Friday, 5 June 2015

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International Banking and Finance

              InternationalBanking and Finance



Important facts related to World Bank and International Monetary Fund

The World Bank and the International Monetary Fund were set up during the United Nations Monetary and Financial Conference of 43 countries in Bretton Woods, New Hampshire, USA in July 1944.
They are collectively known as Bretton Woods institutions
The World Bank consists of International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA)
The World Bank Group consists of FIVE institutions namely, International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), International Centre for Settlement of Investment Disputes (ICSID) and Multilateral Investment Guarantee Agency (MIGA).
The President of the World Bank Group is chosen by the President of United States of America.
The World Bank is an investment bank, borrowing from the one and lending to the other, while the IMF is a type of credit union whose members have access to a common pool of resources to which each member nation contributes a certain amount of money proportionate to its economic size and strength.

 

Differences between World Bank and International Monetary Fund

Feature
World Bank
International Monetary Fund
Founded
July 1944
December 1945
Headed by
President
Managing Director
First President/MD
Eugene Meyer
Camille Gutt
Headquarters
Washington D.C.
Washington D.C.
Constituents
IBRD & IDA
Single body
Central purpose
To promote economic and social progress in developing countries by helping to raise productivity so that their people may live a better and fuller life.
To oversee a monetary system that will encourage trade, create jobs, expand economic activity, and raise living standards throughout the world.
Regular reports published
World Development Report
World Economic Outlook
Source of funding
Borrowing through issue of bonds, grants from donor nations.
A pool of resources to which each member nation contributes a certain amount of money proportionate to its economic size and strength.
Recipients of funding
IBRD - Developing nations - Slightly higher interest rate than borrowing rate and repaying time of 12 to 15 years
IDA - Very poor developing nations, interest free with a repaying time of 35 to 40 years.
All nations rich or poor to rectify the problem of balance of payments. Interest rates are slightly below market rates and amount must normally be repaid within three to five years, and in no case later than ten years.

Other International Banking Institutions

Institution
Founded in
Members
Objective
Headquarters
African Development Bank
1964
53 African countries
25 non-African countries
To promote sustainable economic growth and reduce poverty in Africa.
Abidjan, Côte d'Ivoire
Asian Development Bank
1966
48 Asia-Pacific countries
19 non-Asia-Pacific countries
Fighting poverty in Asia and the Pacific.
Mandaluyong City, Metro Manila, Philippines
European Bank for Reconstruction and Development
1991
64 countries from all over the world
and European Union and European Investment Bank
To invest in projects that foster transition to open market economies..
London, United Kingdom
Inter-American Development Bank
1959
26 regional countries
22 non-regional countries
To support efforts by Latin America and the Caribbean countries to reduce poverty and inequality and bring about development in a sustainable, climate-friendly way.
Washington D.C., U.S.A.
Asian Infrastructure Investment Bank
2014
21 countries
To provide finance to infrastructure projects in the Asia Pacific region.
Beijing

 

 

Central Banks of some important countries

Country
Name of Central Bank
Head Office
Australia
Reserve Bank of Australia
Sydney
Bangladesh
Bangladesh Bank
Dhaka
China
People's Bank of China
Beijing
Eurozone
European Central Bank
Frankfurt
United Kingdom
Bank of England
London
Japan
Bank of Japan
Tokyo
Nepal
Nepal Rashtra Bank
Kathmandu
Pakistan
State Bank of Pakistan
Karachi
Russia
Central Bank of Russian Federation
Moscow
Saudi Arabia
Saudi Arabian Monetary Agency
Riyadh
South Africa
South African Reserve Bank
Pretoria
Sri Lanka
Central Bank of Sri Lanka
Colombo
Switzerland
Swiss National Bank
Zurich
United States of America
Federal Reserve System
Washington D.C.




Headquarters of International Banking Companies

#
Bank
Headquarters
1.
Industrial and Commercial Bank of China
Beijing
2.
HSBC
London
3.
BNP Paribas
Paris
4.
JP Morgan Chase
New York
5.
Barclays
London
6.
Deutsche Bank
Frankfurt
7.
Bank of America
North Carolina
8.
Citigroup
New York
9.
Royal Bank of Scotland
Edinburgh
10.
Wells Fargo
California

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