Download Compendium “Monetary Policy Frameworks and

Centre for Technical Central Bank Cooperation
Compendium
“Monetary Policy Frameworks and
Central Bank Market Operations”
Outcome of the “Implementing Monetary Policy” workshop
27 – 31 January 2014
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Contents
1. Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2. Monetary policy frameworks by country (in alphabetical order). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
a.
Bulgaria. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
b.
Croatia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
c.
Euro area countries1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
d.
Haiti . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
e.
Indonesia. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
f.
Iran. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
g.
Nepal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
h.
Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
i.
Sri Lanka. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
j.
Ukraine. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
3. List of participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
1 Course participants came from Cyprus, Ireland, Malta, Slovakia.
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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1. Introduction
From 27 – 31 January 2014, the Deutsche Bundes-
various aspects of monetary policy implementation
bank hosted one of its biannual international work-
ranging from liquidity analysis and open market
shops entitled “Implementing Monetary Policy”. The
operation procedures to crisis measures and collateral
workshop was targeted at central bank staff working
management in the Eurosystem. An additional aim of
in the field of monetary policy operations of their
the workshop was to provide a forum for a broader
central bank. Given the importance of efficient policy
discussion of the differences in the design of mone-
implementation for the overall success and the
tary policy instruments at central banks around the
achievement of the central bank’s ultimate goal, the
world, the pros and cons related to these designs as
work-shop aimed to improve the general understand-
well as specific challenges regarding the daily tasks
ing of the functioning of different monetary policy
linked to the implementation of monetary policy in a
instruments and procedures. Lectures by experts from
country-specific environment.
the Deutsche Bundesbank gave detailed insights into
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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2. Monetary policy frameworks by country
The following pages contain an overview of the mone-
the related procedures in place reveals numerous
tary policy frameworks and – where applicable – details
distinctions, for example with regard to types of
concerning the use of monetary policy instruments of
operations, maturities, frequencies, pricing methods,
those central banks that participated in the Deutsche
limits etc.
Bundesbank workshop “Implementing Monetary
Policy”, which took place from 27 – 31 January 2014
While the comparison of differences in monetary
in Frankfurt.
policy frameworks is an interesting exercise in itself, it
also provides a good starting point for further analysis
The cross-country comparison illustrates both the
of the various factors which can explain those dif-
differences and similarities between monetary policy
ferences. Both the analysis of the differences in mon-
frameworks. While the range of instruments used by
etary policy frameworks and their country-specific de-
central banks around the world to implement their
terminants (whether institutional, economic or political)
monetary policy is rather similar – in most cases in-
can significantly improve our understanding of mone-
cluding a combination of reserve requirements, open
tary policy and facilitate the dialogue among central
market operations and standing facilities – a closer
bank experts and policy-makers worldwide.
look at the specific design of those instruments and
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Bulgaria
Bulgarian National Bank (BNB)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
1.2
Size and composition of monetary policy
committee
1.3
Appointment of members
(length of term, renewability)
1.4
Process of decision-making & voting
rights
1.5
Frequency of policy meetings
1.6
Pre-scheduling of meetings
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
2.2
Monetary policy target
2.3
Legal status and involvement of
government
2.4
Target indicator, time frame
2.5
Disclosure of performance
3
Monetary policy implementation
3.1
Policy signal
3.2
Operational target
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loans to commercial banks with original maturity of 1 month, with potential to extend
up to 3 months (if there is a systemic risk)
3.3.2
Pricing method
Interest rate which is higher than the calculated base interest rate
3.3.3
Access limits
Only accessible for banks with proven solvency ratio; no limits towards individual
banks, but the overall credit exposure of BNB equals the excess of its FX assets over its
total liabilities;
3.3.4
Corridor width
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
10 % of the deposit base, excluding: funds from abroad – 5 % and funds from local
and government budgets – 0 %;
3.4.2
Reserve base
All attracted funds in domestic and foreign currency, excluding funds from:
other local banks, foreign branches of local banks, through debt/capital instruments
and subordinated term debt;
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
Length is 1 month, beginning with the 4th day of the reporting basis period and
ending on the 3rd day of the following period
3.4.6
Remuneration
No
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Settlement accounts in BGN, reserve accounts in euro, 50 % of cash in vaults and
ATMs, part of the funds on bank's settlement accounts in TARGET2
BNB operates under currency board arrangement, there is no provision of monetary
policy.
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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4
Market operations
4.1
Main operations
4.1.1
Functions
4.1.2
Types of operation
4.1.3
Maturity of operations
4.1.4
Frequency of operations
4.1.5
Pricing method
4.2
Other discretionary operations
Yes
4.2.1
Functions
Liquidity injection or withdrawal
4.2.2
Types of operation
BNB provides opportunity for FX exchange (Euro-BGN)
4.2.3
Maturity of operations
4.2.4
Frequency of operations
4.2.5
Pricing method
Fixed exchange rate;
4.3
Collateral
Yes
4.3.1
Eligible collateral for standing facility
Monetary gold, FX (euro, US dollars, Swiss francs)
4.2.2
Eligible collateral for open market
operations
4.2.3
Discretion of central bank to expand/
limit collateral types
4.2.4
Risk control measures
5
Monetary Policy Communication
5.1
Announcement of policy decision
5.2
Timing and media channel used
5.3
Key content of policy announcement
5.4
Explanation of decision
5.5
Associated documents
5.6
Publication of minutes
5.7
Publication of economic/inflation
forecasts
5.8
Publication of liquidity forecast
5.9
Dissemination of information on
operations
Yes
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Croatia
Croatian National Bank (CNB)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Council of the Croatian National Bank
1.2
Size and composition of monetary policy
committee
Governor, deputy governor and 6 vice-governors
1.3
Appointment of members
(length of term, renewability)
Members are appointed by the Croatian Parliament. Their term is 6 years.
