The evolution of central banking in post-communist countries

Quarterly Bulletin 1995 Q1
Published on 01 March 1995

By Victoria Fleming and Stuart Cole.

This article looks at the development to date of central banking in the post-communist countries of central and eastern Europe, and the former Soviet Union. After outlining the state banks’ previous role in a centrally planned system, it assesses the progress made in the different countries in three crucial areas: restructuring of the banking sector, reform of monetary and currency arrangements, and modernisation of payment systems. It also describes the help given by international financial institutions and established central banks—including the Bank of England—in the process of change.

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