Transforming financial systems in the Baltics, Russia, and other countries of the former Soviet Union / editors, Malcolm Knight, Arne B. Petersen, Robert T. Price.

Includes bibliographical references.

Overview / Malcolm Knight, Arne B. Petersen, and Robert T. Price -- Monetary operations and government securities markets / Eduardo Levy-Yeyati -- Foreign exchange markets and official international reserve management / Bernard Laurens -- Banking sector reform / Claudia Dziobek and Jan Willem van der Vossen -- Payment systems development / Nicholas M. Roberts -- Central bank accounting and internal audit / John Dalton -- Legislative framework / Tonny Lybek.

For the past six years, the central banks of the Baltics, Russia, and other countries in the former Soviet Union have undertaken ambitious programs of reform. The reforms have focused first on stabilizing monetary policy and then on achieving a market-based determination of interest and exchange rates. The reform on central bank operating procedures has been a key piece of the program. Central Banks in the 15 countries have been encouraged to manage banking liquidity through market operations with indirect instruments. There have also been closely coordinated reforms to foster foreign exchange markets, interbank money markets, government securities market, and to strengthen various central bank functions, including the payment system, central bank accounting and internal audit, and banking supervision and restructuring. This volume examines the progress the 15 countries have made in transforming their financial systems, and highlights the substantial progress achieved by central banks in most of the countries.

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