There is no limit on reappointment.
1.4
Process of decision-making & voting
rights
The Council of the CNB shall take decisions with a two-thirds majority of the members
present at the meeting. Should the Council not reach the necessary decision,
the Governor of the Croatian National Bank shall take the decision.
1.5
Frequency of policy meetings
At least ten times in calendar year
1.6
Pre-scheduling of meetings
Dates are fixed and published a year in advance
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Price stability
2.2
Monetary policy target
No formal target
2.3
Legal status and involvement of
government
Not applicable
2.4
Target indicator, time frame
Not applicable
2.5
Disclosure of performance
Yes. Consumer price index is published on CNB's website and in Monthly Bulletin.
3
Monetary policy implementation
3.1
Policy signal
Exchange rate volatility
3.2
Operational target
Exchange rate
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loans and deposits; both overnight
3.3.2
Pricing method
Loans: fix rate (currently at 5 %); Deposits: not remunerated
3.3.3
Access limits
No limit on deposits, lending limited by collateral
3.3.4
Corridor width
500 bp
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
Single ratio: currently 12 %
3.4.2
Reserve base
Domestic and foreign exchange base: received deposits and loans, issued debt
securities, hybrid and subordinated instruments and other financial liabilities.
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
1 month, beginning of maintenance period is second Wednesday of a month
3.4.6
Remuneration
No
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Domestic currency component: settlement acc.in the CNB's large value payment
system (HSVP) and in an account for covering negative balance in the clearing acc.
within the National Clearing System. Foreign exchange component: liquid foreign
exchange claims against OECD countries and credit institutions in OECD countries,
the lowest rating of which is AA- (S&P's and Fitch Ratings) and Aa3 (Moody's).
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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4
Market operations
4.1
Main operations
Open market operation (not conducted since 14 october 2009)
4.1.1
Functions
Liquidity injection
4.1.2
Types of operation
Reverse repo
4.1.3
Maturity of operations
1 week
4.1.4
Frequency of operations
Weekly, on Wednesday
4.1.5
Pricing method
Variable rate tender
4.2
Other discretionary operations
Fine tuning and structural operations
4.2.1
Functions
Liquidity injection or withdrawal
4.2.2
Types of operation
Repo, reverse repo, outright buying and sellling of securities
4.2.3
Maturity of operations
Varies
4.2.4
Frequency of operations
As needed
4.2.5
Pricing method
Varies
4.3
Collateral
Collateral is used in liquidity providing and withdrawal operations
4.3.1
Eligible collateral for standing facility
Debt securities with a fixed principal amount and with a coupon that cannot result in
a negative cash flow or with a zero coupon, denominated in kuna or in kuna with a
currency clause. Eligible issuers are: the Ministry of Finance of the Republic of Croatia,
the Croatian National Bank, other Member States of the European Union and central
banks of Member States of the European Union, the European Central Bank and
supranational financial institutions.
4.2.2
Eligible collateral for open market
operations
Ministry of Finance T-bills
4.2.3
Discretion of central bank to expand/
limit collateral types
Yes.
4.2.4
Risk control measures
Haircut. 20 % on Ministry of Finance T-bills, 25 % on Ministry of Finance bonds.
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Following a meeting of the Council of the CNB, a press release is issued and published
on the CNB's website.
5.3
Key content of policy announcement
Change in reserve requirements, explaning reasons for foreign exchange intervention.
5.4
Explanation of decision
Shortly. Press release on CNB's website.
5.5
Associated documents
Monthly Bulletin (typically provides in greater detail the economic and monetary
analyses underlying the Council’s overall assessment of the economic and monetary
situation and the risks to price stability, as well as its policy decisions).
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
Yes
5.8
Publication of liquidity forecast
No
5.9
Dissemination of information on
operations
Information on open market operations (volumes and aggregated prices) is
published on CNB's website, Reuters and Bloomberg. Information on fine tuning and
structural operations is not available to the general public.
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Euro area
European Central Bank (ECB)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Governing Council of the Eurosystem
1.2
Size and composition of monetary policy
committee
Six members of the Executive Board of the ECB and the Governors of the euro-area
NCBs
1.3
Appointment of members
(length of term, renewability)
Eight years and not renewable for the Members of the Executive Board of the ECB,
not less than five years for NCB Governors
1.4
Process of decision-making & voting
rights
Voting principle but monetary policy decisions are taken by consensus, following an
intense discussion about the external environment and an analysis of economic,
monetary and financial developments in the euro area
1.5
Frequency of policy meetings
The Governing Council meets twice a month, with the first meeting of each month
being almost exclusively devoted to an assessment of the overall economic and
monetary situation and the risks to price stability, followed by an evaluation of the
monetary policy stance and interest rate decisions. The second meeting does typically
not discuss issues relating to the current monetary policy conduct. As a rule, each
meeting is scheduled for one day
1.6
Pre-scheduling of meetings
Meetings are pre-scheduled and announced on the website well in advance
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Maintain price stability in the euro area
2.2
Monetary policy target
Monetary policy aims to maintain the annual change in the HICP for the euro area
below but close to 2 % over the medium term
2.3
Legal status and involvement of
government
2.4
Target indicator, time frame
Harmonised Index of Consumer Prices (HICP) for the euro area; medium-term time horizon
2.5
Disclosure of performance
Through regular and timely communication to the markets, media and general public.
