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Many countries have initiated reforms in their monetary control procedures by relaxing direct controls and increasing the role of market processes. The changed approach is often inevitable when countries reform their financial systems in support of growth and adjustment. This is because reform of those procedures increases the scope of monetary policy for stabilization purposes and allows for more flexible arrangements for setting interest rates and allocating credit that are necessary elements in improving resource mobilization and the efficiency of investment. This paper discusses the approaches to reforming monetary instruments, the issues in implementation, and experiences in developing countries.

Bank credit --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Central bank bills --- Central Banks and Their Policies --- Central banks --- Credit --- Depository Institutions --- Finance --- Finance: General --- Financial institutions --- Financial markets --- General Financial Markets: General (includes Measurement and Data) --- Government securities --- Investment & securities --- Investments: General --- Micro Finance Institutions --- Monetary aggregates --- Monetary base --- Monetary economics --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Money and Monetary Policy --- Money market --- Money markets --- Money supply --- Money --- Mortgages --- Treasury bills and bonds --- Philippines

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This Background Paper on Vanuatu reviews the development of monetary control instruments in five small island economies in the South Pacific (Fiji, Solomon Islands, Tonga, Vanuatu, and Western Samoa) and draws some lessons from their experience. The paper highlights that, except Solomon Islands which have extraordinarily high credit demand from the government, these economies have large structural excess liquidity in the banking system. The paper describes the financial sector in the five economies and analyzes the background for large excess liquidity. It also reviews the developments of monetary instruments in these economies from a comparative perspective.

Banks and Banking --- Finance: General --- Investments: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Portfolio Choice --- Investment Decisions --- General Financial Markets: General (includes Measurement and Data) --- Central Banks and Their Policies --- Interest Rates: Determination, Term Structure, and Effects --- Banking --- Finance --- Investment & securities --- Bank deposits --- Securities --- Excess liquidity --- Liquidity --- Central bank bills --- Central banks --- Financial services --- Asset and liability management --- Deposit rates --- Banks and banking --- Economics --- Financial instruments --- Interest rates --- Samoa

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The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx.

Banks and Banking --- Exports and Imports --- Macroeconomics --- Public Finance --- NGOs (Non-Governmental Organizations) --- Trade Policy --- International Trade Organizations --- Nonprofit Institutions --- NGOs --- Social Entrepreneurship --- Institutions and the Macroeconomy --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Central Banks and Their Policies --- Current Account Adjustment --- Short-term Capital Movements --- International economics --- Public finance & taxation --- Banking --- Civil service & public sector --- Nongovernmental organizations --- Structural reforms --- Tariffs --- Foreign aid --- Economic sectors --- Central bank bills --- Central banks --- Taxes --- Macrostructural analysis --- Non-governmental organizations --- Debts, Public --- Tariff --- Balance of payments --- United States --- Ngos (Non-Governmental Organizations) --- Ngos

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This report evaluates the stability of the financial system in Barbados. The findings reveal that Barbados has a relatively well developed financial system, including a large offshore sector. The onshore system is dominated by large, regionally active banks. Banking services to the population are also provided by the credit union sector. The system also includes a mature but concentrated insurance sector with extensive international affiliates, and other nonbank financial institutions provide credit and other instruments for savers. With a deteriorating fiscal situation and weak growth prospects, Barbados faces considerable macroeconomic vulnerabilities. Sovereign risk is a concern, given a large public debt, high fiscal deficits, and slow growth, and policy options are limited by a fixed exchange rate regime.

Fiscal policy --- Monetary policy --- Payment --- Commercial law --- Extinguishment of debts --- Performance (Law) --- Balance of trade --- Debtor and creditor --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Tax policy --- Taxation --- Finance, Public --- Law and legislation --- Government policy --- Banks and Banking --- Insurance --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Insurance Companies --- Actuarial Studies --- Central Banks and Their Policies --- Finance --- Banking --- Insurance & actuarial studies --- Credit unions --- Insurance companies --- Commercial banks --- Financial institutions --- Central bank bills --- Central banks --- Banks and banking --- Barbados

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Cybersecurity risk is embedded in the CBB’s supervisory framework, but additional enhancements are needed to formalize guidance and develop more intensive supervisory practices. Supervisory expectations on cybersecurity are presented in an informal guidance note, which should be formalized into regulation to ensure enforceability; and an IT/cybersecurity supervisory manual should be developed to promote effective and consistent practices. With its principle-based guidance note, the CBB highlights its priorities in strengthening the cybersecurity posture of Belizean financial institutions. The principles are an appropriate interpretation of international best practices on incident prevention, detection, response, and recovery measures, adapted to the cyber maturity of the Belizean financial institutions, and can be used as a foundation for the formalized guidelines. The manual could emphasize the review of cybersecurity strategies, policies, and responsibility specifications and should address obtaining assurance on the effectiveness of the financial institutions’ processes for cyber risk identification, assessment, and mitigation.

Computer security. --- Auditing, Internal --- Banking --- Banks and Banking --- Capital and Ownership Structure --- Central bank bills --- Central Banks and Their Policies --- Central banks --- Computer security --- Cyber risk --- Finance --- Financial Institutions and Services: Government Policy and Regulation --- Financial institutions --- Financial instruments --- Financial regulation and supervision --- Financial Risk and Risk Management --- Financial risk management --- Financial services industry --- Financial services law & regulation --- Financial services --- Financing Policy --- General Financial Markets: General (includes Measurement and Data) --- Goodwill --- Industries: Financial Services --- Information technology --- Internal audit --- Investment & securities --- Investments: General --- Management accounting & bookkeeping --- Online Safety & Privacy --- Operational risk --- Public Administration --- Public Finance --- Public financial management (PFM) --- Public Sector Accounting and Audits --- Securities --- Security measures --- Technology --- Value of Firms --- Belize