Central banks must evolve to keep pace with economic, technological and marketplace developments. Nowhere is this truer than in the world’s high growth countries, which face a race against time to modernize as local economies expand rapidly.
Developing and implementing policies
Central banks are crucial to a nation’s economic wellbeing, tasked with developing and implementing policy within its mandate, including monetary policy, currency and funds management. Many also regulate and supervise the commercial banking system and stand ready to act as a lender of last resort – a scenario all too familiar during the latest global nancial crisis.
Although the range of responsibilities of central banks can differ widely between countries, all share a common goal of maintaining the highest possible standards, to preserve the stability of the economy and retain public trust.
In high growth markets, central banks also face a race against time to modernize, in order to keep pace with the rapid expansion of their national economies and the increasing sophistication of their financial services sector
Medici Firma’s Central Banking practice engages actively with the world’s central banks, helping formulate and implement strategies and improve performance.
The public and other stakeholders expect full accountability and transparency, to uphold political independence and demonstrate that central bank policies are contributing to lasting economic growth.
Robust policies and systems
Eager to avoid a repeat of the financial meltdown, the financial sector as a whole has had a big push on governance in recent years. as the standard bearers of quality, central banks need to visibly raise the bar in terms of independence, expertise and professionalism, not just as an example to other institutions but to ensure the smooth running of the wider economy. in addition to robust policies and systems, the governor and the executive and non-executive board members should possess exceptional skills and independence in order to manage and oversee the bank’s activities.