3
Monetary policy implementation
3.1
Policy signal
Key policy rate
3.2
Operational target
Short term (money market) rate serves as operational target
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Lending and deposits
3.3.2
Pricing method
Fixed corridor around key policy rate
3.3.3
Access limits
Lending: collateral - deposits: no limit
3.3.4
Corridor width
As of Jan 2014: 75 bp (asymmetric); before crisis 200 bps (symmetric)
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
Normal framework: Domestic currency/foreign currency: 2 % Ratio was lowered to
1 % in response to crisis
3.4.2
Reserve base
Short term liabilities
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
4 – 5 weeks
3.4.6
Remuneration
Yes, fully remunerated at main operational rate.
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Current account holdings with respective NCBs
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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4
Market operations
4.1
Main operations
Main refinancing operation (MRO), long-term refinancing operation (LTRO)
4.1.1
Functions
Basic refinancing (liquidity provision)
4.1.2
Types of operation
Collateralised loan
4.1.3
Maturity of operations
1 week / 3 months
4.1.4
Frequency of operations
Weekly & monthly
4.1.5
Pricing method
Fixed rate, full allotment
4.2
Other discretionary operations
4.2.1
Functions
Liquidity injection or withdrawal
4.2.2
Types of operation
Fine tuning operations, structural operations, outright purchases
4.2.3
Maturity of operations
Varies
4.2.4
Frequency of operations
As needed
4.2.5
Pricing method
As appropriate (fixed or variable)
4.3
Collateral
4.3.1
Eligible collateral for standing facility
Same as for open market operations
4.2.2
Eligible collateral for open market
operations
Wide range of generally accepted marketable and non-marketable assets; Collateral
framework defines selection criteria
4.2.3
Discretion of central bank to expand/
limit collateral types
The Governing Council has discretion to expand the list of eligible assets; only limited
by art. 18.1 of ESCB Statute requesting “adequate collateral”; “adequate” depends on
the context (emergency liquidity assistance is done according to national rules). Not in
the very short-term. Eligible collateral is already large and diversified.
4.2.4
Risk control measures
Selection criteria, valuation haircuts, margin calls, limits
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Press release & press conference immediately after monetary policy meetings.
5.3
Key content of policy announcement
Decision on minimum bid rate on the main refinancing operations and the interest
rates on the marginal lending facility and the deposit facility.
5.4
Explanation of decision
Press release is kept factual; During the press conference the ECB President explains
the Governing Council’s overall assessment underlying its policy decision in greater
detail in the Introductory Statement and a Q&A session.
5.5
Associated documents
Monthly Bulletin (provides in greater detail the economic and monetary analyses underlying the Governing Council’s overall assessment of the economic and monetary
situation and the risks to price stability, as well as its policy decisions).
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
Yes
5.8
Publication of liquidity forecast
Yes, the ECB publishes the liquidity situation on a daily basis
5.9
Dissemination of information on
operations
Detailed information regarding open market operations is published via various channels (ECB website, Bloomberg, other data providers)
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
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Haiti
Central Bank of Haiti
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Monetary Policy Committee (MPC) mostly Ad Hoc ad hoc and not yet a formal central
bank entity
1.2
Size and composition of monetary policy
committee
The approximately 20 Members of the MPC belong only to the central Bank. They
include 5 members of the central bank’s Board and the heads of the principal
technical deparments
1.3
Appointment of members
(length of term, renewability)
The members of the MPC are appointed by the Board. There is no declared term for
their mandate. However the 5 members of the central bank’s Board are appointed by
the Head of the State for 3 years and must be approved by the Parliament. Their term
is renewable
1.4
Process of decision-making & voting
rights
Decisions are generally made by consensus and are mostly discretionary rather than
guided by clear rules
1.5
Frequency of policy meetings
The MPC convenes regularly on a weekly basis, reflecting the frequency of the central
bank’s open market operations, to assess the macroeconomic situation and to decide
the subsequent monetary policy stance. However, the Governor or the Board can
request extraordinary sessions
1.6
Pre-scheduling of meetings
Unless very exceptional circumstances, the meetings are scheduled to take place every
Monday at 2.30 pm or the next working day of the week
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Pursuant to the law passed in August 1979, the mandate of the Central Bank of Haiti
is to achieve price stability and exchange rate stability, as well as to create appropriate
conditions to boost growth and employment
2.2
Monetary policy target
The Central Bank of Haiti has a monetary targeting regime. Base money is used as
the intermediate target. The bank monitors quarterly targets for base money and its
components with special focus on the central bank’s NDAs (net domestic assets)
2.3
Legal status and involvement of
government
The law empowers the central bank to conduct monetary policy in coordination with
the Ministry of Finance. They define policy targets and discus them with the IMF for
the most part
2.4
Target indicator, time frame
The MPC approach consists of estimating the growth rate of GDP and inflation as
the targets of the government. Money demand can then be estimated in real terms.
