Bank for International Settlements
The BIS carries out its work through its meetings programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It provides banking services, but only to central banks and it is based in Basel, with representative offices in Hong Kong and Mexico City. The BIS was established in 1930 by an agreement between Germany, France, the United Kingdom, Japan, the United States. It opened its doors in Basel, Switzerland on 17 May 1930, the need to establish a dedicated institution for this purpose was suggested in 1929 by the Young Committee, and was agreed to in August of that year at a conference at The Hague. A charter for the bank was drafted at the International Bankers Conference at Baden-Baden in November, according to the charter, shares in the bank could be held by individuals and non-governmental entities. The BIS was constituted as having corporate existence in Switzerland on the basis of an agreement with Switzerland acting as headquarters state for the bank and it enjoyed certain immunities in the contracting states.
The BIS’s original task of facilitating World War I reparation payments quickly became obsolete, reparation payments were first suspended and abolished altogether. Instead, the BIS focused on its second statutory task, i. e. fostering the cooperation between its member central banks and it acted as a meeting forum for central banks and provided banking facilities to them. For instance, in the late 1930s, the BIS was instrumental in helping continental European central banks shipping out part of their reserves to London. At the same time, the BIS fell under the spell of the appeasement illusion, however, as the war dragged on evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the BIS accepted gold from the German Reichsbank in payment for prewar obligations linked to the Young Plan and this in spite of repeated Allied warnings not to accept gold or other assets from Nazi Germany. It transpired that much of gold had been looted by the Germans from the central banks in occupied territories.
Some of this remelted gold included gold rings and other items from labor, operations conducted by the BIS were viewed with increasing suspicion from London and Washington. H. The 1944 Bretton Woods Conference recommended the liquidation of the Bank for International Settlements at the earliest possible moment and this resulted in the BIS being the subject of a disagreement between the U. S. and British delegations. The liquidation of the bank was supported by other European delegates, as well as the United States, but opposed by John Maynard Keynes, head of the British delegation. Fearing that the BIS would be dissolved, Keynes went to Morgenthau hoping to prevent the dissolution, or have it postponed, the liquidation of the bank was never actually undertaken. In April 1945, the new U. S. president Harry S. Truman and the British government suspended the dissolution, after the Second World War, the BIS retained an outspoken European focus. It acted as Agent for the European Payments Union, an intra-European clearing arrangement designed to help the European countries in restoring currency convertibility and free, multilateral trade
International Standard Book Number
The International Standard Book Number is a unique numeric commercial book identifier. An ISBN is assigned to each edition and variation of a book, for example, an e-book, a paperback and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, the method of assigning an ISBN is nation-based and varies from country to country, often depending on how large the publishing industry is within a country. The initial ISBN configuration of recognition was generated in 1967 based upon the 9-digit Standard Book Numbering created in 1966, the 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108. Occasionally, a book may appear without a printed ISBN if it is printed privately or the author does not follow the usual ISBN procedure, this can be rectified later. Another identifier, the International Standard Serial Number, identifies periodical publications such as magazines, the ISBN configuration of recognition was generated in 1967 in the United Kingdom by David Whitaker and in 1968 in the US by Emery Koltay.
The 10-digit ISBN format was developed by the International Organization for Standardization and was published in 1970 as international standard ISO2108, the United Kingdom continued to use the 9-digit SBN code until 1974. The ISO on-line facility only refers back to 1978, an SBN may be converted to an ISBN by prefixing the digit 0. For example, the edition of Mr. J. G. Reeder Returns, published by Hodder in 1965, has SBN340013818 -340 indicating the publisher,01381 their serial number. This can be converted to ISBN 0-340-01381-8, the check digit does not need to be re-calculated, since 1 January 2007, ISBNs have contained 13 digits, a format that is compatible with Bookland European Article Number EAN-13s. An ISBN is assigned to each edition and variation of a book, for example, an ebook, a paperback, and a hardcover edition of the same book would each have a different ISBN. The ISBN is 13 digits long if assigned on or after 1 January 2007, a 13-digit ISBN can be separated into its parts, and when this is done it is customary to separate the parts with hyphens or spaces.
