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International Monetary Fund. External Relations Dept.

This paper highlights that the IMF, as Trustee for the Trust Fund, held the first of its series of gold auctions on June 2, 1976, with the sale of 780,000 ounces of gold—the total amount offered—at a common price of US$126.00 a fine ounce. The first gold auction was a success from the point of view of both the market and the IMF. In all, a total of 25 million ounces of gold from the IMF’s holdings will be sold at auction over a four-year period.

International Monetary Fund. Monetary and Capital Markets Department
The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas.
International Monetary Fund. External Relations Dept.

reproduced without further permission. Due acknowledgment is requested. Controlled circulation postage is paid at Washington, D.C. and Lancaster, Pa. Front Matter Page Fund activity Gold sales begin; technical assistance activities; volume of Fund transactions; selected data Bank activity Assistance from IDA reaches $10 billion mark; Executive Board recommends capital increase; aid to Brazil, the Philippines, and Somalia; Bank interest rate goes up; recent loans The emerging international monetary system H. Johannes Witteveen The

International Monetary Fund. Monetary and Capital Markets Department

, commitment, and capacity of applicants that are unwilling or unable to provide the required documentation while seeking a license should be questioned. Hence, the CBS should cease such a practice of granting of licenses with such conditions. 17. Somali banks are suspected to have parallel banks in neighboring countries including Djibouti . The LSD drafted a letter to establish a dialogue with foreign bank supervisors, but the reaching out to foreign supervisors was a ‘bridge too far’ for the CBS management. However, it is essential that the CBS establish some dialogue

International Monetary Fund. Middle East and Central Asia Dept.

inflows are also at risk due to heightened global concerns about terrorist financing coupled with weak Somali bank supervision. 76. Economic activity is picking up while consumer price inflation remains low . Real growth in 2014 was 3.7 percent and medium-term growth should be modest, supported by security improvements. Inflation has been and should remain in low single digits. 77. Concerted action is needed to build institutions for sustainable, inclusive growth and to reduce poverty and address gender disparities . Sound and accountable economic and financial

Alicia Novoa and Mr. Steven A. Seelig
This paper summarizes the results of a survey of financial supervisory agencies in IMF member countries conducted in 2007. Responses were received from 140 financial sector supervisors in 103 countries. A majority of these are separate stand-alone agencies, though, a majority of bank supervisors are part of a central bank. The survey asked respondents about their governance structure and practices, as well as practices and policies related to public transparency and accountability. Most agencies reported having operational independence. Bank supervisors were unique in viewing financial stability as part of their mandate.
Alicia Novoa and Mr. Steven A. Seelig

Central Bank of Somalia Somalia Bank Supervision Dep. of the South African Reserve Bank South Africa Financial Services Board South Africa Banco de España Spain Dirección General de Seguros y Fondos de Pensiones Spain Central Bank of Sri Lanka - Bank Supervision Department Sri Lanka Eastern Caribbean Central Bank St. Kitts and Nevis Eastern Caribbean Central Bank St. Lucia Eastern Caribbean Central Bank St. Vincent & the Grenadines Insurance Supervisory Authority Sudan Central Bank of

International Monetary Fund. Middle East and Central Asia Dept.

framework for Somali banks. End-December 2020 Financial stability / CBS Support financial stability. To clarify the nature of Shariahcompliant assets and liabilities on Somali banks' balance sheets and banks' related governance frameworks, to support better risk assessment. Submit issued CBS-Board approved guidelines to the IMF. Met 2 Enact the Targeted Financial Sanctions Law and issue related regulations. 1/ End-June 2021 Governance / MOF Support normalization of correspondent banking relationships by bringing Somalia AML-CFT framework into

International Monetary Fund. Middle East and Central Asia Dept.

finance to support spending efficiency and avoid fiscal deficits. Update MTFF developed with IMF staff in May 2019 and Met identify available fiscal space to meet NDP9 priorities; complete NDP9 costing exercise; include some provision for costed NDP9 priorities for the first year (2021) and identify targeted amounts for subsequent years (2022–2023). Submit MTFF and draft 2021 budget to IMF staff for review and gain Cabinet approval. 6 Issue guidance for (1) financial reporting and accounting standards and (2) Shariah governance framework for Somali banks. End

International Monetary Fund. Middle East and Central Asia Dept.

; deficits. complete NDP9 costing exercise; include some provision for costed NDP9 priorities for the first year (2021) and identify targeted amounts for subsequent years (2022–2023). Submit MTFF and draft 2021 budget to IMF staff for review and gain Cabinet approval. 6 Issue guidance for (1) financial reporting and accounting standards and (2) Shariah governance framework for Somali banks. End-December 2020 Financial stability / CBS Support financial stability. To clarify the nature of Shariah- Submit issued CBS-Board approved guidelines to the compliant