It follows a quarterly distribution taking into account the seasonal factors.
The MPC also analyses the impact of liquidity supplied to the government through
possible monetary financing and as a counterpart to the central bank’s NFAs on the
final inflation objective
2.5
Disclosure of performance
The central bank publishes a monthly inflation report and an annual report on macroeconomic and financial situation of the country. Hearings before the parliament occur
rarely
3
Monetary policy implementation
3.1
Policy signal
Central bank policy rate
3.2
Operational target
The opertional target is the interest rate on the central bank’s 91 days bond or the
volume announced
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Not applicable
3.3.2
Pricing method
Not applicable
3.3.3
Access limits
Not applicable
3.3.4
Corridor width
Not applicable
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 13
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
Different ratio, above 30 %
3.4.2
Reserve base
Deposit Liability
3.4.3
Averaging
No
3.4.4
Carry-over
Yes
3.4.5
Length and beginning of maintenance
period
15 days
3.4.6
Remuneration
No
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Both current account holdings with CB an vault cash
4
Market operations
4.1
Main operations
Issuance of Bank of Republic of Haiti bonds
4.1.1
Functions
To mop up the excess liquidity of the banking system and avoid its use on the
exchange market
4.1.2
Types of operation
Repo
4.1.3
Maturity of operations
The securities of the central bank are issued with different maturities: 7,28 and 91 days
4.1.4
Frequency of operations
Operations taken place on a weekly basis
4.1.5
Pricing method
Rates are fixed over an undefined period and can change depending on the fundamentals
of the economy
4.2
Other discretionary operations
Currency swaps
4.2.1
Functions
To partially reduce the gap in the supply on the foreign exchange market in order to avoid
abrupt exchange rate volatility and to remove some excess liquidity at the same time
4.2.2
Types of operation
Eg Repo and reverse repo, outright purchases, deposits
4.2.3
Maturity of operations
3 or 6 months
4.2.4
Frequency of operations
Non-regular
4.2.5
Pricing method
Fixed rates
4.3
Collateral
Not applicable
4.3.1
Eligible collateral for standing facility
Not applicable
4.2.2
Eligible collateral for open market
operations
Not applicable
4.2.3
Discretion of central bank to expand/
limit collateral types
Not applicable
4.2.4
Risk control measures
Not applicable
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes. But no annoucement when the status quo is maintened
5.2
Timing and media channel used
The decision is channelled through the website of the central bank and the principal
newspapers.
5.3
Key content of policy announcement
Interest rates and the auctions volume
5.4
Explanation of decision
Not applicable
5.5
Associated documents
The decision is explained ex post in a quaterly Monetray Policy Note channeled
through the central bank website
5.6
Publication of minutes
Minutes are not published
5.7
Publication of economic/inflation
forecasts
Only inflation forecasts are published
5.8
Publication of liquidity forecast
No
5.9
Dissemination of information on
operations
The central bank disseminates information on operations via its website
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 14
Indonesia
Bank Indonesia (BI)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
The Board of Governor is responsible for monetary policy
1.2
Size and composition of monetary policy
committee
By law, the monetary committee consists of 7 members, but currently has 6 members.
There are no representatives of government
1.3
Appointment of members
(length of term, renewability)
The members are appointed by the People’s Representative Council for a 5-year term.
They can be appointed for a maximum of 2 terms (10 years)
1.4
Process of decision-making & voting
rights
Consensus
1.5
Frequency of policy meetings
Monthly for policy rate, weekly for monetary operation (eg liquidity management)
1.6
Pre-scheduling of meetings
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Price stability and exchange rate stability
2.2
Monetary policy target
Inflation
2.3
Legal status and involvement of
government
The policy target is determined by government and Bank Indonesia
2.4
Target indicator, time frame
Target range for inflation measured on basis of CPI – annual basis
2.5
Disclosure of performance
The perrformance of CB with regard to monetary policy mandate is disclosed through
quarterly Monetary Policy Report to parliament
3
Monetary policy implementation
3.1
Policy signal
Policy rate
3.2
Operational target
Interbank overnight rate
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loans and deposits: both overnight
3.3.2
Pricing method
Fixed rates above policy rate (for lending) and below key policy rate (for deposit)
3.3.3
Access limits
No limit on deposits, lending limited by collateral
3.3.4
Corridor width
175 bps for deposit and 0 bps for lending
3.4
Reserve requirements
yes
3.4.1
Reserve ratios
8 % + 2.5 % + subject to bank's LDR
3.4.2
Reserve base
Cash + Govt Bond + CB bills
3.4.3
Averaging
Yes
3.4.4
Carry-over
Yes or no
3.4.5
Length and beginning of maintenance
period
2 weeks
3.4.6
Remuneration
Yes
3.4.7
Remuneration of excess reserves
Yes or no
3.4.8
Reserve holdings
Current account holdings with CB, vault cash
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 15
4
Market operations
4.1
Main operations
OMO
4.1.1
Functions
Liquidity injection or withdrawal
4.1.2
Types of operation
Repo and reverse repo, outright purchases, deposits
4.1.3
Maturity of operations
2 days – 12 months
4.1.4
Frequency of operations
Daily, weekly, monthly
4.1.5
Pricing method
4.2
Other discretionary operations
4.2.1
Functions
4.2.2
Types of operation
4.2.3
Maturity of operations
4.2.4
Frequency of operations
4.2.5
Pricing method
4.3
Collateral
Are central bank facilities subject to collateral? Yes, only for liquidity-providing
4.3.1
Eligible collateral for standing facility
Govt bonds and CB bills
4.2.2
Eligible collateral for open market
operations
Govt bonds and CB bills
4.2.3
Discretion of central bank to expand/
limit collateral types
4.2.4
Risk control measures
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Same day, two hours after meeting; via press release on CB website and Bloomberg
and press conference
5.3
Key content of policy announcement
Policy rate announcement and the background information
5.4
Explanation of decision
The background to the policy rate announcement is described in a press release
available at official website of Bank Indonesia
5.5
Associated documents
Press release and monthly Monetary Policy Review available at official website of Bank
Indonesia
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
Yes
5.8
Publication of liquidity forecast
5.9
Dissemination of information on
operations
Are volumes and prices published? Yes. Through which channel is information
published? Central bank’s website.
