The Agency is the country's central bank and regulator of the financial sector. In the discharge of these responsibilities it pursues a long-term objective of ensuring that the Kingdom of Bahrain not only retains its position as the Middle East's pre-eminent financial centre, but continues to strengthen this position by its commitment to intellectual excellence in financial and economic matters. It seeks improvements to Bahrain's existing financial activities, encouraging the introduction of new concepts and products wherever practicable. Particular priority is afforded to the development of Islamic banking and finance; the expansion of fund management services and the availability of capital market products; the delivery from Bahrain of dealing, settlement, depository and custodial services to serve regional needs; the use of technological developments to deliver enhanced financial and investment services to both domestic and regional customers of Bahrain's banking sector; and finally to the concept of continuous training linked to career development for all personnel engaged in the financial services industry.
Bahrain Monetary Agency Director, Currency Issue P.O. Box: 27 Manama Kingdom of Bahrain. Fax: (973) 536164 Tel : (973) 547700
The Central Bank of Ireland came into being in 1943 following the passing of the Central Bank Act 1942. It replaced the Currency Commission, which functioned as the national currency issuing authority from 1927 to 1942.
The Bank is now a member of the European System of Central Banks (ESCB) whose primary objective is the maintenance of price stability in the euro area. The maintenance of price stability is also enshrined in the Central Bank Act, 1998. The basic tasks of the ESCB are to define and implement the single monetary policy; to conduct foreign exchange operations; to hold and manage the official foreign reserves of the Member States; and to promote the smooth operation of the payment systems. The ESCB is also called upon to contribute to the smooth conduct of policies relating to the prudential supervision of credit institutions and the stability of the financial system.
The Governing Council of the European Central Bank is the central decision-making body in charge of monetary policy for the euro area. The Governor of the Central Bank of Ireland is one of the 18 members of the Governing Council. The implementation of monetary policy decisions rests with the Eurosystem, comprising the ECB and the national central banks of the 12 member states, which have adopted the euro.
The Bank's other tasks include acting as agent for and banker to the Government. The Bank is statutorily responsible for the supervision of most financial institutions in Ireland including banks, building societies and a broad range of non-bank firms, exchanges and collective investment schemes.
In its Currency Centre, the Bank prints euro banknotes and mints euro coins, which are issued into circulation through the banking system.
The Bank reports annually on its activities to the Minister for Finance, and a statement on the Bank's annual accounts, as audited by the Comptroller and Auditor General, is also published. The Governor of the Central Bank appears before joint committees of the Oireachtas when requested. The Bank's Annual Report and Quarterly Bulletins, together with the Bank's Monthly Statistics, are a primary source of banking and related financial statistics on the Irish economy.
The Bank's net profit in 2001 was ?563.027 million, of which ?530.639 million was paid to the Irish Exchequer.
The Bank of Italy is Italy's central bank. It was formed in 1893 as a joint-stock company. Since 1936 it has been a public-law institution. Over time it has progressively acquired functions and responsibilities that have transformed it from a bank of issue into a modern central bank. Today its functions include: note issue; banking and financial supervision; market oversight; safeguarding competition in the credit market; economic and institutional analysis and research; and, jointly with the European Central Bank, oversight of payment systems. In the sphere of economic policy, the Bank advises the legislative and executive branches. It also provides treasury services for the central government.
Together with the other national central banks of the EU countries and the European Central Bank, the Bank of Italy is part of the European System of Central Banks. Within the ESCB it helps to determine monetary policy for the entire euro area; it then implements that policy in Italian money and financial markets in accordance with the principle of subsidiarity.
The Bank's Head Office is in Rome; it has branches throughout Italy and six delegations abroad.
7 Renasterii Avenue, Chisinau, MD-2006, Republic of Moldova
The National Bank of Moldova is a legal, public, autonomous person responsible to the Parliament. The main objective of the NBM is the achievement and maintenance of the stability of the national currency. The National Bank cooperates with the Government with the view to achieving its objectives and, according to the Law, undertakes the necessary measures to implement such cooperation. The NBM periodically informs the public about macroeconomic analysis, financial market evolution and statistic data, including on money supply, credit granting, balance of payments and foreign exchange market.
Al intensificarse la actividad econуmica y bancaria del paнs, surgiу la necesidad de crear un Banco Central que actuara como mayor autoridad que el simple Departamento Emisor que hasta ese momento (1945) estaba adscrito al Banco Nacional de Costa Rica; este ъltimo establecido a fines de 1936 al reorganizarse el antiguo Banco Internacional.
En 1948, al decretarse la nacionalizaciуn de la banca privada -recepciуn de depуsitos del pъblico - y dada la necesidad de dotar al nuevo Sistema Bancario Nacional de una integraciуn orgбnica adecuada y una orientaciуn eficiente por parte del Estado, se hizo mбs urgente la necesidad de establecer el Banco Central como уrgano independiente y rector de la polнtica econуmica, monetaria y crediticia del paнs. Con este propуsito se promulgу la Ley 1130, del 28 de enero, 1950, que estableciу el Banco Central de Costa Rica con caracterнsticas definidas y propias, que le permitieron, en lo sucesivo, actuar como Organo Central de la economнa del paнs.