Separating the parts of a 10-digit ISBN is done with either hyphens or spaces, figuring out how to correctly separate a given ISBN number is complicated, because most of the parts do not use a fixed number of digits. ISBN issuance is country-specific, in that ISBNs are issued by the ISBN registration agency that is responsible for country or territory regardless of the publication language. Some ISBN registration agencies are based in national libraries or within ministries of culture, in other cases, the ISBN registration service is provided by organisations such as bibliographic data providers that are not government funded. In Canada, ISBNs are issued at no cost with the purpose of encouraging Canadian culture. In the United Kingdom, United States, and some countries, where the service is provided by non-government-funded organisations. Australia, ISBNs are issued by the library services agency Thorpe-Bowker
A central bank, reserve bank, or monetary authority is an institution that manages a states currency, money supply, and interest rates. Central banks usually oversee the commercial banking system of their respective countries, Central banks in most developed nations are institutionally designed to be independent from political interference. Still, limited control by the executive and legislative bodies usually exists, prior to the 17th century most money was commodity money, typically gold or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The Song dynasty was the first to issue generally circulating paper currency, in 1455, in an effort to control inflation, the succeeding Ming Dynasty ended the use of paper money and closed much of Chinese trade. The Bank of Amsterdam, established in the Dutch Republic in 1609, is considered to be the forerunner to modern central banks. The Wisselbanks innovations helped lay the foundations for the birth and development of the banking system that now plays a vital role in the worlds economy.
Along with a number of local banks, it performed many functions of a central banking system. Lucien Gillard calls it the European guilder, and Adam Smith devotes many pages to explaining how the bank guilder works, the model of the Wisselbank as a state bank was adapted throughout Europe, including the Bank of Sweden and the Bank of England. Established by Dutch-Latvian Johan Palmstruch in 1668, Sveriges Riksbank is often considered by many as the worlds oldest central bank, the lenders would give the government cash and issue notes against the government bonds, which could be lent again. A Royal Charter was granted on 27 July through the passage of the Tonnage Act 1694, the bank was given exclusive possession of the governments balances, and was the only limited-liability corporation allowed to issue banknotes. The £1. 2M was raised in 12 days, half of this was used to rebuild the Navy and these modern central banking functions evolved slowly through the 18th and 19th centuries. The currency crisis of 1797, caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment.
The bank was accused by the bullionists of causing the exchange rate to fall from over issuing banknotes. Nevertheless, it was clear that the Bank was being treated as an organ of the state, henry Thornton, a merchant banker and monetary theorist has been described as the father of the modern central bank. An opponent of the real bills doctrine, he was a defender of the bullionist position, thorntons process of monetary expansion anticipated the theories of Knut Wicksell regarding the cumulative process which restates the Quantity Theory in a theoretically coherent form. Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, many consider the origins of the central bank to lie with the passage of the Bank Charter Act of 1844. Under this law, authorisation to issue new banknotes was restricted to the Bank of England, at the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt
National Bank of Egypt
National Bank of Egypt is the oldest and largest bank in Egypt. It has 338 branches within the country, assets of EGP366,6 bn. total deposits of EGP312,7 bn. and total loans and advances of EGP114,7 bn. As of 2007, the National Bank of Egypt accounted for 23% of the Egyptian banking systems total assets, 25% of total deposits and 25% of total loans, NBE financed about 24% of Egypts foreign trade during the year. NBE accounts for 74% of the credit market and 40% of the debit cards in Egypt. NBE has a subsidiary in London, National Bank of Egypt, branches in New York and Shanghai, according to the July 2007 issue of the Banker, in terms of total assets, NBE ranks 226th among the top 1000 world banks and ranks 3rd among the Arab banks. NBE established an office in London,1901 NBE opened a branch in Khartoum. It obtained a position as banker to and for the government. Over time, it added other agencies and branches in the Sudan,1902 NBE established the Agricultural Bank of Egypt. 1906 NBE established the Bank of Abyssinia in Addis Ababa, the bank received a 50-year monopoly and was the Ethiopian governments fiscal agent as well as the sole issuer of currency.