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 16
Iran
Central Bank of Iran
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Money and Credit Council (MCC)
1.2
Size and composition of monetary policy
committee
Central bank representatives and government representatives
1.3
Appointment of members
(length of term, renewability)
The President of the central bank is the chairman of the MCC. Other members are
appointed by the government. No fixed appointment term for MCC members
1.4
Process of decision-making & voting
rights
Simple majority. Governor has casting vote
1.5
Frequency of policy meetings
Annually and as required
1.6
Pre-scheduling of meetings
Dates fixed in advance
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Monetary stability
2.2
Monetary policy target
Monetary aggregates
2.3
Legal status and involvement of
government
Money and Credit Council (MCC)
2.4
Target indicator, time frame
Target range for monetary aggregates measured on basis of monetary base and M2 –
over medium term
2.5
Disclosure of performance
Regular reports on CB website
3
Monetary policy implementation
3.1
Policy signal
Interbank market rate and claims on banks
3.2
Operational target
Interbank overnight rate
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loan and deposits
3.3.2
Pricing method
Security collateral price accepted by Central Bank of Iran
3.3.3
Access limits
Collateralised (no limits)
3.3.4
Corridor width
Not applicable
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
17 % on demand deposits
(10 % to 15.5 %) on time deposits
10 % on savings deposits
3.4.2
Reserve base
Deposit liabilities
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
1 week
3.4.6
Remuneration
Yes
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Current account holdings with CB, vault cash
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 17
4
Market operations
4.1
Main operations
CB participation paper
4.1.1
Functions
Liquidity absorption
4.1.2
Types of operation
Absorbing Liquidity
4.1.3
Maturity of operations
1 year
4.1.4
Frequency of operations
As required
4.1.5
Pricing method
According to inflation rate
4.2
Other discretionary operations
Deposits in the interbank market
4.2.1
Functions
Liquidity injection
4.2.2
Types of operation
Deposits
4.2.3
Maturity of operations
1 to 9 months
4.2.4
Frequency of operations
As required
4.2.5
Pricing method
According to Inflation rate
4.3
Collateral
No
4.3.1
Eligible collateral for standing facility
4.2.2
Eligible collateral for open market
operations
4.2.3
Discretion of central bank to expand/
limit collateral types
4.2.4
Risk control measures
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Via press release on CB website
5.3
Key content of policy announcement
Change in interest rate
5.4
Explanation of decision
To the public, via press release on CB website
5.5
Associated documents
Monetary, Credit, and Supervisory Policies of the Banking System Packages
5.6
Publication of minutes
Yes
5.7
Publication of economic/inflation
forecasts
No
5.8
Publication of liquidity forecast
No
5.9
Dissemination of information on
operations
Yes
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 18
Nepal
Nepal Rastra Bank (NRB)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
NRB Board of Directors
1.2
Size and composition of monetary policy
committee
7 members
1.3
Appointment of members
(length of term, renewability)
Government of Nepal appoints the board members for 5 years term.
They can be re-appointed
1.4
Process of decision-making & voting
rights
Simple majority
1.5
Frequency of policy meetings
At least once a month, additional ad hoc meetings if necessary
1.6
Pre-scheduling of meetings
Fixed but can be subject to change if deemed necessary
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Price stability, external sector stability and financial sector stability
2.2
Monetary policy target
Monetary aggregates
2.3
Legal status and involvement of
government
Board of Directors
2.4
Target indicator, time frame
Operating target: excess liquidity of banks and financial institutions (weekly),
intermediate target: M2 growth (monthly)
2.5
Disclosure of performance
Announcement of yearly monetary policy document, bi-annual review of monetary
policy, publication of monthly report of macroeconomic indicators
3
Monetary policy implementation
3.1
Policy signal
Key policy rates such as bank rate, CRR
3.2
Operational target
Excess liquidity of banks and financial institutions
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loans
3.3.2
Pricing method
At Bank Rate
3.3.3
Access limits
Limit at discretion of central bank
3.3.4
Corridor width
Corridor system has not yet been introduced.
