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International Monetary Fund. External Relations Dept.

In a press release issued on July 28, the IMF announced it has approved a 17-month Stand-By credit for Russia equivalent to SDR 3.3 billion (about $4.5 billion) to support the government’s 1999–2000 economic program. There will be seven equal disbursements of SDR 471.4 million (about $640 million), with the first installment to be released immediately. Subsequent installments will depend on quarterly reviews being completed and performance criteria and structural benchmarks beingmet. At the conclusion of the IMF Executive Board meeting, IMF First Deputy Managing Director Stanley Fischer made the following statement.

Mr. Charles Collyns

Abstract

This paper discusses the operations of a wide range of central banking institutions in developing countries. The considerable diversity of economic, financial, and political conditions within the Third World has brought forth a wide variety of central banking institutions. Four polar types have been identified as providing coherent alternatives to the central bank. Historical experience certainly indicates that legislation on its own may not be enough to guarantee prudent behavior. Although many countries' central banking institutions have not yet come close to violating foreign exchange cover requirements or restrictions on government lending, in other cases the rules have simply been sidestepped by technical adjustments, altered expediently, or merely ignored. The organizational structure established by legislation probably plays a more positive part in determining a central banking institution's characteristic behavior. Operating procedures, channels of communication, and lines of command all exert some influence on where and how decisions are made in practice. The balance of power between government and monetary authority does not only depend on personality and outside support but will also be influenced by the institutional framework in which their interaction is established.

Mr. Charles Collyns

Abstract

A national central bank is usually high on the shopping list of a newly independent country. Such a country often inherits a currency board—a carryover from the colonial era—and wishes to establish a new monetary authority with far wider executive powers and public responsibilities. Although the principal motives for acquiring such an institution may well be profit and prestige, central banking consists of much more than printing money and attending international conferences. Central banks in developed countries typically conduct a broad array of banking, regulatory, and supervisory functions. In a developing country, however, the problems and opportunities facing the monetary authority may be radically different from those encountered in the developed world. In recognition of this fact, not all of these countries have chosen to set up a full-fledged central bank: many have preferred alternative institutional arrangements. While inevitably a number of common formulas have been applied in designing such new forms of monetary authority, central banking legislation has generally been adapted to fit national needs, capabilities, and aspirations, while the practical execution of a blueprint has often been gradual and idiosyncratic. The result is a wide range of central banking institutions and a corresponding variety of objectives, constitutional powers, policy instruments, and relations with central governments. This paper surveys the alternative institutional forms that have emerged and seeks to explain the observed diversity of experience.

Mr. Charles Collyns

Abstract

Central banks in the developed world are given a wide range of public responsibilities and endowed with a correspondingly broad array of executive powers. The activities of these institutions can be grouped into five general functions:

Mr. Charles Collyns

Abstract

The discussion of Section II presupposed a complex economy, a sophisticated financial system, and a welleducated population. The situation in a developing country when it chooses its central banking institution may be very different. Its economy may be dominated by a limited range of exports and faced by terms of trade beyond domestic control. Its financial system may be rudimentary, based on foreign-owned commercial banks financing commerce and export industries, an informal credit network serving much of the rural economy, and an inherited central banking institution which is essentially a currency board. Its population may be short of workers trained in the technicalities of finance and relatively unsophisticated in appreciating the economic realities of a situation. In these circumstances, an overriding consideration must be to ensure that the new monetary authority will be able to establish credibility as a responsible and effective body that is capable of instilling domestic and foreign confidence in the domestic currency and financial system. At the same time, it must be accepted that the new institution cannot hope to undertake immediately all of the functions of the full-fledged central bank, while the scope for central banking activities would be considerably different from that in a more developed country.

International Monetary Fund

The staff report for the 2007 Article IV Consultation on Bhutan explains the macroeconomic setting, economic developments, outlooks, risks, and challenges. Bhutan’s economic prospects are bright. Construction of two hydropower projects will help sustain real GDP growth over the medium term. With the exchange rate peg to the Indian rupee, inflation is expected to be in line with price developments in India. Executive Directors commended Bhutan’s prudent macroeconomic policies and political stability, which have yielded robust growth, an appreciable improvement in social indicators, and progress toward meeting the Millennium Development Goals.

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund
Recent economic developments: economic activity and prices; fiscal developments; monetary policy and developments; external sector developments. Eighth Five-Year Plan; background; objectives and strategy; key elements; and sectoral policies. Financial sector developments and reforms. Statistical tables.
International Monetary Fund
This Selected Issues paper and Statistical Appendix on Bhutan underlie the macroeconomic impact of Tala, rapid private sector credit growth, and macroeconomic risks. In Bhutan, as the bulk of Tala-related flows go through the government accounts, this requires an appropriate fiscal stance and skillful expenditure management. Strong economic growth will require and lead to a deepening and further development of the financial system in Bhutan. The financial sector seems to be relatively shielded from adverse events, although risks remain.