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This paper describes alternatives to the Central Bank in the developing world. The paper provides a brief analysis of the rationale for the various central-banking activities and for their establishment in a single, operationally independent institution within the general context of the developed world. It gives a broad picture of the particular problems and opportunities facing central banking institutions in developing countries. The paper also focuses on the scope for monetary policy in a relatively small, specialized economy and on the links between monetary operations and the domestic financial structure.
Publisher: International Monetary Fund