By Charles Enoch, Karl Friedrich Habermeier, Marta Castello-Branco
ISBN-10: 1589066154
ISBN-13: 9781589066151
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Example text
11 The financial statements for 2000 and 2001 were not approved. ©International Monetary Fund. Not for Redistribution 26 y Modernizing the Central Bank of Congo risk mapping (cartographie des risques) was undertaken. Finally, DAI staff received an intensive training program both in-house and abroad. The BCC now broadly has the capacity to conduct internal audits. It has made impressive strides in establishing an adequate organizational structure, a methodology and procedures in line with international norms, and appropriate audit instruments.
The money market is underdeveloped, and the development of the inter-bank market is undermined by banks’ ready access to the overnight credit facility of the NBKR at close to market interest rates. The problem of collateral has been a long-standing issue, which has not been solved since the start of the transition process. Collateral systems other than ©International Monetary Fund. Not for Redistribution Obert Nyawata and Judit Vadasz y 39 the traditional mortgage are poorly developed, due also to a lack of available securities and gaps in the legal framework.
There was an immediate need to create the proper legal framework in order to ensure the desired features of a central bank in a market-friendly setting. The new National Constitution of 1992 enshrined wider ©International Monetary Fund. Not for Redistribution 46 y The Kyrgyz Republic: Challenges of Financial Sector Reforms powers and more independence than before for the NBKR, and was followed at the end of 1992 by a new central bank law. The structure, staff complement, and training of the new central bank also needed to be significantly improved.
Building Monetary and Financial Systems: Case Studies in Technical Assistance by Charles Enoch, Karl Friedrich Habermeier, Marta Castello-Branco
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