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
Different ratio for commercial banks, development banks and finance companies
3.4.2
Reserve base
Deposit liabilities
3.4.3
Averaging
Yes
3.4.4
Carry-over
3.4.5
Length and beginning of maintenance
period
1 week
3.4.6
Remuneration
No
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Yes
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 19
4
Market operations
4.1
Main operations
Open market operations
4.1.1
Functions
Liquidity management (injection and withdrawal)
4.1.2
Types of operation
Repo, reverse repo, outright sale and outright purchase
4.1.3
Maturity of operations
Maximum maturity period of repo and reverse repo is 28 days
4.1.4
Frequency of operations
Weekly
4.1.5
Pricing method
Rate fixed by bidding
4.2
Other discretionary operations
Standing liquidity facility
4.2.1
Functions
Injection
4.2.2
Types of operation
Lending to banks
4.2.3
Maturity of operations
5 days
4.2.4
Frequency of operations
As required
4.2.5
Pricing method
At bank rate
4.3
Collateral
Yes. Collateral is required for open market operations.
4.3.1
Eligible collateral for standing facility
Government securities (such as T-bills, development bonds..)
4.2.2
Eligible collateral for open market
operations
Government securities (such as T-bills, development bonds..)
4.2.3
Discretion of central bank to expand/
limit collateral types
No
4.2.4
Risk control measures
The central bank is not allowed to hold government securities exceeding 10 % of the
previous year’s government revenue
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Monetary policy document is published publicly at the beginning of each fiscal year
(mid-July) and mid-term review of monetary policy is announced half yearly.
5.3
Key content of policy announcement
Key policy rates, financial programs, regulatory measures, etc.
5.4
Explanation of decision
Most of the decisions are made public through reports, websites and press
conferences, etc.
5.5
Associated documents
Monetary Policy Report and its half-yearly review
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
Yes
5.8
Publication of liquidity forecast
No
5.9
Dissemination of information on
operations
Policy reports, bulletins and monthly statistical reports are published via website, tv,
newspapers, etc.
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 20
Russian Federation
Bank Of Russia (CBR)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Board of Directors
1.2
Size and composition of monetary policy
committee
15 members; CBR representatives only
1.3
Appointment of members
(length of term, renewability)
Parliament; every 5 years; yes
1.4
Process of decision-making & voting
rights
Simple majority; quorum is 8 persons
1.5
Frequency of policy meetings
Monthly
1.6
Pre-scheduling of meetings
Yes
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Price stability
2.2
Monetary policy target
Inflation rate
2.3
Legal status and involvement of
government
Board of Directors and parliament – the policy target is stated in the law
2.4
Target indicator, time frame
On a CPI basis, YoY
2.5
Disclosure of performance
Regular reports, hearings and apperances before parliament
3
Monetary policy implementation
3.1
Policy signal
Kkey policy rate
3.2
Operational target
Interbank overnight rate
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Loans, deposits, FX swaps and repos: all overnight
3.3.2
Pricing method
Fixed rates above and below key rate – interest rate corridor
3.3.3
Access limits
Lending limited by collateral
3.3.4
Corridor width
200 bp
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
Single ratio
3.4.2
Reserve base
Loans
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
1 month
3.4.6
Remuneration
Yes
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Current account holdings with CB, vault cash
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 21
4
Market operations
4.1
Main operations
4.1.1
Functions
Liquidity injection
4.1.2
Types of operation
Repo auctions
4.1.3
Maturity of operations
1 week
4.1.4
Frequency of operations
Weekly
4.1.5
Pricing method
Dutch auction
4.2
Other discretionary operations
4.2.1
Functions
Liquidity injection, liquidity withdrawal
4.2.2
Types of operation
Loans secured by non-marketable assets
4.2.3
Maturity of operations
3 month
4.2.4
Frequency of operations
Quaterly
4.2.5
Pricing method
Auctions
4.3
Collateral
Yes, liquidity-providing only
4.3.1
Eligible collateral for standing facility
Assets included into the Bank of Russia Lombard List; currency; non-marketable assets
4.2.2
Eligible collateral for open market
operations
Assets included into the Bank of Russia Lombard List; non-marketable assets
4.2.3
Discretion of central bank to expand/
limit collateral types
For instance, assets are included and excluded from the Bank of Russia Lombard List
depending on their issuers current financial status
4.2.4
Risk control measures
Haircut
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Via press release on CBR website
5.3
Key content of policy announcement
Change in operational target
5.4
Explanation of decision
Press release
5.5
Associated documents
Press release
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
No
5.8
Publication of liquidity forecast
Yes
5.9
Dissemination of information on
operations
Yes, CBR website
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 22
Sri Lanka
Central Bank of Sri Lanka (CBSL)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
The Monetary Board is the monetary policy decision making authority in Sri Lanka and
the Monetary Board is guided by the Monetary Policy Committee, which is headed by
the Deputy Governor responsible for price stability.
1.2
Size and composition of Monetary Board
committee
Chairman: Governor of the Central Bank of Sri Lanka
Members: Secretary to the Ministry of Finance (ex-officio) and three other members
appointed by the President on the recommendation of Minister of Finance, with the
concurrence of the Constitutional Council
1.3
Appointment of members
(length of term, renewability)
Governor: Six years, renewable, Appointed members: Six years, renewable
1.4
Process of decision-making & voting
rights
Concurrence of at least three members
1.5
Frequency of policy meetings
Once a month
1.6
Pre-scheduling of meetings
Dates for the next meeting announced at the previous meeting
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
Economic and Price Stability
2.2
Monetary policy target
Short Term Interest rate, Reserve Money, Monetary aggregate ,
M2 b and final target is price stability.
