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Naming of central banks
There is no standard terminology for the name of a central bank, but many countries use the "Bank of Country" form—for example: Bank of England (which is in fact the central bank of the United Kingdom as a whole), Bank of Canada, Bank of Mexico. Some are styled "national" banks, such as the National Bank of Ukraine, although the term national bank is also used for private commercial banks in some countries. In other cases, central banks may incorporate the word "Central" (for example, European Central Bank, Central Bank of Ireland, Central Bank of Brazil). The word "Reserve" is also often included, such as the Reserve Bank of India, Reserve Bank of Australia, Reserve Bank of New Zealand, the South African Reserve Bank, and U.S. Federal Reserve System. Other central banks are known as monetary authorities such as the Monetary Authority of Singapore, Maldives Monetary Authority and Cayman Islands Monetary Authority. There is an instance where native language was used to name the central bank, such as Bangko Sentral ng Pilipinas. Many countries have state-owned banks or other quasi-government entities that have entirely separate functions, such as financing imports and exports.


In some countries, particularly in formerly Communist countries, the term national bank may be used to indicate both the monetary authority and the leading banking entity, such as the Soviet Union's Gosbank (state bank). In other countries, the term national bank may be used to indicate that the central bank's goals are broader than monetary stability, such as full employment, industrial development, or other goals. Some state-owned commercial banks have names suggestive of central banks, even if they are not: examples are the Bank of India and the Central Bank of India.

The chief executive of a central bank is usually known as the Governor, President or Chairman.



Germany: Deutsche Bundesbank Ghana: Bank of Ghana Greece: Bank of Greece Guatemala: Banco de Guatemala Guinea Bissau: Banque Centrale des Etats de l'Afrique de l'Ouest Guyana: Bank of Guyana Haiti: Central Bank of Haiti Honduras: Banco Central de Honduras Hong Kong: Hong Kong Monetary Authority Hungary: Magyar Nemzeti Bank Iceland: Central Bank of Iceland India: Reserve Bank of India Indonesia: Bank Indonesia Iran: The Central Bank of the Islamic Republic of Iran Iraq: Central Bank of Iraq Ireland: Central Bank and Financial Services Authority of Ireland Israel: Bank of Israel Italy: Banca d'Italia Jamaica: Bank of Jamaica Japan: Bank of Japan Jordan: Central Bank of Jordan Kazakhstan: National Bank of Kazakhstan Kenya: Central Bank of Kenya Korea: Bank of Korea Kuwait: Central Bank of Kuwait Kyrgyzstan: National Bank of the Kyrgyz Republic Latvia: Bank of Latvia Lebanon: Banque du Liban Lesotho: Central Bank of Lesotho Libya: Central Bank of Libya Lithuania: Lietuvos Bankas Luxembourg: Banque Centrale du Luxembourg Macao: Monetary Authority of Macao Macedonia: National Bank of the Republic of Macedonia Madagascar: Central Bank of Madagascar Malaysia: Bank Negara Malaysia Malawi: Reserve Bank of Malawi Mali: Banque Centrale des Etats de l'Afrique de l'Ouest Malta: Central Bank of Malta Mauritius: Bank of Mauritius Mexico: Banco de Mexico Moldova: The National Bank of Moldova Mongolia: The Bank of Mongolia Morocco: Bank Al-Maghrib Mozambique: Bank of Mozambique Namibia: Bank of Namibia Nepal: Nepal Rastra Bank Netherlands: De Nederlandsche Bank Netherlands Antilles: Bank van de Nederlandse Antillen New Zealand: Reserve Bank of New Zealand Nicaragua: Banco Central de Nicaragua Niger: Banque Centrale des Etats de l'Afrique de l'Ouest Nigeria: Central Bank of Nigeria Norway: Norges Bank Oman: Central Bank of Oman Pakistan: State Bank of Pakistan Papua New Guinea: Bank of Papua New Guinea Paraguay: Banco Central del Paraguay Peru: Banco Central de Reserva del Peru Philippines: Bangko Sentral ng Pilipinas Poland: National Bank of Poland Portugal: Banco de Portugal Qatar: Qatar Central Bank Romania: National Bank of Romania Russia: Central Bank of Russia Rwanda: Banque Nationale du Rwanda San Marino: Central Bank of the Republic of San Marino Samoa: Central Bank of Samoa Saudi Arabia: Saudi Arabian Monetary Agency Senegal: Banque Centrale des Etats de l'Afrique de l'Ouest Serbia: National Bank of Serbia Seychelles: Central Bank of Seychelles Sierra Leone: Bank of Sierra Leone Singapore: Monetary Authority of Singapore Slovakia: National Bank of Slovakia Slovenia: Bank of Slovenia Solomon Islands: Central Bank of Solomon Islands South Africa: South African Reserve Bank Spain: Banco de España Sri Lanka: Central Bank of Sri Lanka Sudan: Bank of Sudan Surinam: Centrale Bank van Suriname Swaziland: The Central Bank of Swaziland Sweden: Sveriges Riksbank Switzerland: Schweizerische Nationalbank Tajikistan: National Bank of the Republic of Tajikistan Tanzania: Bank of Tanzania Thailand: Bank of Thailand Togo: Banque Centrale des Etats de l'Afrique de l'Ouest Tonga: National Reserve Bank of Tonga Trinidad and Tobago: Central Bank of Trinidad and Tobago Tunisia: Banque Centrale de Tunisie Turkey: Türkiye Cumhuriyet Merkez Bankasi Uganda: Bank of Uganda Ukraine: National Bank of Ukraine United Arab Emirates: Central Bank of United Arab Emirates United Kingdom: Bank of England United States: Board of Governors of the Federal Reserve System (Washington)
Federal Reserve Bank of New York
Uruguay: Banco Central del Uruguay Vanuatu: Reserve Bank of Vanuatu Venezuela: Banco Central de Venezuela Yemen: Central Bank of Yemen Zambia: Bank of Zambia Zimbabwe: Reserve Bank of Zimbabwe    

