18 CCBS Annual Report 2008
International expert advice
Cape Verde
Liquidity management and market operations
Expert: Mohamed Norat Participants: 14
This expert visit studied the monetary operations in Cape Verde and assisted with the implementation of a new liquidity and currency in circulation forecasting model for the central bank. The five-day event also included advice on documentation related to repo operations and some approaches to increase the transparency of the interest-rate setting committee’s decision-making. The CCBS worked with local experts in the liquidity forecasting section to implement the model with a new software. Presentations were also given to operational market staff and members of the Monetary Policy Committee.
Malawi
Risk and business continuity management
Expert: Sue Milton Participants: 50
The workshop was designed to ensure that there was a common understanding across the Reserve Bank of Malawi of how risks affect a central bank. It examined how risk and business continuity management can ensure a central bank’s remit is achieved in both normal and disruptive periods. Through a series of lectures, discussions and exercises, the Reserve Bank was able to design a risk management framework, identify the key risks faced by the Bank, and develop risk mitigation and crisis management techniques.
Serbia
EU project
Expert: Francesco Zanetti
The CCBS is contributing to a EU project in which the European Central Bank plus several national central banks aim to assist the National Bank of Serbia in carrying out a needs analysis of its current regulatory and operational framework, as well as its policies and practice. The aim is to identify those areas in which adaptation or improvement is required to bring them into line with the standards of the national central banks of the European System of Central Banks The CCBS is involved in assessing the conduct of monetary policy and foreign exchange regime; the practices of implementation; and the communication policy of the central bank. The project will continue in 2009.
Macedonia
Forecasting currency demand
Expert: Mohamed Norat Participants: 30
This was an IMF-mission headed by the CCBS to develop a state of the art currency in circulation model for Macedonia to help improve their liquidity forecasting and monetary policy implementation. The work was conducted with specialist staff from the liquidity forecasting unit and expert programmers. Presentations on the new model framework and methodology for forecasting currency in circulation were also given to staff from the research, monetary and central banking operations areas. A key aim was the delivery of the new daily-weekly liquidity forecasting model toolkit: and to illustrate how to adapt and utilise it as part of their operational framework.
CCBS Annual Report 2008
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Singapore
Exchange rates and capital flows
Experts: Ole Rummel and Ibrahim Stevens Participants: 6
On the invitation of the Monetary Authority of Singapore (MAS), the CCBS paid a short visit to MAS for a number of meetings with MAS economists. The objectives were to share experiences about model-building at the Bank of England and to provide technical assistance on financial stability assessment and both financial stability and dynamic stochastic general equilibrium modelling issues.
Swaziland
Annual strategic retreat (with South African Reserve Bank)
Expert: Sue Milton Participants: 35
The CCBS provided a facilitator for the Central Bank of Swaziland’s senior management retreat. The purpose was to discuss and agree on the organisational values and strategic focus of the central bank for 2009–13. The discussion was based on staff views and assessments, collected prior to the retreat, and led to governors, directors, board members and senior managers agreeing a set of strategic priorities and the associated cultural changes needed to achieve the strategic objectives. To assist the overall management of the strategic implementation, participants also looked at performance management techniques to motivate, as well as monitor, teams and individuals’ performance in achieving strategic objectives.
Uganda
Risk and business continuity management for the board
Expert: Sue Milton Participants: 7
This two-day workshop was designed for the Bank of Uganda’s board members and built on work already in place in the organisation. The board members discussed the role of the board in key areas, defined a common understanding of how risks affect a central bank, and examined how risk and business continuity management can ensure a central bank’s remit is achieved under both normal and disruptive circumstances. The CCBS acted as facilitator.