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Dimitri Menchikov

Abstract

Over the last four years, the transition countries have, on the whole, moved substantially toward more market-based exchange rate arrangements, with a view to promoting both greater economic efficiency and more effective macroeconomic stabilization.

Ceyla Pazarbaşioğlu and Jan Willem van der Vossen

Abstract

Until the late 1980s, the financial sector of the transition countries was characterized by a banking system in which the central bank dominated the financial sector. The savings bank collected savings deposits from households at low interest rates, which were then placed at the Gosbank. According to the credit plan approved by the Planning Authorities, the Gosbank set policy guidelines determining the volume and allocation of credit to different sectors (the credit plan), and the volume and allocation of cash issuance (the cash plan). Funds were then passed to the specialized banks (such as the agricultural and industrial banks), which represented different sectors for on-lending to individual enterprises. Interest rates had no role in the allocation of credit.

V. Sundararajan,, Arne B. Petersen,, and Mr. Gabriel Sensenbrenner

Abstract

Since 1992, the central banks of the Baltic states and the Commonwealth of Independent States (CIS) have undertaken to various degrees comprehensive reform of their monetary and exchange arrangements in support of their stabilization efforts.5 The objective has been to achieve market-based determination of interest rates and exchange rates, control of banking system liquidity through indirect instruments, and, pari passu, to enhance the use of markets for transmitting monetary policy signals.

Mr. Henri Lorie

Abstract

The key to the broad-based macroeconomic stabilization that has taken hold since early 1995 has been a deeper understanding among the authorities of the role of strict financial policies as a precondition for price stability and economic recovery. This progress has taken place in the context of the implementation of comprehensive reform programs, frequently with Fund support (13 of the 15 transition economies). Increasingly, support from the Fund is being provided through multiyear arrangements, whether through the Extended Fund Facility (for Azerbaijan, Kazakstan, Lithuania, Moldova, and Russia) or the Enhanced Structural Adjustment Facility (for Armenia, the Kyrgyz Republic, and Georgia).6

Lorena M. Zamalloa

Abstract

Transition economies have on the whole made good progress in introducing indirect monetary policy instruments, but much still remains to be done to bring monetary operations to modern market standards.

Mr. Jean-Marc Destresse and Mr. Nicholas Roberts

Abstract

Most transition countries are undertaking far-reaching reforms of their payments systems both to resolve urgent problems and to underpin development of efficient and stable systems for the medium term. Measures were initially adopted to minimize fraud and operational risks and to streamline processing and delivery of payments documents, relying on readily available automation and communications technology. These reforms improved the speed, predictability, and security of payments, helped to reduce the size and variability of float in the central bank balance sheet, and thereby facilitated management and interpretation of monetary aggregates.

Mr. John W. Dalton

Abstract

The broad focus of reforms in central bank accounting and internal audit has been on the implementation of accounting systems that are both relevant and practical for supporting the policy actions of central banks in transition economies. The prime objective has been to present financial information in a manner consistent with internationally accepted accounting principles and standards.

International Monetary Fund

Abstract

Since 1992, the central banks of the Baltic states and the Commonwealth of Independent States have undertaken comprehensive reform of their monetary and exchange arrangements in support of their stabilization efforts. Their efforts have been supported by extensive technical assistance provided by the IMF and 23 central banks. This book edited by V. Sundararajan, Arne B. Peterson, and Gabriel Sensenbrenner, contains the background papers prepared for the second joint coordinating meeting of participants. That meeting focused on the progress of structural reforms in central banking and bank restructuring and identified priorities for the deepening of reforms. The book documents the remarkable progress achieved by the Baltic and CIS central banks and the catalytic role they have played in financial market development.

International Monetary Fund
This paper discusses key findings of the Detailed Assessment on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for the Republic of Latvia. The assessment reveals that aspects of Latvia’s financial services market expose it to a high risk of money laundering. There are welcome indications that money laundering risks have been reduced substantially owing to strong preventive measures being implemented by the authorities and financial institutions. The authorities and financial institutions are working to restore the international reputation of the Latvian financial sector.
International Monetary Fund
Lithuania achieved significant progress in macroeconomic stabilization and structural reforms, under the previous Stand-By Arrangement. Executive Directors welcomed the new program, which aimed at maintaining macroeconomic stability, promoting private sector activity, and strengthening external viability in order to attain sustainable growth and create employment opportunities. They stressed the need to implement fiscal and structural reforms. They agreed that the authorities are following an appropriate approach of preparing a medium-term fiscal framework, determining priorities, and seeking ways to achieve the medium-term goal of a balanced budget.