Aditi Sinha
July 24, 2023 09:59
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Central Banks Of Different Countries: The central banks of different countries play a pivotal role in shaping their respective economies and financial systems. These influential institutions, often called the “lender of last resort,” are responsible for formulating and implementing monetary policies that directly impact the nation’s currency, interest rates, inflation, and overall economic stability.
Knowing about the Central Banks and the countries they represent is crucial for those preparing for any Government exams. This topic is usually included in the General Awareness Section of these exams. Being familiar with the names of Central Banks and their respective countries will help aspirants perform well in this section and boost their overall chances of success in these competitive exams.
As the custodians of a nation’s monetary policy, central banks profoundly influence fostering economic growth, managing financial crises, and ensuring price stability. Each country’s central bank operates under unique mandates, governance structures, and regulations, carefully crafted to address their respective nations’ specific economic challenges and opportunities.
A central bank is a powerful and independent financial institution that acts as the apex authority in a country’s monetary and financial system. Its primary responsibility is to oversee and regulate the country’s currency, money supply, and interest rates. Central banks play a crucial role in managing overall economic stability and growth by implementing monetary policies.
The key functions of a central bank typically include:
1. Issuing and controlling the national currency: Central banks are responsible for issuing and managing the country’s official currency. They regulate the money supply to control inflation and maintain price stability.
2. Implementing monetary policy: Central banks use various tools, such as open market operations, reserve requirements, and interest rates, to influence the money supply and achieve macroeconomic objectives like controlling inflation, stimulating economic growth, and stabilising the economy during crises.
3. Acting as a lender of last resort: During financial crises or liquidity shortages, central banks provide emergency funds to banks and financial institutions to maintain stability in the financial system.
4. Regulating and supervising banks: Central banks oversee the functioning of commercial banks, ensuring they adhere to banking regulations and maintain financial stability.
5. Managing foreign exchange reserves: Central banks hold and manage foreign currency reserves to stabilize the national currency and support international trade.
6. Conducting economic research and analysis: Central banks continuously monitor economic indicators and research to formulate effective monetary policies and support informed decision-making.
Central banks are usually independent institutions, meaning they operate without direct interference from the government to maintain credibility and avoid political influence. Their decisions and policies are guided by economic data and analysis, aiming to promote a stable and healthy economy.
Central Banks serve as the primary and most significant banks in a country, representing the largest financial institutions. They are government-run entities responsible for managing a nation’s or a group of countries’ currency and overseeing the money supply in circulation. One of the key objectives of Central Banks is to maintain price stability. Additionally, in some countries, they are legally obligated to promote full employment. Below is a list of the central banks of the world with their countries.
