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International Monetary Fund. Asia and Pacific Dept

cash. Commercial banks can convert their reserves into rCBDC, to meet users’ demand. The rCBDC is non-interest rate bearing. wCBDC . The wCBDC is designed as a new instrument used for money market transactions. Money market participants can obtain wCBDC from the central bank using HQLA such as government bonds as underlying collateral, through either outright purchases or repo transactions. The wCBDC is interest bearing with a variable interest rate. The interest rate on wCBDC can be set to zero when first introduced (making it closer to banks’ excess reserves

International Monetary Fund
This Technical Note reviews Systemic Liquidity Management in Serbia. The liquidity management framework in Serbia, although generally efficient, is constrained by instability in the demand for excess reserves. The demand for excess reserves is generally a function of the quality of the systemic liquidity management by the central bank, the technical capability of commercial banks’ treasurers to manage their balances adequately, and the overall efficiency of payment systems facilities for money market participants. The relatively high and unstable demand for excess reserves is therefore somewhat puzzling in Serbia.
International Monetary Fund

of the quality of the systemic liquidity management by the central bank, the technical capability of commercial banks’ treasurers to manage their balances adequately, and the overall efficiency of payment systems facilities for money market participants. The relatively high and unstable demand for excess reserves is therefore somewhat puzzling in Serbia ( Figure 5 ). The NBS’ liquidity management capacity is high; commercial bankers, especially the large foreign-owned banks, have efficient cash management standards. The real-time gross settlement (RTGS) system

International Monetary Fund. European Dept.

. Transportation and Fuel Price Inflation 10. Inflation Expectations 1-year Ahead 11. Inflation Expectations of Money-Market Participants 12. Market-based Measure of Inflation Expectations 13. Swedish Inflation: VAR Variance Decomposition 14. Simulated Inflation Paths under Different Scenarios THE SWEDISH LABOR MARKET—RESPONDING TO GLOBAL CHALLENGES A. Structural Change in the Labor Market B. The Swedish Labor Market Model C. A Quantitative Perspective D. Policy Implications REFERENCES BOXES 1. Cyclical Versus Structural Factors in the

International Monetary Fund. European Dept.

, in models where firms and households learn adaptively about the economy over time, persistently low inflation could cause inflation expectations to gradually converge to very low levels as well, which, in turn, will impact actual inflation. This can make it more difficult for a central bank to achieve its inflation target. 5 10. In practice, measuring inflation expectations is difficult . One approach to measuring inflation expectations is to survey households, firms, and others, such as money market participants (or economists), asking them what they expect the

International Monetary Fund

as a way to accelerate the privatization program by creating a mechanism through which Ghanaian investors could participate in the ownership of large enterprises. 138. This paper describes the organization of the Ghana Stock Exchange (GSE) and explains its role in deepening the financial system. B. Background 139. The GSE has no shareholders but is incorporated as a public company limited by guarantee. 2 It is governed by a council comprising representatives from the licensed dealing members, listed companies, banks, insurance companies, money market

Mr. V. Sundararajan and Mr. Lazaros E. Molho

year ending in March) net sales of SBIs were almost equal to the net increase in total rediscounts, leaving reserve money unaffected (see table). With BI becoming the principal channel of interbank funds, little room was left for direct trading among money market participants. This outcome reflected the interest rate structure, which made SBIs more attractive than short-term SBPUs as an outlet for banks’ excess liquidity, and the funding of loans through SBPUs more attractive than funding through deposits. In 1986/87, the authorities again accommodated the banks