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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. Monetary and Capital Markets Department

absence of appropriate internal control requirements specifically on ex-post internal Sharī‘ah reviews could potentially lead to noncompliance in banks’ operations . At this stage, noncompliance risk may be minimal since banks in Somalia predominantly use Murābahah or Commodity Murābahah contracts on the asset side and Qarḍ contract to source the funds. However, the mission learned that other contracts such as Istiṣnāʻ, Mushārakah are increasingly being used by banks. As the Islamic banking industry gets more competitive with product differentiations, potential

International Monetary Fund. Strategy, Policy, & and Review Department

Sierra Leone. Support has also been provided on a continuous basis to several member countries in fragile situations: for example, a comprehensive capacity-building program is underway to support the establishment of a fully operational central bank in Somalia. 47. Financial sector development is dependent on the evolution of a sound monetary policy framework that helps to contain the volatility of the financial environment while delivering moderate inflation . The IMF continues to support developing countries in the strengthening and modernizing of their monetary

International Monetary Fund

enforcement of local currency deposits required of nonbanks in support of their bids. In the case of floating regimes based on regular markets, the primary role of the commercial banks has consisted of foreign exchange buying and selling in the fixing sessions, within the interbank market, and vis-à-vis nonbank customers. In contrast, the government-owned commercial bank in Somalia essentially played the role of an exchange broker and regularly publicized information on effective exchange rates for transactions effected through the special accounts. Commercial banks

International Monetary Fund. Strategy, Policy, & and Review Department
The paper reviews the implementation of the initiatives the IMF committed to in 2015 to support developing countries in pursuing the 2030 agenda for sustainable development, including (i) strengthening national tax systems; (ii) tackling large infrastructure gaps; (iii) promoting economic inclusion; (iv) the development of domestic financial markets; (v) intensifying engagement in fragile and conflict-affected states; (vi) improving economic statistics; (vii) expanding the financial safety net for developing countries; and (viii) addressing macroeconomic aspects of climate change. The implementation record to date shows that there has been a large scaling up of IMF support for the 2030 development agenda. The IMF has also engaged in other initiatives of direct relevance for supporting the 2030 development agenda, including adopting a framework to assess corruption vulnerabilities and developing a broad framework for assessing the spending levels needed to reach key SDGs. The paper draws lessons learned from the implementation of the various initiative to inform future IMF engagements.
International Monetary Fund
The paper examines the experiences of nine African countries that have introduced floating exchange rate regimes in the 1980s. The various types of market arrangements are explored, focusing on the roles of market participants. After a review of exchange rate developments under the regimes, some related concerns with respect to urban income and employment, resource allocation, and short-term instability are analyzed. In the light of this analysis, the paper suggests some policy recommendations aimed at ensuring the success of the floating regimes.