Africa > Uganda
In February 2016, hackers targeted the central bank of Bangladesh and exploited vulnerabilities in SWIFT, the global financial system’s main electronic payment messaging system, trying to steal $1 billion. While most transactions were blocked, $101 million still disappeared. The heist was a wake-up call for the finance world that systemic cyber risks in the financial system had been severely underestimated.
Finance and Development, September 2016
This Selected Issues paper analyzes the underlying sources of growth in Uganda, suggesting that the contribution to growth from total factor productivity has been minor, while the high population growth poses a significant challenge to sustain a rapid improvement in living standards. The paper takes a closer look at the monetary transmission mechanisms in Uganda, aimed at assessing the appropriate choice of intermediate target and mix of liquidity sterilization instruments. It also focuses on the recent financial sector reforms undertaken by the government.
Abstract
Cette brochure est le sixième exposé consacré aux changements intervenus, sur le plan international et national, dans la législation et dans la pratique monétaire, concernant les droits de tirage spéciaux (DTS), les monnaies et l'or. Ce document souligne le fait que la monnaie d'un pays membre détenu par le FMI dans des comptes autres que le compte des ressources générales n'est pas assujettie, selon les statuts du FMI, au principe du maintien de sa valeur en termes de DTS applicable aux monnaies détenues au compte des ressources générales. Le FMI est habilité, explicitement ou implicitement, à investir des avoirs dans des comptes auxquels ne s'applique aucune obligation de maintien de la valeur.
Abstract
This paper presents the sixth survey of developments in international and national monetary law and practice involving special drawing rights (SDRs), currencies, and gold. The paper highlights that a member’s currency held by the IMF in accounts other than the General Resources Account is not subject under the IMF’s Articles of Agreement to the principle of maintenance of value in terms of the SDR that applies to currency held in the IMF’s General Resources Account. The IMF has express or implied powers to invest holdings in accounts to which no obligation to maintain value is attached.
Abstract
Under the Articles, the Fund must oversee the international monetary system in order to ensure its effective operation and must also oversee the compliance of each member with its obligations regarding exchange arrangements.45 In order to fulfill these functions, the Fund must exercise firm surveillance over the exchange rate policies of members and must adopt specific principles for the guidance of all members with respect to these policies. Members, when requested by the Fund, must consult with it on their exchange rate policies.46 The Fund had adopted two decisions in 1977 and 1979 in which it set forth the principles for guidance and the procedures for surveillance.47 The Fund has reviewed these matters, and on April 9, 1982 adopted the decision set forth in Appendix B.
Abstract
The Gold Commission was appointed by the Secretary of the United States Treasury on June 22, 1981 in accordance with Section 10 of Public Law 96-389246 to “conduct a study to assess and make recommendations with regard to the policy of the U.S. Government concerning the role of gold in domestic and international monetary systems.” In March 1982, the Commission discharged its duty of reporting to Congress.247 The appointment of the Commission was followed by a cataract of suggestions in learned and other publications in the United States and elsewhere on the conclusions that the Commission should reach.