1925 Lloyds Bank transferred to NBE the branches in Cairo and Alexandria that it acquired with its purchase of Cox & Co. in 1923,1931 The Bank of Abyssinia was liquidated and the Ethiopian government established Bank of Ethiopia to replace it. 1936 Agricultural Bank of Egypt was liquidated,1940 All the staff and the Board of the bank were largely Egyptian. 1951 A decree gave NBE the status of the Central Bank for Egypt,1957 The Banking Act confirmed the status of NBE as Egypts Central Bank. 1961 Citibank sold to NBE its Egyptian assets and liabilities, Citibank had entered in 1955 but was forced to leave by the nationalization decree. 1975 Chase Manhattan Bank and National Bank of Egypt established Commercial International Bank,1976 NBE, together with 19 other Arab and four US banks, established Arab American Bank as a wholesale bank operating in New York. 1982 NBE established a subsidiary in the UK.1987 Chase sold its shares in CIB to NBE and CIB changed its name to Commercial International Bank, partial privatization in 1993 and a GDR issue in 1996 reduced NBEs share to 34%.
NBE established a rep office in South Africa and a subsidiary in London. 2000 NBE established a NY branch to take over the business of Arab American Bank,2005 NBE acquired Mohandes Bank, which had been established in 1979 as a commercial bank. It acquired Bank of Commerce and Development, known as Al Tigaryoon,2006 NBE opened a representative office in Dubai
International Monetary Fund
The International Monetary Fund is an international organization headquartered in Washington, D. C. It now plays a role in the management of balance of payments difficulties. Countries contribute funds to a pool through a system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion, the rationale for this is that private international capital markets function imperfectly and many countries have limited access to financial markets. The IMF provides alternate sources of financing and this assistance was meant to prevent the spread of international economic crises. The IMF was intended to help mend the pieces of the economy after the Great Depression. As well, to provide investments for economic growth and projects such as infrastructure. The IMFs role was altered by the floating exchange rates post-1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine if a shortage of capital was due to economic fluctuations or economic policy, the IMF researched what types of government policy would ensure economic recovery.
Rather than maintaining a position of oversight of only exchange rates and their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality, nonconcessional loans, which include interest rates, are provided mainly through Stand-By Arrangements, the Flexible Credit Line, the Precautionary and Liquidity Line, and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument to members facing urgent balance-of-payments needs, the IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. This activity is known as surveillance and facilitates international cooperation, the responsibilities changed from those of guardian to those of overseer of members’ policies. In 1995 the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public.
The executive board approved the SDDS and GDDS in 1996 and 1997 respectively, the system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is part of the World Bank Millennium Development Goals, some countries initially used the GDDS, but upgraded to SDDS. The IMF does require collateral from countries for loans but requires the government seeking assistance to correct its macroeconomic imbalances in the form of policy reform, if the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 Executive Board decision, conditionality is associated with economic theory as well as an enforcement mechanism for repayment
Bank of Mauritius
The Bank of Mauritius is the central bank of the Republic of Mauritius. It was established in September 1967 as the bank of Mauritius. It was modelled on the Bank of England and was, in effect, amongst its responsibilities is the issuance of the Mauritian currency, the Mauritian rupee. In the 19th Century three separate banks, now all defunct, operated under the Bank of Mauritius name. The first Bank of Mauritius started operations in 1813 or so, the second Bank of Mauritius was a British overseas bank with two boards of directors, one in London and the other in Port Louis. It began operations in 1832 and favored the interests of the planter class, in 1838 traders established Mauritius Commercial Bank to give themselves an alternative source of credit as until its establishment the Bank of Mauritius had a monopoly on the island. The financial crisis of 1847 in London resulted in the collapse of the sugar market, Bank of Mauritius ceased business in 1848, though the Mauritius Commercial Bank has survived to the present.
Local interests established the third Bank of Mauritius in 1894 to take over the business of the failed New Oriental Bank Corporation. In 1911 the bank opened a branch in the Seychelles, however, in 1916 the Mercantile Bank of India acquired the bank. HSBC in turn acquired the Mercantile Bank in 1959, because of this history, HSBC refers to itself as the oldest foreign bank in Mauritius. The next foreign bank to arrive, and to survive to the present, was National Bank of South Africa, in addition to the above three banks, a bank by the name of the Colonial Bank of Mauritius and Dependencies, operated between 1812 and 1813. Before the establishment of the Bank, the issue was managed by a Board of Commissioners of Currency. The duties of the Board were restricted to those of an issuing authority, the Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions. It has responsibility for safeguarding the stability and strengthening of the system of Mauritius.
