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International Monetary Fund

. Table 1. Aruba: Summary Compliance with the Basel Core Principles—Detailed Assessments Core Principle Compliance Comments 1. Objectives, independence, powers, transparency, and cooperation 1.1 Responsibilities and objectives C 1.2 Independence, accountability and transparency C 1.3 Legal framework C 1.4 Legal powers LC There is a draft proposal in Parliament to give the CBA authority to impose a tiered system of administrative fines, sanctions and remedial measures on banks

International Monetary Fund
This paper discusses detailed assessment of compliance with the Basel Core Principles for effective banking supervision for the Kingdom of the Netherlands—Aruba. Aruba’s offshore banking sector is small by international standards, with only two institutions registered. The mission also recommends that the Central Bank of Aruba (CBA) meet with management to better understand their plans for their Aruban operations and their financial results. Aruba remains open to foreign investment and migrant workers, who make up 40 percent of the population and have been key contributors to economic growth.
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Armenia’s Request for Arrangement Under the Extended Fund Facility (EFF). Performance under the 2010–2013 program, which was supported by arrangements under the EFF and Extended Credit Facility (ECF), was sound, with growth restored, large fiscal and external imbalances reduced, and buffers rebuilt. However, challenges remain, particularly in further reducing vulnerabilities and strengthening medium-term growth dynamics. Fiscal policy will support the growth recovery in 2014 by providing a modest stimulus, before moving to a gradual consolidation stance in 2015–2017. The IMF Staff supports the authorities’ request for an IMF-supported program.
International Monetary Fund. Middle East and Central Asia Dept.

. B. Supporting Price Stability and Strengthening the Inflation Targeting Framework 17. The CBA has loosened its policy stance in response to low inflation (MEFP ¶13). After a modest pickup in Q1, core and headline inflation declined in Q2 and Q3, partly due to lower than expected public demand. In response, the CBA lowered the policy rate, for a second time in 2019, from 5¾ to 5½ in September. Given favorable FX conditions and still strong credit growth, the CBA authorities and staff agreed that the current monetary stance appears to be appropriate. 6 However

International Monetary Fund
This assessment of financial sector supervision and regulation for the Kingdom of the Netherlands—Aruba discusses its financial sector, which is primarily domestically orientated with limited offshore financial sector activity. The system for banking supervision and regulation in Aruba was found to be compliant or largely compliant with 19 of the Basel Core Principles (BCP). Aruba had improved its rules and systems, and was cooperating effectively with other jurisdictions on antimoney laundering (AML).
International Monetary Fund. Middle East and Central Asia Dept.

continue to implement monetary policy within an inflation-targeting framework with exchange rate flexibility. The foreign exchange market interventions will be limited to smooth excessive volatility and avoid market instability, and the exchange rate will move according to fundamentals and support external adjustment. Following a decline in reserves during and after the crisis, the CBA has rebuilt their level in 2013 with the Eurobond issuance and net purchases on the FX market. The CBA authorities continue to place high importance on maintaining buffers, and stand ready

Mr. Charles Enoch and Mr. Tomás J. T. Baliño

ceiling on net domestic assets with a floor on free international reserves, defined as NIR minus the currency board’s monetary liabilities (RM). 74 An important quality of free international reserves is that it is unaffected by currency board conversions of reserve money and foreign currency, unlike net international reserves. If, for example, conversion of domestic currency into foreign currency exceeded the program assumption, no action would be required on the part of the CBA authorities to offset this decline in money demand, whereas, in a conventional program, net

International Monetary Fund

: Enhance the powers of the CBA as a supervisor, by broadening the range of sanctions it can apply, including fines for several violations of SOSIB and removing managers and Board members that no longer meet fit and proper requirements; Regulate reinsurance companies and insurance brokers and entrust their supervision to the CBA; Mandate a risk based capital requirement for insurance companies (Solvency I); Explicitly give the CBA authority to issue guidelines on: prevention of money laundering and the financing of terrorism, trustworthiness and expertise of

International Monetary Fund. European Dept.

below any of the reserve adequacy thresholds monitored by the CBA. Authorities’ views 20. The authorities plan no near-term change in the monetary policy stance and are contemplating moves to enhance policy transmission . Within the next year, the CBA is considering an overnight facility to help manage excess banking system liquidity by providing commercial banks with daily inter-bank rates. Relatedly, a new bank has been granted a license and expected to begin operations by the end of the year, which should increase competition within the sector. The