IMF: High transparency in operations and public confidence in the National Bank

National Bank of RSM
National Bank of RSM / Photo: Free Press Archive

National Bank applies advanced practices in relation to transparency and enjoys high public trust, thanks to the guidance of consistent policies which enable macroeconomic stability, states in The report of the mission of the International Monetary Fund (IMF), implemented under the Code of Transparency, and published on January 28, 2022.

The National Bank is the second central bank in the world, for which the IMF has made an assessment of the applied transparency practices, with the principles envisaged within the revised IMF Transparency Code, adopted in July 2020.

- This assessment was made at the initiative of the National Bank, which confirms the continuous commitment of the bank to improve transparency in operations. The IMF conducted a mission in which it examined in detail the set-up of practices and processes that enable transparency of the National Bank in terms of operations, communication of policies, activities, results, as well as in terms of business relations. Also, within the mission, the representatives of the Fund conducted several interviews with several stakeholders, such as other state institutions, representatives of financial service providers and the media, the National Bank said in a statement.

According to the findings from the Mission of the Fund, out of a total of 90 principles for transparency, for 42 principles the National Bank applies more comprehensive practices than required, while 32 principles are within the requirements of the Code. The other principles, as stated by the Mission, were not within the scope of the assessment, given that the transparency in the banking sector and market infrastructure is assessed by other standards, while the principles regarding consumer protection National Bank still has no legal mandate.

The high compliance of the practices applied by the National Bank with the provisions of the Code, is a significant confirmation of the efforts of the National Bank in the past period to improve communication, transparency in operations, and thus the credibility of the institution to the public. Communications are high in the priorities of the modern operation of central banks, because the easier it is to understand monetary policy decisions, the greater the efficiency and effectiveness of the realization of the set goals.

Therefore, the National Bank, in accordance with the Strategic Plan 2022-2024, identified as one of the strategic goals the continuous undertaking of activities for timely information on the decisions, activities, perceptions and assessments of the National Bank, which are important for economic entities and citizens, including processes. of decision making.

In this regard, it is planned to implement a Project for Promotion of Transparency and Available Information on the Functions, Activities and Operations of the National Bank, in accordance with the recommendations of the IMF mission, as well as to conduct a survey on the National Bank's communication strategy and organization. workshops and brief meetings with journalists, the statement added.

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