reflects an increasing portion of loans

More information

VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS

VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS BANK OF JAMAICA (BOJ) VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS EXECUTIVE SUMMARY MARCH 2006 EXECUTIVE SUMMARY 1. The Bank of Jamaica (BOJ) has embarked on a process of payment system reform to enhance

More information

MACROECONOMIC AND FISCAL ASSESSMENT

MACROECONOMIC AND FISCAL ASSESSMENT Public Sector Financial Management Program (RRP SAM 46384) A. BACKGROUND MACROECONOMIC AND FISCAL ASSESSMENT 1. Samoa is composed of about 10 islands, 4 inhabited, and several uninhabited islets situated

More information

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management 1. Foundation of the Agreement Under Article 1 of Act No. 43/1990 on the National Debt Management Agency,

More information

Central Bank of Iraq. Press Communiqué

Central Bank of Iraq. Press Communiqué Central Bank of Iraq Press Communiqué New Central Bank policy instruments Summary At its August 26 meeting, the Board of the Central Bank of Iraq (CBI) adopted a new Reserve Requirement regulation and

More information

Errors and omissions in the balance of payments statistics a problem?

Errors and omissions in the balance of payments statistics a problem? Errors and omissions in the balance of payments statistics a problem? BY GUNNAR BLOMBERG, LARS FORSS AND INGVAR KARLSSON The authors work in the Monetary Policy Department. The balance of payments statistics

More information

Financial Crisis and the fluctuations of the global crude oil prices and their impacts on the Iraqi Public Budget Special Study

Financial Crisis and the fluctuations of the global crude oil prices and their impacts on the Iraqi Public Budget Special Study Financial Crisis and the fluctuations of the global crude oil prices and their impacts on the Iraqi Public Budget Special Study Dr.Ahmed-Al-Huseiny* ABSTRACT The Iraqi economy is not isolated from the

More information

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision

Arnout H. E. M. Wellink. President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision President, De Nederlandsche Bank Chairman, Basel Committee on Banking Supervision 118 27. Mai 2008 Banking Supervision in Europe: Developments and Challenges 1. The banking system has gone through major

More information

News Release April 29, 2016. Performance Review: Quarter ended March 31, 2016

News Release April 29, 2016. Performance Review: Quarter ended March 31, 2016 News Release April 29, Performance Review: Quarter ended March 31, 16% year-on-year growth in domestic advances; retail portfolio crossed ` 2,00,000 crore (US$ 30.2 billion) during the quarter ended March

More information

Introduction: Moreover, regulations and instructions are important sources issued by the CBJ in accordance with the Central Bank of Jordan Law.

Introduction: Moreover, regulations and instructions are important sources issued by the CBJ in accordance with the Central Bank of Jordan Law. Introduction: The Central Bank of Jordan (CBJ), established in the late 1950s, is the monitoring authority of foreign and Jordanian commercial banks and specialized credit institutions. The CBJ is an independent

More information

Bank of Zambia. Bank of Zambia Balance of Payments Monitoring Guide (2013)

Bank of Zambia. Bank of Zambia Balance of Payments Monitoring Guide (2013) Bank of Zambia Bank of Zambia Balance of Payments Monitoring Guide (2013) Bank of Zambia Balance of Payments Monitoring Guide (2013) Document Information AUTHOR VERSION 3.00 PROJECT Bank of Zambia Balance

More information

Prof Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA

Prof Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA Enhancing Risk Management and Governance in the Region s Banking System to Implement Basel II and to Meet Contemporary Risks and Challenges Arising from the Global Banking System Training Program ~ 8 12

More information

Haiti s Economic Development since 2004/05 and Macroeconomic Outlook

Haiti s Economic Development since 2004/05 and Macroeconomic Outlook Haiti s Economic Development since 2004/05 and Macroeconomic Outlook By Ugo Fasano Former IMF Resident Representative in Haiti the American-Haitian Chamber of Commerce Port-au-Prince, July 1, 2009 Plan

More information

Understanding Financial Consolidation

Understanding Financial Consolidation Keynote Address Roger W. Ferguson, Jr. Understanding Financial Consolidation I t is my pleasure to speak with you today, and I thank Bill McDonough and the Federal Reserve Bank of New York for inviting

More information

MISSION VALUES. The guide has been printed by:

MISSION VALUES. The guide has been printed by: www.cudgc.sk.ca MISSION We instill public confidence in Saskatchewan credit unions by guaranteeing deposits. As the primary prudential and solvency regulator, we promote responsible governance by credit

More information

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

The Institutional and Legal Base for Effective Debt Management

The Institutional and Legal Base for Effective Debt Management December 2001 The Institutional and Legal Base for Effective Debt Management Tomas Magnusson Paper prepared for the Third Inter-regional Debt Management Conference in Geneva 3-5 December 2001, arranged

More information