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The Central Bank: Key Responsibilities and Functions

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The central bank plays a crucial role in managing financial transactions, currency distribution, and supervising finance institutions. Here are its key responsibilities and functions.

Key Responsibilities

Currency Distribution

  • The central bank is responsible for adjusting currency distribution to stabilize its value.
  • This includes setting exchange rates and interest rates that guide the economy.

Precious Minerals Management

  • The central bank manages precious minerals like gold and silver, including commanding, storing, using, and selling them.
  • This function helps maintain the country’s monetary stability.

Deposit Accounts

  • Finance institutions must open deposit accounts at the central bank, which are used for settlements or accumulating reserve funds.
  • This ensures that finance institutions have a reliable source of funding.

Bond Registration and Management

  • The central bank registers and manages issues of bonds approved by the state.
  • This helps in maintaining transparency and accountability in government borrowing.

Fixed Assets Commanding

  • The central bank comprehensively commands fixed assets of the state and uses them rationally in institutions, enterprises, and organizations.
  • This ensures that public assets are utilized efficiently.

Financial Information Exchange

  • The central bank exchanges financial information with finance institutions or relevant authorities to prevent money laundering and terrorism financing.
  • This helps maintain a secure and trustworthy financial system.

Finance Accounting Items and Calculation Methods

  • The central bank designates finance accounting items and calculations for finance institutions.
  • This standardizes financial reporting across the country.

Currency Distribution Materials Synthesis

  • The central bank synthesizes currency distribution materials for the cabinet.
  • This helps in making informed decisions about monetary policy.

Guidance and Control

Guidance for Finance Work

  • The central bank guides finance work under the guidance of the cabinet.
  • This ensures that finance institutions operate within the framework set by the government.

Establishment of Finance Institutions

  • The central bank approves or rejects applications from institutions seeking to establish a finance institution.
  • This helps in regulating the financial sector and maintaining stability.

Dissolution and Merger of Finance Institutions

  • The central bank reviews dissolution or merger application documents and guides settlement work.
  • This ensures that any changes to finance institutions are managed smoothly.

Supervision and Control

  • The central bank and relevant supervision and control institutions strictly supervise and control finance institutions’ work.
  • This helps in maintaining the integrity of the financial system.

Responsibility

State Coffers Responsibility

  • The central bank takes responsibility for the state coffers, connecting with the central financial guidance institution to receive State budget income.
  • This ensures that government revenues are managed efficiently.

Penalties for Disordered Finance Work

  • In cases where finance work is conducted without approval and causes interference to currency distribution, the work will be suspended or a penalty shall be imposed.
  • This maintains discipline in the financial sector.

Administrative or Criminal Responsibility

  • Responsible workers of institutions, enterprises, organizations, and individual citizens who cause grave consequences in finance work shall have administrative or criminal responsibility imposed depending on the gravity.
  • This ensures accountability for any misconduct in the financial sector.