FINANCIALSTABILITYANDROLEOFCENTRALBANKS：中央银行的金融稳定和作用

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1、FINANCIALSTABILITYANDROLEOFCENTRALBANKSPresentedbyFRANKLINAHONKHAIDEPUTYDIRECTOR,FINANCIALPOLICY®ULATIONDEPARTMENTCENTRALBANKOFNIGERIAABUJABeingaPaperPresentedattheANNUALCONFERENCEOFTHEEGYPTIANBANKINGINSTITUTENOVEMBER201210/6/20211OutlineIntroduction

2、Theconceptoffinancialsystemstability;FinancialsystemstabilitymandatesofCentralBanks;ToolsoffinancialsystemstabilityChallengestomaintainingfinancialsystemstability;EffortsoftheCentralBankofNigeriaatEnsuringFinancialStability;Conclusion.210/6/2021Introduc

3、tionTherecentcrises(2007-8)thataffectedtheglobalfinancialsystemandmosteconomies,includingthoseofAfricancountries,broughttotheforetheneedforcentralbanks,particularlythoseofAfricatobroadentheirmandatesofensuringfinancialstability.Africaneconomieswereiniti

4、allybelievedtobeinsulatedfromtheglobalfinancialcrisisinviewoftheirrelativelylowlevelofintegrationwithglobalfinancialmarkets.10/6/20213Introduction(cont’d)However,thebenefitofhindsightfromthecrisisindicatedthatthisbeliefwaserroneous.Nigeria,forinstance,w

5、itnessedamajordeclineinoilrevenueastheinternationalpricesofcrudeplummetedfromaboutUS$140toaboutUS$40.hugedivestmentfromthecapitalmarketbyforeignportfolioinvestors–thusdepressingstockprices.410/6/2021Introduction(Cont’d)TheNigerianBankingindustrywasheavi

6、lyexposedtothecapitalmarketthrough“marginloans”andtotheoilandgasthroughloans,whichperformancewereaffectedbytheglobalfinancialcrisis.10/6/20215Introduction(Cont’d)Thefinancialsystemistheengineofeconomicdevelopmentandfinancialregulatorsworldseektodesignan

7、dimplementpoliciesthataimatpreventingcrisisinthesector,andwheretheyoccurtominimizetheirimpactandensureearlyandorderlyresolution.InNigeria,theCentralBankofNigeria(CBN)istheagencywithresponsibilitiestoensuremonetaryandpricestabilityandpromoteastableandsou

8、ndfinancialsystem.Theserolescomplementeachotheraspricestabilitycannotbeachievedinanenvironmentofunstablefinancialsystem.610/6/2021TheConceptofFinancialStabilityFinancialsystemstabilityisaconceptthatseemstodefyconsensusdefinition.