Governments generally have some degree of influence over even "independent" central banks; the aim of independence is primarily to prevent short-term interference. For example, the Board of Governors of the U.S. Federal Reserve are nominated by the President of the U.S. and confirmed by the Senate, publishes verbatim transcripts, and balance sheets are audited by the Government Accountability Office.

In the 2000s there has been a trend towards increasing the independence of central banks as a way of improving long-term economic performance. While a large volume of economic research has been done to define the relationship between central bank independence and economic performance, the results are ambiguous.

Advocates of central bank independence argue that a central bank which is too susceptible to political direction or pressure may encourage economic cycles ("boom and bust"), as politicians may be tempted to boost economic activity in advance of an election, to the detriment of the long-term health of the economy and the country. In this context, independence is usually defined as the central bank's operational and management independence from the government.

Germany: Deutsche Bundesbank Ghana: Bank of Ghana Greece: Bank of Greece Guatemala: Banco de Guatemala Guinea Bissau: Banque Centrale des Etats de l'Afrique de l'Ouest Guyana: Bank of Guyana Haiti: Central Bank of Haiti Honduras: Banco Central de Honduras Hong Kong: Hong Kong Monetary Authority Hungary: Magyar Nemzeti Bank Iceland: Central Bank of Iceland India: Reserve Bank of India Indonesia: Bank Indonesia Iran: The Central Bank of the Islamic Republic of Iran Iraq: Central Bank of Iraq Ireland: Central Bank and Financial Services Authority of Ireland Israel: Bank of Israel Italy: Banca d'Italia Jamaica: Bank of Jamaica Japan: Bank of Japan Jordan: Central Bank of Jordan Kazakhstan: National Bank of Kazakhstan Kenya: Central Bank of Kenya Korea: Bank of Korea Kuwait: Central Bank of Kuwait Kyrgyzstan: National Bank of the Kyrgyz Republic Latvia: Bank of Latvia Lebanon: Banque du Liban Lesotho: Central Bank of Lesotho Libya: Central Bank of Libya Lithuania: Lietuvos Bankas Luxembourg: Banque Centrale du Luxembourg Macao: Monetary Authority of Macao Macedonia: National Bank of the Republic of Macedonia Madagascar: Central Bank of Madagascar Malaysia: Bank Negara Malaysia Malawi: Reserve Bank of Malawi Mali: Banque Centrale des Etats de l'Afrique de l'Ouest Malta: Central Bank of Malta Mauritius: Bank of Mauritius Mexico: Banco de Mexico Moldova: The National Bank of Moldova Mongolia: The Bank of Mongolia Morocco: Bank Al-Maghrib Mozambique: Bank of Mozambique Namibia: Bank of Namibia Nepal: Nepal Rastra Bank Netherlands: De Nederlandsche Bank Netherlands Antilles: Bank van de Nederlandse Antillen New Zealand: Reserve Bank of New Zealand Nicaragua: Banco Central de Nicaragua Niger: Banque Centrale des Etats de l'Afrique de l'Ouest Nigeria: Central Bank of Nigeria Norway: Norges Bank Oman: Central Bank of Oman Pakistan: State Bank of Pakistan Papua New Guinea: Bank of Papua New Guinea Paraguay: Banco Central del Paraguay Peru: Banco Central de Reserva del Peru Philippines: Bangko Sentral ng Pilipinas Poland: National Bank of Poland Portugal: Banco de Portugal Qatar: Qatar Central Bank Romania: National Bank of Romania Russia: Central Bank of Russia Rwanda: Banque Nationale du Rwanda San Marino: Central Bank of the Republic of San Marino Samoa: Central Bank of Samoa Saudi Arabia: Saudi Arabian Monetary Agency Senegal: Banque Centrale des Etats de l'Afrique de l'Ouest Serbia: National Bank of Serbia Seychelles: Central Bank of Seychelles Sierra Leone: Bank of Sierra Leone Singapore: Monetary Authority of Singapore Slovakia: National Bank of Slovakia Slovenia: Bank of Slovenia Solomon Islands: Central Bank of Solomon Islands South Africa: South African Reserve Bank Spain: Banco de España Sri Lanka: Central Bank of Sri Lanka Sudan: Bank of Sudan Surinam: Centrale Bank van Suriname Swaziland: The Central Bank of Swaziland Sweden: Sveriges Riksbank Switzerland: Schweizerische Nationalbank Tajikistan: National Bank of the Republic of Tajikistan Tanzania: Bank of Tanzania Thailand: Bank of Thailand Togo: Banque Centrale des Etats de l'Afrique de l'Ouest Tonga: National Reserve Bank of Tonga Trinidad and Tobago: Central Bank of Trinidad and Tobago Tunisia: Banque Centrale de Tunisie Turkey: Türkiye Cumhuriyet Merkez Bankasi Uganda: Bank of Uganda Ukraine: National Bank of Ukraine United Arab Emirates: Central Bank of United Arab Emirates United Kingdom: Bank of England United States: Board of Governors of the Federal Reserve System (Washington)
Federal Reserve Bank of New York
Uruguay: Banco Central del Uruguay Vanuatu: Reserve Bank of Vanuatu Venezuela: Banco Central de Venezuela Yemen: Central Bank of Yemen Zambia: Bank of Zambia Zimbabwe: Reserve Bank of Zimbabwe    


