The Bermuda Monetary Authority is responsible for the licensing of banks, deposit companies and investment businesses, the issue and redemption of Bermuda notes and coins, supervision of Bermuda's financial institutions, providing advice to Government on banking and other financial and monetary matters and the vetting of individuals and entities wishing to set up corporate entities in Bermuda.
Click on any of the window categories on the left side of this screen to learn more about Bermuda and the Bermuda Monetary Authority.
"Burnaby House" 26 Burnaby Street Hamilton HM 11 Bermuda
La consultation du site BNRnet est proposйe aux internautes а titre gratuit et sans aucune garantie exprimйe ou implicite de la part de la Banque Nationale du Rwanda quant а l'exactitude , la complйtude ou la fraicheur de l'information contenue dans ce site. Seuls les documents publiйs par la BNR sont susceptibles d'engager celle-ci. Avenue Paul VI, KIYOVU BP 531 KIGALI - RWANDA
The National Bank of Belgium is our country's central bank. With the introduction of the euro, the NBB has become one of the participants in the Eurosystem. The European Central Bank, which has its seat in Frankfurt, is the core of the system.
In Belgium the central bank provides services to the public, to companies, to the State and to the financial world. At its counters, you can exchange old or damaged banknotes or retrieve annual accounts. The Bank also compiles statistics and supplies economic information.
However, the National Bank is not a commercial bank. Therefore, you can not open an account, borrow money or buy foreign currency.
National Bank of Belgium boulevard de Berlaimont 14 B - 1000 Brussels, Belgium
La Banque Centrale d'Algйrie fut crййe par la loi numйro 62-144 votйe par l'Assemblйe constituante le 13 Dйcembre 1962, portant crйation et fixant les statuts de la Banque Centrale.
C'est ainsi que la Banque Centrale recouvre des prйrogatives en matiиre de dйfinition et d'application de la politique monйtaire et de crйdit, en mкme temps qu'йtaient revus ses rapports avec le Trйsor Public.
The basic task of the Banque de France: implementing the single monetary policy within the framework of the ESCB
The Banque de France is an integral part of the European System of Central Banks defined by the Maastricht Treaty. It participates in the performance of tasks and achievement of objectives assigned to this system by the Treaty. The sharing of responsibilities between the ECB and the NCBs is based upon significant decentralization of the conduct of the ESCB's single monetary policy. The single monetary policy is an interest-rate policy, just like those previously conducted by the NCBs in the different EU Member States before Stage Three began. This policy involves the regulation of bank liquidity in euros and the steering of very short-term interest rates on the euro money market, starting with the overnight rate, the ESCB's main operational target.
To meet its objectives, the ESCB has at its disposal a set of monetary policy instruments: it conducts open market operations, offers standing facilities and requires credit institutions to hold minimum reserves on accounts with the national central banks.
This operational framework differs from the arrangements in force in France before the start of Monetary Union in the following ways:
- There are more instruments. There are two standing facilities (for official operations) and four types of open market operation executed on the basis of standard tenders, non-standard tenders or bilateral procedures. - There are a greater number of key rates. There are three—the rates for the two standing facilities and that for standard refinancing—instead of the two previously set by the Banque de France (the repurchase tender rate and the 5-to-10-day repurchase agreement rate). - The techniques used are more varied. In addition to reverse transactions (repurchase agreements and collateralized loans), which remain the main refinancing techniques, use can be made of fixed-term deposits and two new instruments, namely foreign exchange swaps (for providing or absorbing liquidity) and the issuance of debt certificates.
Open market operations conducted at market conditions
Standing facilities
Minimum reserves
Fact Sheet No. 112 on the monetary policy of the European System of Central Banks instruments and procedures
The Central Bank of Kenya was established in 1966 through an Act of Parliament - the Central Bank of Kenya Act of 1966
The establishment of the Bank was a direct result of the desire among the three East African countries to have independent monetary and financial policies. This led to the collapse of the East Africa Currency Board (EACB) in mid 1960s.
2. Structure of the Bank
Responsibility for determining the policy of the Central Bank is given by the Central Bank of Kenya Act to the Board of Directors. The Board consists of seven members:-
- the Governor, who is also its chairman
- the Deputy Governor, who is deputy chairman
- the Permanent Secretary to the Treasury who is a non-voting member
- five other non executive directors
All members are appointed by the President to hold office for a term of four years and are eligible for reappointment. In the case of the Governor, appointment is for a maximum of two terms of four years each and can only be terminated by a tribunal appointed by the President to investigate his conduct.
The executive management team comprises the Governor, the Deputy Governor and nine heads of department who report to the Governor. The Bank operates from its head office in Nairobi and has branch offices in Mombasa, Kisumu and Eldoret.
3. The Central Bank Act and it's relations with the Government
The Central Bank of Kenya Act of 1966 set out objectives and functions and gave the Central Bank limited autonomy. Since the amendment of the Central Bank of Kenya Act with effect from April 1997, the Central Bank operations have been brought into line with the changed situation in Kenya caused by economic reforms. There is now greater monetary autonomy.