2.3
Legal status and involvement of
government
Monetary Policy targets determened by the Monetary Board
2.4
Target indicator, time frame
1. Short Term Interest Rate- Short term,
2. Reserve Money, Monetary Aggregates- Medium term,
3. Inflation- Over one year
2.5
Disclosure of performance
CBSL Annual Report, hearings, appearances before parliament, through press releases,
press statements, monthly bulletin, news surveys,other publications and CBSL website
3
Monetary policy implementation
3.1
Policy signal
Changing standing rates of the Central Bank
3.2
Operational target
Short term interest rate within the standing rate corridor
(Rserve money as a indicative measure)
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Lendings and deposits (both overnight)
3.3.2
Pricing method
Fixed rate; (Currently; Lending 8%, Deposit 6.5%)
3.3.3
Access limits
No limit on deposits & lending.
3.3.4
Corridor width
150 bp
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
6%
3.4.2
Reserve base
Total Rupee Deposit Liabilities
3.4.3
Averaging
Yes
3.4.4
Carry-over
No
3.4.5
Length and beginning of maintenance
period
Two period per month (1st – 15th) (16th – Month end)
3.4.6
Remuneration
No
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Current account holdings with CB
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 23
4
Market operations
4.1
Main operations
Open market operations
4.1.1
Functions
Liquidity injection and absorption
4.1.2
Types of operation
Repo and reverse repo (Short term and overnight)
4.1.3
Maturity of operations
Overnight to 7 days
4.1.4
Frequency of operations
Weekly and Adhoc
4.1.5
Pricing method
Variable rate tender
4.2
Other discretionary operations
Liquidity injection and absorption (Permanent and adhoc)
4.2.1
Functions
Liquidity injection/absorption to address liquidity fluctuation.
4.2.2
Types of operation
Term Repo and reverse repo (Maturity more than one week),
Outright purchase and sales,Fx Swaps
4.2.3
Maturity of operations
Fixing of maturity by Market Operation Committee depends on the market Liquidity
estimates
4.2.4
Frequency of operations
Adhoc
4.2.5
Pricing method
Variable rate tender
4.3
Collateral
4.3.1
Eligible collateral for standing facility
Treasury Bills and Treasury Bonds
4.3.2
Eligible collateral for open market
operations
Treasury Bills and Treasury Bonds/ Central Bank Securities
4.3.3
Discretion of central bank to expand/
limit collateral types
Central bank has the discretion to extend the eligible collateral depending on the
market condition
4.3.4
Risk control measures
Haircuts on security pricing
5
Monetary Policy Communication
5.1
Announcement of policy decision
Yes
5.2
Timing and media channel used
Central Bank Website, Other electronic platforms and News papers
5.3
Key content of policy announcement
Change in policy rates and the rationale for such change
5.4
Explanation of decision
Press release on central bank website
5.5
Associated documents
Press release on central bank website
5.6
Publication of minutes
No
5.7
Publication of economic/inflation
forecasts
Yes
5.8
Publication of liquidity forecast
No
5.9
Dissemination of information on
operations
Volumes and Prices are published on Central Bank Web Site
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 24
Ukraine
National Bank of Ukraine (NBU)
1
Legal framework for monetary policy-making
1.1
Name and legal status of monetary
policy-making entity
Council of the National Bank of Ukraine
1.2
Size and composition of monetary policy
committee
7 members appointed by the President of Ukraine, 7 members appointed by the
Verkhovna Rada of Ukraine. Chairman of the National Bank of Ukraine is part of the
Council of the National Bank by virtue of his position
1.3
Appointment of members
(length of term, renewability)
Term of members appointment is seven years, except of the Chairman of the National
Bank. The same person can be the member of Council twice.
