马绍尔群岛共和国：实施新货币管理局的技术援助报告

REPUBLIC OF THEMARSHALL ISLANDS Operationalizing ANew Monetary Authority June2026 Prepared ByElias Kazarian (Advisor)andRudyWytenburg (External Expert) Authoring Departments: Monetary and Capital MarketsDepartment DISCLAIMER The contents of this report constitute technical advice provided by the staff of the International MonetaryFund (IMF) to the authorities ofthe Republic oftheMarshall Islands(the “CDrecipient”) in response totheir request for technical assistance. This report (in whole or in part) or summaries thereof may bedisclosed by the IMF to IMF Executive Directors and members of their staff, as well as to other agenciesor instrumentalities of theCDrecipient, and upon their request, to World Bank staff, andother technicalassistance providers and donors with legitimate interest, unless theCDrecipient specifically objects tosuch disclosure (seeStaff Operational Guidance on the Dissemination of Capacity DevelopmentInformation). Publication ordisclosure of this report (in whole or in part) or summaries thereof to partiesoutside the IMF other than agencies or instrumentalities of theCDrecipient, World Bank staff, othertechnical assistance providers and donors with legitimate interest, shall require the explicit consent of theCDrecipient and the IMF’sMonetary and Capital MarketsDepartmentand LegalDepartment. The analysis and policy considerations expressed in this publication are thoseof the IMF’s Monetary andCapital Markets Department. International Monetary Fund, IMF PublicationsP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430 • F. +(1) 202.623.7201publications@IMF.orgIMF.org/pubs Contents Glossary.................................................................................................................................................5 Preface...................................................................................................................................................7 Executive Summary..............................................................................................................................8 Recommendations1.............................................................................................................................11 I. Introduction......................................................................................................................................13 II. Activities Since March 2023...........................................................................................................14 III.Operationalizing Banking Operations Department....................................................................14A.Payment Operations Division.....................................................................................................16 B.Banking and TreasuryDivision..................................................................................................17C.Foreign Exchange ReservesManagementDivision..................................................................20 IV.Operationalizing Payment System Oversight and Policy Division..........................................20 V. Introduction Of New Payment And Clearing System..................................................................25A.Objectivesof Paymentand Clearing System Modernization.....................................................25 B.An Integrated Paymentand Clearing System............................................................................26C.Key Featuresofthe Integrated Payment System......................................................................27 VI. Roadmapto Introducethe BOD...................................................................................................29 A.Board Oversight and Tone at the Top........................................................................................30B.Audit Committee.........................................................................................................................31C.Internal Control Framework.......................................................................................................33D.External Audit.............................................................................................................................34E.Internal Audit..............................................................................................................................35F.Corporate Service Department...................................................................................................39G.Accounting and Financial Management....................................................................................39H.Human Capital...........................................................................................................................43I.Procurement and Facilities Management....................................................................................44J.InformationTechnology (IT).......