| Central Banks and their Countries |
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| Country Name | Central Bank Name | Establishment |
| Afghanistan | Da Afghanistan Bank | 1939 |
| Albania | Bank of Albania | 1925 |
| Algeria | Bank of Algeria | 1962 |
| Angola | National Bank of Angola | 1926 |
| Anguilla | Eastern Caribbean Central Bank | 1983 |
| Antigua and Barbuda | Eastern Caribbean Central Bank | 1983 |
| Argentina | Central Bank of Argentina | 1935 |
| Armenia | Central Bank of Armenia | 1991 |
| Aruba | Central Bank of Aruba | 1986 |
| Australia | Reserve Bank of Australia | 1960 |
| Austria | European Central Bank (Oesterreichische Nationalbank) | 1816 |
| Azerbaijan | Central Bank of Azerbaijan | 1992 |
| Bahamas | Central Bank of The Bahamas | 1974 |
| Bahrain | Central Bank of Bahrain | 1973 |
| Bangladesh | Bangladesh Bank | 1971 |
| Barbados | Central Bank of Barbados | 1972 |
| Belarus | National Bank of the Republic of Belarus | 1992 |
| Belgium | European Central Bank (National Bank of Belgium) | 1850 |
| Belize | Central Bank of Belize | 1982 |
| Benin | Central Bank of West African States | 1959 |
| Bermuda | Bermuda Monetary Authority | 1969 |
| Bhutan | Royal Monetary Authority of Bhutan | 1982 |
| Bolivia | Central Bank of Bolivia | 1928 |
| Bosnia and Herzegovina | Central Bank of Bosnia and Herzegovina | 1997 |
| Botswana | Bank of Botswana | 1975 |
| Brazil | Central Bank of Brazil | 1964 |
| Brunei | Monetary Authority of Brunei Darussalam | 2011 |
| Bulgaria | Bulgarian National Bank | 1879 |
| Burkina Faso | Central Bank of West African States | 1959 |
| Burundi | Bank of the Republic of Burundi | 1966 |
| Cambodia | National Bank of Cambodia | 1954 |
| Cameroon | Bank of Central African States | 1972 |
| Canada | Bank of Canada | 1935 |
| Cape Verde | Bank of Cape Verde | 1975 |
| Cayman Islands | Cayman Islands Monetary Authority | 1997 |
| Central African Republic | Bank of Central African States | 1972 |
| Chad | Bank of Central African States | 1972 |
| Chile | Central Bank of Chile | 1925 |
| China | People’s Bank of China | 1948 |
| Colombia | Bank of the Republic | 1923 |
| Comoros | Central Bank of the Comoros | 1981 |
| Congo, Democratic Republic of | Central Bank of the Congo | 1964 |
| Congo, Republic of | Bank of Central African States | 1972 |
| Costa Rica | Central Bank of Costa Rica | 1950 |
| Cote d’Ivoire | Central Bank of West African States | 1959 |
| Croatia | European Central Bank (Croatian National Bank) | 1990 |
| Cuba | Central Bank of Cuba | 1948 |
| Curaçao | Central Bank of Curaçao and Sint Maarten | 1828 |
| Cyprus | European Central Bank (Central Bank of Cyprus) | 1963 |
| Czech Republic | Czech National Bank | 1993 |
| Denmark | Danmarks Nationalbank | 1818 |
| Djibouti | Central Bank of Djibouti | 1979 |
| Dominica | Eastern Caribbean Central Bank | 1983 |
| Dominican Republic | Central Bank of the Dominican Republic | 1947 |
| East Timor | East Timor Central Bank | 2011 |
| Ecuador | Central Bank of Ecuador | 1927 |
| Egypt | Central Bank of Egypt | 1961 |
| El Salvador | Central Reserve Bank of El Salvador | 1934 |
| Equatorial Guinea | Bank of Central African States | 1972 |
| Eritrea | Bank of Eritrea | 1993 |
| Estonia | European Central Bank (Bank of Estonia) | 1990 |
| Eswatini | Central Bank of Eswatini | 1974 |
| Ethiopia | National Bank of Ethiopia | 1963 |
| European Union | European Central Bank | 1998 |
| Faroe Islands | Danmarks Nationalbank | 1818 |
| Fiji | Reserve Bank of Fiji | 1984 |
| Finland | European Central Bank (Bank of Finland) | 1812 |
| France | European Central Bank (Bank of France) | 1800 |
