The National Bank within the period from 7 to 11 September 2015 it will be the host - organizer of the Workshop focused on issues from the area of implementation of the back office activities in the process of foreign reserves management
The National Bank informs the public that within the period from 7 to 11 September 2015 it will be the host - organizer of the Workshop focused on issues from the area of implementation of the back office activities in the process of foreign reserves management. The Workshop is organized by the World Bank, as part of the regular annual program of the World Bank for education and exchange of experience and skills within the RAMP Program (RAMP - Reserve Management Advisory Program).
The opening remarks at the Workshop will be given by the Vice Governor of the National Bank, Ms Maja Kadievska-Vojnovic, in charge of the Sector of Financial Operations and Payment Systems.
The workshop is of international character, where representatives of central banks from 21 country will participate in, such as: Belarus, Bosnia and Herzegovina, Georgia, South Africa, Kenya, Korea, Lithuania, Namibia, Malawi, Moldova, Oman, Seychelles, Swaziland, Zambia, Croatia, Montenegro, Uganda, as well as representatives of the National Bank the Republic of Macedonia. Lecturers at the Workshop will be the following representatives of the World Bank, Mr Gary Rice and Mr Pradeep Mariappan, Ms Issabelle Strauss-Khan, Ms Sheetal Ratnakar Shetty and Ms Nisha Singh.
The foreign reserves management is a complex process that should set out clear objectives, well-defined decision-making levels, strong control mechanisms, transparent way of reporting and realistic approach for overcoming the limiting factors in the implementation of activities. Regarding the foreign reserves management strategy, the central banks currently face the challenges of investing in the financial markets where exceptionally low rates of return prevail, but simultaneously having in mind that those who create the policies should also take into account the factors which determine the strategy and which are specific for each country. Consequently, the cornerstone of the process of foreign reserves management is the strategic allocation of investment, taking into account the attainment of the key objectives of the reserves management, as follows: preserving the value of the foreign reserves, providing sufficient liquid funds within the investments and last but not least, providing a certain level of profitability of investments. The performing of the back office activities within the foreign reserves investment process is a vital function that enables timely recording of all cash flows, supported by adequate documentation, thus ensuring precise and accurate indicators of market positions and credit exposure based on counterparts and financial instruments. Thus, the effective execution of the back office activities allows improvement and better control over the terms under which the foreign reserves investment process is conducted, contributing towards keeping high reputation of the central banks when performing this function.
Having in mind the topics that will be discussed during the Workshop, contribution towards better understanding of the best practices in the field of settlement of transactions for trading financial instruments, the different services that are provided by international depositories and the importance of information tools and programs for the implementation of operations is expected.
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