Though required to support the general economic policy of the Government, the Central Bank of Kenya is not subject to any directive from the Government in exercising the powers conferred on it by the Central Bank of Kenya (Amendment) Act, 1996. However, both the Government and the Central Bank make mutual consultations on important policy matters. The Central Bank, for example, is required to advise the Government on monetary policy matters of major importance and to provide information at the Governments' request. The Government in turn invites the Governor of the Central Bank to advise on fiscal issues that may have important ramifications on the Bank's monetary policy.
4. Mission of the Bank
The Central Bank plays a unique role in the economy and performs various functions not normally carried out by commercial banks. The functions of the Bank have changed over time depending on the changing economic conditions. Currently its main task, as stipulated in the Central Bank of Kenya (Amendment Act), 1996 is that of "maintaining price stability and fostering liquidity, solvency and proper functioning of a stable market-based financial system ". As such it is responsible for formulating and executing monetary policy, supervising and regulating depository institutions, assisting the Kenya Government's financing operations and serving as Kenya Government banker. This is very much in line with contemporary central banking practice the world over.
5. Importance of Maintaining Price Stability
Maintaining price stability is crucial for a proper functioning market-based economy. Low and stable inflation reduces the continous rise in the general price level to such a level that it no longer adversely influences the decisions of consumers and producers. While, high rate of inflation inevitably give rise to a decline in the efficient working of a market economy and in the medium to longer term to a lower rate of growth of the economy as a whole.
6. How the Bank Ensures Price Stability
As movements in the general price level are influenced by the amount of money in circulation, the Central Bank of Kenya operates in a way that restricts the growth of the total money stock available in the economy to predetermined growth target (See Monetary Policy Statement). There are three major tools the Bank uses to implement monetary policy:
Open Market Operations: through open market operations, the Bank buys or sells Kenya Government Treasury Bills both in the primary and secondary market in order to produce a desired level of Bank reserves. These securities are held in the Bank, which currently has a value of roughly Kshs 120bn. The Bank therefore injects money to the economy when it buys Treasury Bills, and drains money when it sells it. As the law of supply and demand take over in the money market, the cost of loanable funds (interest rates) adjust itself to the desired level.
Discount window operations: the Bank, as lender of last resort, may provide secured short-term loans to commercial banks temporarily in need of funds, but only after they have exhausted their market sources of funds. The discount rate is set by the Central Bank to reflect the monetary policy objectives.
Reserve Requirements: the Central Bank is empowered by the Act to demand a certain proportion of commercial banks' deposits to be held as non-interest bearing reserves at the Central Bank. An increase in reserve requirements would be regarded as an attempt to restrict bank credit. A reduction in the reserve ratio would be viewed as a expansion of credit as it increases the credit creation power of the banks.
7. Other Functions of the Bank
In addition to these primary tasks, the Central Bank performs other specific functions which have evolved with the changing economic environment since it's inception in 1966:
Issue of notes and coins: The Central Bank of Kenya is entrusted with the making, issuing and destroying notes and coins in Kenya Shillings. The monopoly of issuing notes and coins enables it to exercise control over the money in circulation and thereby fulfill its primary task of safeguarding the domestic value of the Kenya shilling. At present, the Central Bank issues six denominations of notes: Kshs 20, Kshs 50, Kshs 100, Kshs 200, Kshs 500 and Kshs 1,000. While, new generation coins are in denominations of: 10 cents, 50 cents, Kshs 1, Kshs 5 and Kshs 10.
Provision of Banking services to Banks:: The Central Bank provides commercial banks clearing facilities of their cashless payments, a task laid down in the CBK amendment Act of promoting the smooth operation of payments, clearing and settlement systems. The Bank is also entrusted with the supervision of commercial banks in order to ensure efficient and sound financial system in the interest of depositors and the economy as a whole.
Provision of Banking Services to Government: As banker and fiscal agent of Government, the Bank accepts deposits and effects payments on behalf of Government. It also maintains and operates special accounts for the Government. This function has, however, been circumscribed in the recent Central Bank (Amendment) Act of 1997 to prevent any erosion of the Bank's independence. Section 18(3) of the new Act limits access by the government to Central Bank credit, as this has been the major cause of monetary expansion in the economy [see the Monetary Policy Statement]. The Central Bank also administers the public debt, i.e. effecting issuance, payment of interest on, and redeeming of bonds and other securities of the Government.
Foreign Exchange Operations: The Central Bank holds official foreign exchange reserves of the country for the purposes of: repaying and servicing the country's public external debt; and intervening in the interbank foreign exchange market largely to smooth out erratic exchange rate fluctuations, thus helping to maintain orderly market conditions crucial for the shilling exchange rate stability.
8. Functions of Branches
To provide an efficient service to the banks and satisfy their requirements for bank notes, the Central Bank has opened branches in various regions of the country. The branch responsibility is to ensure that there is an adequate supply of new notes available to meet the demand, and to replace unfit notes.