Por la importancia que tuvo para la historia bancaria de Costa Rica la fundaciуn del Banco Central de Costa Rica, el respectivo proyecto, que derivу en la Ley 1130, incluye varios razonamientos para sustentar la decisiуn de los Poderes Legislativo y Ejecutivo de dictar y sancionar esa ley, la cual, en un principio, tuvo un carбcter transitorio, por cuanto el Banco Central de Costa Rica tendrнa las mismas funciones y facultades del Departamento Emisor del Banco Nacional de Costa Rica, hasta la desapariciуn de este ъltimo. Entonces el Banco Central de Costa Rica operу con sujeciуn a las disposiciones de ambas leyes: la de su fundaciуn y la que regнa al Departamento Emisor.
El 23 de abril, 1953 fue promulgada la Ley 1552, denominada Ley Orgбnica del Banco Central de Costa Rica, la cual, fue sustituida por la Ley 7558 del 3 de noviembre, 1995.
The Reserve Bank of Peru was created on March 9, 1922, and started operations in the month of April of the same year. On April 28, 1931, it became the Central Reserve Bank of Peru (BCRP), following the recommendation of Professor Edwin Kemmerer, who stressed that a central bank's main target should be monetary stability.
The Constitution of Peru establishes two fundamental aspects of monetary policy: central bank autonomy, as stated in the BCRP Charter, and the unique objective of preserving monetary stability. The BCRP underpins the economy through monetary stability, given that inflation control reduces uncertainty and increases confidence in the domestic currency. This is fundamental to attract productive investment, as well as to promote sustained economic growth.
Central bank autonomy is necessary to ensure independence from political pressure. International experience shows that countries with an independent central bank have lower rates of inflation and higher rates of growth. In order to reinforce autonomy, the BCRP Charter explicitly rules out public sector financing, selective credit policies and multiple exchange rate regimes.
A board made up of seven members -three appointed by the legislative branch and four by the executive branch- governs the BCRP. One of the latter four is appointed as chairman of the board, and must be ratified by Congress. The chairman also performs as governor of the International Monetary Fund and as alternate governor of the World Bank.
According to the Constitution, the BCRP's duties are to regulate the amount of money, manage international reserves, issue notes and coins and inform periodically on the nation's finances.
International reserve management is carried out following security, liquidity and profitability criteria, taking into consideration the current situation and the perspectives for the domestic economy and the international markets. International reserves play a prime role in exchange rate determination, as well as in monetary and financial stability.The BCRP ensures that notes and coins in circulation are sufficient in quantity and quality to carry out economic transactions.
The BCRP informs periodically on the nation's finances through several publications such as the Weekly Bulletin, the Annual Report, the Daily Report on monetary and exchange operations, and the Weekly Report, which are disseminated through hardcopies and the BCRP website (www.bcrp.gob.pe). It should be stressed that the statistics produced by the BCRP are related exclusively with the balance of payments and the monetary sector.
In addition to the BCRP headquarters and the National Mint, BCRP branches operate in Arequipa, Cusco, Huancayo, Iquitos, Piura, Puno and Trujillo.
Since its foundation, the BCRP has supported the development of cultural activities. The Museum, the Editorial Fund, and the Information and Documentation Center currently undertake this task. The BCRP is in charge of minting coins, provides funding for the restoration of historical buildings, publishes Moneda magazine, and has organized since 1962 the University Extension Course, oriented towards economics students.
The Museum, which is located at the BCRP's former headquarters, exhibits extraordinary collections gathered over more than three-quarters of a century.
The Museum houses a collection of art works from Peruvian pre-Hispanic cultures, an extensive gallery displaying paintings by the greatest artists of the republican period, and the most comprehensive collection of coins, notes, medals and decorations in the country. Recently, in an effort to enhance national identity, the Museum set up a popular art exhibition, which includes ceramics, paintings, textiles and gold and silver works from various regions of the country.
The Editorial Fund, created in 1987, has contributed to culture through the publication of books on economics, literature, art, archaeology and history. In 1996 the BCRP launched a literature contest, and in 1998 it created a young economists' annual award for research in economics and central banking.
The BCRP library -now the Information and Documentation Center (CID)- is located next to the Museum. The CID maintains the country's most important collection of books specialized in economics, and has recently been furnished with state-of-the-art technology.
The BCRP also mints coins with numismatic value, with the aim of enhancing the nation's heritage, cultural values and identity. Since 1992, more than twenty collections of coins have been produced at the National Mint.
Finally, the BCRP contributes to the preservation of historical buildings. The Trujillo and Arequipa branches operate at the restored Urquiaga and Goyeneche mansions, respectively. Because of its historical significance, the Accounting Tribunal building -which is part of the National Mint's architectural compound- was recently restored, and can be visited by the public.
