The Treasury Department is responsible for the day to day management of the bank′s reserves. These reserves are the counterpart of:
Commercial banks reserve requirements
Currency in circulation
The issuance of Dirham denominated certificates of deposit, and
Capital reserves and permanent deposits from the Federal Government.
The investment objectives of the Central Bank′s Treasury Department place considerable emphasis on liquidity and preservation of capital, even at the expense of total return. This preoccupation also displays itself in the investment characteristics of the securities in which the department is authorized to invest. Only certain government issues (largely the G7 markets) and certain other fixed income securities with the highest investment grade ratings are allowed.
The Department is divided up into four main sections:
Money markets and foreign exchange
Certificates of deposit
Back office settlements
(last updated: 04-September-2002)
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