| Gabon | Bank of Central African States | 1972 |
| The Gambia | Central Bank of The Gambia | 1971 |
| Germany | European Central Bank (Deutsche Bundesbank) | 1957 |
| Georgia | National Bank of Georgia | 1991 |
| Ghana | Bank of Ghana | 1957 |
| Greece | European Central Bank (Bank of Greece) | 1928 |
| Grenada | Eastern Caribbean Central Bank | 1983 |
| Greenland | Danmarks Nationalbank | 1818 |
| Guatemala | Bank of Guatemala | 1945 |
| Guinea | Central Bank of the Republic of Guinea | 1960 |
| Guinea-Bissau | Central Bank of West African States | 1959 |
| Guyana | Bank of Guyana | 1965 |
| Haiti | Bank of the Republic of Haiti | 1979 |
| Hong Kong | Hong Kong Monetary Authority | 1993 |
| Honduras | Central Bank of Honduras | 1950 |
| Hungary | Hungarian National Bank | 1924 |
| Iceland | Central Bank of Iceland | 1961 |
| India | Reserve Bank of India | 1935 |
| Indonesia | Bank Indonesia | 1953 |
| Iran | Central Bank of the Islamic Republic of Iran | 1960 |
| Iraq | Central Bank of Iraq | 1947 |
| Ireland | European Central Bank (Central Bank of Ireland) | 1943 |
| Israel | Bank of Israel | 1954 |
| Italy | European Central Bank (Bank of Italy) | 1893 |
| Jamaica | Bank of Jamaica | 1961 |
| Japan | Bank of Japan | 1882 |
| Jordan | Central Bank of Jordan | 1964 |
| Kazakhstan | National Bank of Kazakhstan | 1993 |
| Kenya | Central Bank of Kenya | 1966 |
| Korea, Democratic People’s Republic of | Central Bank of the Democratic People’s Republic of Korea | 1947 |
| Korea, Republic of | Bank of Korea | 1950 |
| Kuwait | Central Bank of Kuwait | 1969 |
| Kyrgyzstan | National Bank of the Kyrgyz Republic | 1991 |
| Laos | Bank of the Lao People’s Democratic Republic | 1968 |
| Latvia | European Central Bank (Bank of Latvia) | 1991 |
| Lebanon | Banque du Liban | 1963 |
| Lesotho | Central Bank of Lesotho | 1978 |
| Liberia | Central Bank of Liberia | 2000 |
| Libya | Central Bank of Libya | 1956 |
| Liechtenstein | National Bank of Liechtenstein | 1861 |
| Lithuania | European Central Bank (Bank of Lithuania) | 1990 |
| Luxembourg | European Central Bank (Central Bank of Luxembourg) | 1998 |
| Macau | Monetary Authority of Macao | 1999 |
| Madagascar | Central Bank of Madagascar | 1974 |
| Malawi | Reserve Bank of Malawi | 1964 |
| Malaysia | Central Bank of Malaysia | 1959 |
| Maldives | Maldives Monetary Authority | 1981 |
| Mali | Central Bank of West African States | 1959 |
| Malta | European Central Bank (Central Bank of Malta) | 1968 |
| Mauritania | Central Bank of Mauritania | 1973 |
| Mauritius | Bank of Mauritius | 1967 |
| Mexico | Bank of Mexico | 1925 |
| Moldova | National Bank of Moldova | 1991 |
| Mongolia | Bank of Mongolia | 1924 |
| Montenegro | Central Bank of Montenegro | 2001 |
| Montserrat | Eastern Caribbean Central Bank | 1983 |
| Morocco | Bank Al-Maghrib | 1959 |
| Mozambique | Bank of Mozambique | 1975 |
| Myanmar | Central Bank of Myanmar | 1948 |
| Namibia | Bank of Namibia | 1990 |
| Nepal | Nepal Rastra Bank | 1956 |
| Netherlands | European Central Bank (De Nederlandsche Bank) | 1814 |
| New Caledonia | Overseas Issuing Institute as part of the CFP | |
| New Zealand | Reserve Bank of New Zealand | 1934 |
| Nicaragua | Central Bank of Nicaragua | 1960 |
| Niger | Central Bank of West African States | 1959 |
| Nigeria | Central Bank of Nigeria | 1958 |
| North Macedonia | National Bank of North Macedonia | 1991 |
| Norway | Norges Bank | 1816 |
| Oman | Central Bank of Oman | 1974 |
| Organisation of Eastern Caribbean States | Eastern Caribbean Central Bank | 1983 |
| Pakistan | State Bank of Pakistan | 1948 |
| Palestine | Palestine Monetary Authority | 1994 |
| Papua New Guinea | Bank of Papua New Guinea | 1973 |