The literature on central bank independence has defined a number of types of independence.

Legal independence
The independence of the central bank is enshrined in law. This type of independence is limited in a democratic state; in almost all cases the central bank is accountable at some level to government officials, either through a government minister or directly to a legislature. Even defining degrees of legal independence has proven to be a challenge since legislation typically provides only a framework within which the government and the central bank work out their relationship.
Goal independence
The central bank has the right to set its own policy goals, whether inflation targeting, control of the money supply, or maintaining a fixed exchange rate. While this type of independence is more common, many central banks prefer to announce their policy goals in partnership with the appropriate government departments. This increases the transparency of the policy setting process and thereby increases the credibility of the goals chosen by providing assurance that they will not be changed without notice. In addition, the setting of common goals by the central bank and the government helps to avoid situations where monetary and fiscal policy are in conflict; a policy combination that is clearly sub-optimal.
Operational independence
The central bank has the independence to determine the best way of achieving its policy goals, including the types of instruments used and the timing of their use. This is the most common form of central bank independence. The granting of independence to the Bank of England in 1997 was, in fact, the granting of operational independence; the inflation target continued to be announced in the Chancellor's annual budget speech to Parliament.
Management independence
The central bank has the authority to run its own operations (appointing staff, setting budgets, and so on.) without excessive involvement of the government. The other forms of independence are not possible unless the central bank has a significant degree of management independence. One of the most common statistical indicators used in the literature as a proxy for central bank independence is the "turn-over-rate" of central bank governors. If a government is in the habit of appointing and replacing the governor frequently, it clearly has the capacity to micro-manage the central bank through its choice of governors.
It is argued that an independent central bank can run a more credible monetary policy, making market expectations more responsive to signals from the central bank.[by whom?] Both the Bank of England (1997) and the European Central Bank have been made independent and follow a set of published inflation targets so that markets know what to expect. Even the People's Bank of China has been accorded great latitude, though in the People's Republic of China the official role of the bank remains that of a national bank rather than a central bank, underlined by the official refusal to "unpeg" the yuan or to revalue it "under pressure". The People's Bank of China's independence can thus be read more as independence from the USA, which rules the financial markets, rather than from the Communist Party of China which rules the country. The fact that the Communist Party is not elected also relieves the pressure to please people, increasing its independence.

International organizations such as the World Bank, the Bank for International Settlements (BIS) and the International Monetary Fund (IMF) strongly support central bank independence. This results, in part, from a belief in the intrinsic merits of increased independence. The support for independence from the international organizations also derives partly from the connection between increased independence for the central bank and increased transparency in the policy-making process. The IMF's Financial Services Action Plan (FSAP) review self-assessment, for example, includes a number of questions about central bank independence in the transparency section. An independent central bank will score higher in the review than one that is not independent.

 
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