On 12 March 2008, the Bank of Mauritius launched the sales of commemorative coins. Rameswurlall Basant Roi GCSK Central banks and currencies of Africa Economy of Mauritius List of central banks Mauritian rupee Mauritius Commercial Bank, the Mauritius Commercial Bank Limited, 1838-1963
Economy of Namibia
The Namibian economy has a modern market sector, which produces most of the countrys wealth, and a traditional subsistence sector. Namibia is a middle income country with an estimated annual GDP per capita of US$5,828 but has extreme inequalities in income distribution. It leads the list of countries by income inequality with a Gini coefficient of 70.7 and 74.3, to facilitate this goal, the government has actively courted donor assistance and foreign investment. The liberal Foreign Investment Act of 1990 provides guarantees against nationalisation, freedom to remit capital and profits, currency convertibility, Namibia is addressing the sensitive issue of agrarian land reform in a pragmatic manner. However, Government runs and owns a number of such as Air Namibia, Transnamib. The countrys sophisticated formal economy is based on industry and farming. However, Namibias economy is dependent on the earnings generated from primary commodity exports in a few vital sectors, including minerals, especially diamonds, livestock.
Furthermore, the Namibian economy remains integrated with the economy of South Africa, Namibia is a member of the International Monetary Fund and the World Bank, and has acceded to the European Unions Lomé Convention. Given its small domestic market but favourable location and a transport and communications base. In addition to its membership in the Southern African Development Community, Namibia presently belongs to the Southern African Customs Union with South Africa, Lesotho, within SACU, no tariffs exist on goods produced in and moving among the member countries. Namibia is a net receiver of SACU revenues, they are estimated to contribute 13.9 billion NAD in 2012, the Namibian economy is closely linked to South Africa with the Namibian dollar pegged to the South African rand. In September 1993, Namibia introduced its own currency, the Namibia Dollar, ninety percent of Namibias imports originate in South Africa, and many Namibian exports are destined for the South African market or transit that country.
Namibias exports consist mainly of diamonds and other minerals, fish products and meat products, karakul sheep pelts, in recent years, Namibia has accounted for about 5% of total SACU exports, and a slightly higher percentage of imports. Namibia is seeking to diversify its trading relationships away from its dependence on South African goods. In the short term, Namibia is likely to see growth in the manufacturing industry as a result of AGOA. Namibia is heavily dependent on the extraction and processing of minerals for export and royalties from mining account for 25% of its revenue. The bulk of the revenue is created by mining, which made up 7. 2% of the 9. 5% that mining contributes to Namibias GDP in 2011. Rich alluvial diamond deposits make Namibia a primary source for gem-quality diamonds, experts say that the prices are expected to rise in the next 3 years because of an increase in nuclear activities from both Japan and China
International Development Association
The International Development Association is an international financial institution which offers concessional loans and grants to the worlds poorest developing countries. The IDA is a member of the World Bank Group and is headquartered in Washington, the IDAs stated aim is to assist the poorest nations in growing more quickly and sustainably to reduce poverty. The IDA is the single largest provider of funds to economic, the IDA has issued a total $238 billion USD in loans and grants since its launch in 1960. Thirty-six of the associations borrowing countries have graduated from their eligibility for its concessional lending, eight of these countries have relapsed and have not re-graduated. At the onset of his term in 1949, then-President of the United States Harry S. The advisory group recommended an international mechanism that would function somewhere in between providing strictly-loaned and strictly-granted funds, the UN and United States government published reports expressing support for the creation of a multilateral, concessional lending program for the poorest developing countries.
However, the United States was largely unresponsive and ultimately distracted by its involvement in the Korean War, developing countries grew increasingly frustrated with not being able to afford IBRD lending and perceived the Marshall Plan as a comparatively generous gift to European nations. However, the United States ultimately opposed proposals of that nature, despite the launch of the IFC in 1956, developing countries persisted in demanding the creation of a new concessional financing mechanism and the idea gained traction within the IBRD. Monroneys proposal was more preferred received within the United States than the SUNFED, the resolution passed the senate in 1958, and then-U. S. Treasury Secretary Robert B. Anderson encouraged other countries to conduct similar studies, in 1959, the World Banks Board of Governors approved a U. S. -born resolution calling for the drafting of the articles of agreement. SUNFED became the Special Fund and merged with the Expanded Programme of Technical Assistance to form the United Nations Development Programme, by the end of January 1960, fifteen countries signed the articles of agreement which established the International Development Association.