| Paraguay | Central Bank of Paraguay | 1952 |
| Peru | Central Reserve Bank of Peru | 1922 |
| Philippines | Bangko Sentral ng Pilipinas | 1949 |
| Poland | National Bank of Poland | 1945 |
| French Polynesia | Overseas Issuing Institute | |
| Portugal | European Central Bank (Bank of Portugal) | 1846 |
| Qatar | Qatar Central Bank | 1973 |
| Romania | National Bank of Romania | 1880 |
| Russia | Central Bank of Russia | 1990 |
| Rwanda | National Bank of Rwanda | 1964 |
| Saint Kitts and Nevis | Eastern Caribbean Central Bank | 1983 |
| Saint Lucia | Eastern Caribbean Central Bank | 1983 |
| Saint Vincent and the Grenadines | Eastern Caribbean Central Bank | 1983 |
| Samoa | Central Bank of Samoa | 1984 |
| San Marino | Central Bank of the Republic of San Marino | 2005 |
| São Tomé and Príncipe | Central Bank of São Tomé and Príncipe | 1975 |
| Saudi Arabia | Saudi Central Bank | 1952 |
| Senegal | Central Bank of West African States | 1959 |
| Serbia | National Bank of Serbia | 1884 |
| Seychelles | Central Bank of Seychelles | 1983 |
| Sierra Leone | Bank of Sierra Leone | 1963 |
| Singapore | Monetary Authority of Singapore | 1971 |
| Sint Maarten | Central Bank of Curaçao and Sint Maarten | 1828 |
| Slovakia | European Central Bank (National Bank of Slovakia) | 1993 |
| Slovenia | European Central Bank (Bank of Slovenia) | 1991 |
| Solomon Islands | Central Bank of Solomon Islands | 1983 |
| Somalia | Central Bank of Somalia | 1960 |
| South Africa | South African Reserve Bank | 1921 |
| South Sudan | Bank of South Sudan | 2011 |
| Spain | European Central Bank (Bank of Spain) | 1782 |
| Sri Lanka | Central Bank of Sri Lanka | 1950 |
| Sudan | Central Bank of Sudan | 1960 |
| Suriname | Central Bank of Suriname | 1957 |
| Sweden | Sveriges Riksbank | 1668 |
| Switzerland | Swiss National Bank | 1906 |
| Syria | Central Bank of Syria | 1953 |
| Tajikistan | National Bank of Tajikistan | 1991 |
| Tanzania | Bank of Tanzania | 1965 |
| Thailand | Bank of Thailand | 1942 |
| Timor-Leste | Banco Central de Timor-Leste | 2011 |
| Togo | Central Bank of West African States | 1959 |
| Tonga | National Reserve Bank of Tonga | 1989 |
| Trinidad and Tobago | Central Bank of Trinidad and Tobago | 1964 |
| Tunisia | Central Bank of Tunisia | 1958 |
| Turkey | Central Bank of the Republic of Turkey | 1930 |
| Turkmenistan | Central Bank of Turkmenistan | 1991 |
| Uganda | Bank of Uganda | 1966 |
| Ukraine | National Bank of Ukraine | 1991 |
| United Arab Emirates | Central Bank of the United Arab Emirates | 1980 |
| United Kingdom | Bank of England | 1694 |
| United States | Federal Reserve | 1913 |
| Uruguay | Central Bank of Uruguay | 1967 |
| Uzbekistan | Central Bank of the Republic of Uzbekistan | 1991 |
| Vanuatu | Reserve Bank of Vanuatu | 1981 |
| Venezuela | Central Bank of Venezuela | 1939 |
| Vietnam | State Bank of Vietnam | 1951 |
| Wallis and Futuna | Overseas Issuing Institute | |
| West African Economic and Monetary Union | Central Bank of West African States | 1959 |
| Yemen | Central Bank of Yemen | 1971 |
| Zambia | Bank of Zambia | 1964 |
| Zimbabwe | Reserve Bank of Zimbabwe | 1964 |
In every country or region, there is a special organization responsible for managing the economy and financial matters to keep things stable. Unlike regular financial companies, these institutions don’t compete with others in the market. They are known as Central Banks, and each country has its own. Let’s take a look at some well-known Central Banks from different countries:
| Country | Central Bank |
| Afghanistan | Bank of Afghanistan |
| Argentina | Central Bank of Argentina |
| Australia | Reserve Bank of Australia |
| Austria | European Central Bank |