1.4
Process of decision-making & voting
rights
Simple majority
1.5
Frequency of policy meetings
At least once every quarter
1.6
Pre-scheduling of meetings
The activities of the Council of the National Bank of Ukraine are organised according
to the regulation governing the Council of the National Bank of Ukraine
2
Monetary policy mandate
2.1
Major mandate(s)
(in relation to monetary policy)
The main objective of monetary policy is to ensure the stability of Ukraine’s national
currency
2.2
Monetary policy target
The key measure of successful monetary policy implementation is a low and steady
rate of inflation (measured by the consumer price index) over the medium term
(between 3 and 5 years)
2.3
Legal status and involvement of
government
Council of the National Bank of Ukraine
2.4
Target indicator, time frame
In 2013 – 2014 the annual consumer price index growth rate must stabilize within the
4 – 6 % range and must subsequently maintained within the 3 – 5 % range beginning
from 2015
2.5
Disclosure of performance
Detailed explanations of the National Bank’s motives and actions in the money market
regulation sphere are provided both immediately after the relevant resolutions have
been passed (press releases, video addresses, etc.) and in the generalised form of
official analytical and forecast documents of the National Bank of Ukraine which are
regularly posted on the National Bank’s official website. If deviation of the year-onyear consumer price index growth rates from target parameters is be observed during
six months in a row, the National Bank publishes on its official website explanations of
the reasons causing these deviations and information about the measures taken to
bring the consumer price index into conformity with target parameters
3
Monetary policy implementation
3.1
Policy signal
Discount rate
3.2
Operational target
Until the interest rate attains a proper degree of effectiveness, the quantitative indicators of the money supply will play the leading role in the process of implementing
monetary policy. The operational benchmarks of monetary policy include monetary
criteria of effectiveness and indicative goals of the IMF’s Standby Arrangement, with
amendments to be made during subsequent revisions
3.3
Standing facilities
Yes
3.3.1
Forms & maturity
Overnight loans, overnight CD sales
3.3.2
Pricing method
National Bank sets interest rates according to the market situation
3.3.3
Access limits
Loans: corrateral and blank. National Bank can set maximum size of overnight loans
3.3.4
Corridor width
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 25
3.4
Reserve requirements
Yes
3.4.1
Reserve ratios
National currency – 0, foreign currency – 0 – 15
3.4.2
Reserve base
Attracted funds
3.4.3
Averaging
Yes for current accounts
3.4.4
Carry-over
3.4.5
Length and beginning of maintenance
period
1 month
3.4.6
Remuneration
Yes for separate accounts
3.4.7
Remuneration of excess reserves
No
3.4.8
Reserve holdings
Current accounts and separate accounts with CB
4
Market operations
4.1
Main operations
4.1.1
Functions
Lliquidity injection/withdrawal
4.1.2
Types of operation
Collateralised lending at refinancing rate/CD sale at CD rate
4.1.3
Maturity of operations
Up to 14 days, up to 90 days, up to 360 days / up to 90 days
4.1.4
Frequency of operations
3 Wednesdays running, 1 Wednesday, sometimes/Every Thursday
4.1.5
Pricing method
National Bank sets interest rates according to the market situation
4.2
Other discretionary operations
4.2.1
Functions
Liquidity injection/withdrawal
4.2.2
Types of operation
Repo, outright purchases of Ukrainian government bonds/reverse repo, sales of Ukrainian
government bonds, sales of Ukrainian government bonds with mandatory guarantee
of repurchase at any time
4.2.3
Maturity of operations
Repo, reverse repo: up to 90 days
4.2.4
Frequency of operations
Non-regular
4.2.5
Pricing method
National Bank sets interest rates according to the market situation
4.3
Collateral
Liquidity-providing is the subject to collateral
4.3.1
Eligible collateral for standing facility
Government bonds, CDs
4.2.2
Eligible collateral for open market
operations
Government bonds, CDs, state mortgage institution bonds, foreign currency,
mortgage bonds, municipal bonds, corporate bonds, bills of exchange, guarantee of a
resident bank, property rights for bank loan agreement with the chief administrator of
the state or local budget, funds which are state guaranteed
4.2.3
Discretion of central bank to expand/
limit collateral types
National Bank on a quarterly basis determines and announces the list of securities that
may be collateral of refinancing loans
4.2.4
Risk control measures
5
Monetary Policy Communication
5.1
Announcement of policy decision
5.2
Timing and media channel used
5.3
Key content of policy announcement
5.4
Explanation of decision
5.5
Associated documents
5.6
Publication of minutes
5.7
Publication of economic/inflation
forecasts
5.8
Publication of liquidity forecast
5.9
Dissemination of information on
operations
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 26
3 List of participants
Mr Harry Aginta
Mr Sajjad Mehdizadeh
Head of Section
Deputy Head of Department
Economics and Monetary Policy Department
Economic Research & Policies Dept
Bank Indonesia
Central Bank of the Islamic Republic of Iran
Mr Goran Atlija
Mr Ismail Okour
Expert
Deputy Head of Department
Monetary Operations Department
Open Market Operations
Croatian National Bank
Central Bank of Jordan
Mr Nihar Ranjan Biwas
Dr Dilli Ram Pokhrel
Deputy General Manager
Deputy Head of Division
Department of Research
Research Department
Bangladesh Bank
Central Bank of Nepal
Mr Vadim Grishchenko
Ms Jean Quin
Expert
Expert
Monetary Policy Department
Financial Markets
Central Bank of the Russian Federation
Central Bank and Financial
Services Authority of Ireland
Mr Georges Henry
Deputy Governor
Mr Demetris Staphylaris
Board
Expert
Bank of the Republic of Haiti
Monetary Policy Implementation Section
Central Bank of Cyprus
Ms Sriyani Hiththatiya
Liyanage Jayamanne
Ms Jana Struhárová
Senior Expert
Specialist in monetary policy operations
Domestic Operations Department
Settlement Department
Central Bank of Sri Lanka
National Bank of Slovakia
Compendium “Monetary Policy Frameworks and Central Bank Market Operations”
Page 27
Mr George Tsvetkov
Expert
Bank Policy Directorate “Money Instruments”
Bulgarian National Bank
Ms Tetiana Yerlina
Senior Expert
Monetary Policy
National Bank of Ukraine
Mr Stephen Zammit
Expert
Monetary Operations & Collateral Management
Central Bank of Malta
Deutsche Bundesbank
Centre for Technical Central Bank Cooperation
Wilhelm-Epstein-Straße 14
60431 Frankfurt am Main, Germany
E-mail: [email protected]
Internet: www.bundesbank.de/tzk/tzk.php