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Change in the composition of the Monetary Board: (2) members from the government, (5) full-time members from the private sector
OBJECTIVES:
Strenghtening of the regulations and supervision framework for banks and quasi-banks
Abolition of two suspense accounts, the Monetary Adjustment Accounts (MAA) and the Exchange Stabilization Adjustment Account (ESAA)
The phase-out of fiscal agency function
The phase-out of regulatory functions over finance companies without quasi-banking fxns w/in 5years
Additional mandatory reports to assure accountability
Financial Restructing of the CB upon effectivity of the law
The imposition of requirements on trust accounts by the Monetary Board are authorized under the new law
The imposition of interest on loans and advances made by the CB to any bank w/c has been placed under recievership, even after the bank is cloased
Established on July 3, 1993
Autonomous in its Fiscal and Administrative functions in the National Government as it pursues its mandated responsibility
OBJECTIVE: to promote a "low and stable inflation conducive to a balance and sustainable economic growth"
Liquidity management - influencing money supply consistent with its primary objective, to maintain price stability
Currency Issue - Exclusive power to issue the national currency
Lender of Last Resort - Extends discounts, loans, etc.
FInancial Supervision - - Supervises banks and exercises regulatory powers over nonbank istitutions performing quasi-banking fxns
Management of foreign currency reserves
Determination of Exchange rate policy
Other activities - Functions as banker, financial advisor and official depository of the Government, its political subdivisions and instrumentalities and GOCC's
(cc) photo by Metro Centric on Flickr
(cc) photo by jimmyharris on Flickr
(cc) photo by Franco Folini on Flickr
(cc) photo by Metro Centric on Flickr