(MENAFN- Kuwait News Agency - Arabic) The Swiss State Secretariat for Economic Affairs SECO launched on Friday an assistance programme aimed at backing central banks in developing countries.
Central banks play a crucial role in maintaining a stable macroeconomic environment. However, the expertise needed to implement an efficient monetary policy is lacking in many developing countries, said SECO in a press release, issued by its headquartes in the Swiss capital Bern.
With a coherent monetary policy, developing countries are better equipped to deal with the external shocks and latent instability resulting from the international crises. In combating inflationary pressure, central banks play a key role in reducing poverty and in implementing a sustainable economic development policy.
This programme, which is run in collaboration with the Graduate Institute of International and Development Studies in Geneva, has a budget of some USD 12 million for the period 2012-2016.
It covers numerous key areas such as monetary policy analysis and implementation, operational and systemic risk management, financial supervision, statistics and personnel management.
The SECO and the IHEID coordinate the activities of this programme with the Swiss National Bank and the Study Center Gerzensee.
In addition to specific technical assistance, the programme also includes training measures and an applied research programme to analyse the challenges facing monetary authorities in developing countries.
The results of these studies will be discussed at an annual conference to be held in Geneva with representatives of central banks, the academic world and political authorities from Switzerland and other countries. This programme complements SECO's previous support measures for central banks.
On September 15, 2011, a contribution of USD 5 million was made to CEMLA, the association of Latin American central banks, for implementation of a technical assistance programme in debt management.
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