The association launched in September of that year with an initial budget of $913 million. Over the next eight months following its launch, the IDA grew to 51 member states, the IDA is governed by the World Banks Board of Governors which meets annually and consists of one governor per member country. The Board of Governors delegates most of its authority over matters such as lending. The Board of Directors consists of 25 executive directors and is chaired by the President of the World Bank Group, the executive directors collectively represent all 187 member states of the World Bank, although decisions regarding IDA matters concern only the IDAs 172 member states. The president oversees the IDAs overall direction and daily operations, as of July 2012, Jim Yong Kim serves as the President of the World Bank Group. The association and IBRD operate with a staff of approximately 10,000 employees, the IDA is evaluated by the Banks Independent Evaluation Group. In 2009, the group identified weaknesses in the set of used to protect against fraud
Bretton Woods system
The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. Also, there was a need to address the lack of cooperation among other countries, the delegates deliberated during 1–22 July 1944, and signed the Bretton Woods agreement on its final day. The United States, which controlled two thirds of the gold, insisted that the Bretton Woods system rest on both gold and the US dollar. Soviet representatives attended the conference but declined to ratify the final agreements and these organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. On 15 August 1971, the United States unilaterally terminated convertibility of the US dollar to gold, effectively bringing the Bretton Woods system to an end and rendering the dollar a fiat currency. This action, referred to as the Nixon shock, created the situation in which the US dollar became a currency used by many states.
At the same time, many fixed currencies became free-floating, there was a high level of agreement among the powerful nations that failure to coordinate exchange rates during the interwar period had exacerbated political tensions. This facilitated the decisions reached by the Bretton Woods Conference, all the participating governments at Bretton Woods agreed that the monetary chaos of the interwar period had yielded several valuable lessons. The experience of World War II was fresh in the minds of public officials, the planners at Bretton Woods hoped to avoid a repeat of the Treaty of Versailles after World War I, which had created enough economic and political tension to lead to WWII. The solution at Versailles for the French and Americans seemed to be make Germany pay for it all, if the demands on Germany were unrealistic, it was unrealistic for France to pay back Britain, and for Britain to pay back the US. Thus, many assets on bank balance sheets internationally were actually unrecoverable loans, in the 1920s, international flows of speculative financial capital increased, leading to extremes in balance of payments situations in various European countries and the US.
In the 1930s, world markets never broke through the barriers and restrictions on trade and investment volume – barriers haphazardly constructed. The lesson was that simply having responsible, hard-working central bankers was not enough, Britain in the 1930s had an exclusionary trading bloc with nations of the British Empire known as the Sterling Area. If Britain imported more than it exported to, South Africa and this meant that though Britain was running a trade deficit, it had a financial account surplus, and payments balanced. Increasingly, Britains positive balance of payments required keeping the wealth of Empire nations in British banks, one incentive for, South African holders of rand to park their wealth in London and to keep the money in Sterling, was a strongly valued pound sterling. Unfortunately, as Britain deindustrialized in the 1920s, the way out of the deficit was to devalue the currency. But Britain couldnt devalue, or the Empire surplus would leave its banking system, nazi Germany worked with a bloc of controlled nations by 1940.
Germany forced trading partners with a surplus to spend that surplus importing products from Germany, Britain survived by keeping Sterling nation surpluses in its banking system, and Germany survived by forcing trading partners to purchase its own products
Parliament of Namibia
Parliament is the law-making body of Namibias legislature. It consists of two chambers, The National Assembly initiates and approves laws and it consists of 78 members,72 of which are elected by parliamentary election. The other six are appointed by the president, the National Council advises the National Assembly on any required changes to subordinate laws that result from law-making in the National Assembly. It can be tasked by the National Assembly to perform other tasks, the National Council consists of 26 representatives of the Regional Councils, every Regional Council in the 13 regions of Namibia elects two representatives. All cabinet members are members of the lower house and this situation has been criticised by Namibias civil society and the opposition as creating a significant overlap between executive and legislature, undermining the separation of powers. The seniority of cabinet members generally relegate ordinary MPs to the back benches, politics of Namibia List of legislatures by country Official website