In 1994–98, Algeria was successful in restoring macroeconomic stability and implementing structural reforms. The fiscal position deteriorated in the first part of 1999, owing to low oil prices. Executive Directors supported the reform program introduced in early 2000, and welcomed its emphasis on accelerating reform of the banking and public sector companies but stressed the need for detailed implementation plans. The economic environment should be improved to promote private economic activity, including domestic and foreign investment. The authorities are urged to accelerate trade liberalization.
IMF Managing Director Michel Camdessus reported to the IMF Executive Board on December 6 on the status of Russia’s economic program. (The full text of News Brief 99/81, issued on December 7, is available on the IMF’s website: http://www.imf.org.)
Abstract
This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each country is given, as well as the by-laws of the central bank where they supplement major provisions of the basic law, and subsidiary legislation where pertinent. General banking laws are in most instances presented in summary form.
188. After more than two decades of war and conflict, regional tensions, and endemic security concerns, very little was left of Afghanistan’s financial system when the Taliban departed at the end of 2001. Although six commercial banks still retained banking licenses, none of them was operational. Virtually no loans had been made since 1995 and banks had lost their credibility as deposit-taking institutions. The central bank had been changed into a Soviet-style dirigiste institution, interfering in the allocation of credit and the setting of interest rates, and abrogating its responsibility to undertake the traditional functions of a central bank. Its financial role was subsumed to monetizing successive governments’ fiscal deficits. The banking system could no longer provide a payment system, which was instead taken over by the informal Hawala system.