Central Banking Informative Advisory

Central banks are crucial to a nations economic well-being and are 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 financial 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, preserving the stability of the economy, and retaining public trust.

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 banks activities.