| Azerbaijan | Central Bank of the Rep. of Azerbaijan |
| Bangladesh | Central Bank of Bangladesh |
| Bermuda | Bermuda Monetary Authority |
| Bhutan | Royal Monetary Authority of Bhutan |
| Bolivia | Central Bank of Bolivia |
| Brazil | Central Bank of Brazil |
| Cambodia | National Bank of Cambodia |
| Canada | Bank of Canada |
| Chad | Commercial Bank Chad |
| Chile | Central Bank of Chile |
| China | People’s Bank of China |
| Colombia | Central Bank of Colombia |
| Cuba | Central Bank of Cuba |
| Cyprus | European Central Bank |
| Denmark | National Bank of Denmark |
| Egypt | Central Bank of Egypt |
| Fiji | Reserve Bank of Fiji |
| Finland | European Central Bank |
| France | European Central Bank |
| Georgia | National Bank of Georgia |
| Germany | European Central Bank |
| Ghana | Bank of Ghana |
| Greece | European Central Bank |
| Guinea | Central Bank of the Rep. of Guinea |
| Hungary | Central Bank of Hungary |
| Iceland | Central Bank of Iceland |
| Indonesia | Bank Indonesia |
| Iran | Central bank of Islamic Rep. of Iran |
| Iraq | Central Bank of Iraq |
| Ireland | European Central Bank |
| Italy | European Central Bank |
| Japan | Bank of Japan |
| Jordan | Central Bank of Jordan |
| Kazakhstan | National Bank of Kazakhstan |
| Kenya | Central Bank of Kenya |
| Korea | REPUBLIC OF Bank of Korea |
| Libya | Central Bank of Libya |
| Malaysia | Bank Negara Malaysia |
| Maldives | Maldives Monetary Authority |
| Mali | Central Bank of West African States |
| Mauritius | Central Bank of Mauritius |
| Mexico | Bank of Mexico |
| Mongolia | Bank of Mongolia |
| Morocco | Bank of Morocco |
| Myanmar | Central Bank of Myanmar |
| Netherlands | European Central Bank |
| New Zealand | Reserve Bank of New Zealand |
| Pakistan | State Bank of Pakistan |
| Papua New Guinea | Bank of Papua New Guinea |
| Peru | Central Reserve Bank of Peru |
| Philippines | Bangko Sentral ng Pilipinas |
| Qatar | Qatar Central Bank |
| Russia | Bank of Russia |
| Saudi Arabia | Saudi Arabian Monetary Authority |
| Seychelles | Central Bank of Seychelles |
| Singapore | Monetary Authority of Singapore |
| Slovenia | European Central Bank |
| South Africa | South African Reserve Bank |
| South Korea | Bank of Korea |
| Spain | European Central Bank |
| Sri Lanka | Central Bank of Sri Lanka |
| Sweden | The Riksbank |
| Switzerland | Swiss National Bank |
| Taiwan | Central Bank of the Rep. of China |
| Tajikistan | National Bank of Tajikistan |
| Thailand | Bank of Thailand |
| Turkey | Central Bank of Republic of Turkey |
| UAE | Central Bank of United Arab Emirates |
| UK | Bank of England |
| USA | Federal Reserve |
| Uzbekistan | Central Bank of the Rep. of Uzbekistan |
| Vietnam | State Bank of Vietnam |
To excel in competitive exams, having a good understanding of the Central Banks of different countries is essential. Therefore, candidates should be familiar with the types of questions related to these banks and their countries. Here are some sample questions often asked in the general awareness section of competitive exams:
Q.1. Which institution was recognized as the first central bank of Sweden?
Answer: d) Sveriges Riksbank
Q.2. Which of the following countries does not have a Central Bank?
Answer: b) Panama
Q.3. What is the name of the Central Bank of Antigua & Barbuda?
Answer: a) Eastern Caribbean Central Bank
Q.4. How many Federal Reserve Banks are there?
Answer: b) 12
Q.5. When was the first Central bank founded?
Answer: d) 1668
By practising such questions, candidates can enhance their preparation and boost their knowledge of central banks and their countries for the competitive exam.
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