Balance sheets
About the course
Tutors
Anjeza Beja
International Finance Corporation (IFC)
Independent consultant
Mrs. Anjeza Beja is an experienced financial sector expert currently working as an international consultant for central banks. She has undertaken a number of technical assistance or training missions for the International Monetary Fund in around 30 central banks related to IFRS implementation, policy solvency and transparency. She is also engaged as a consultant with the International Finance Corporation on a digital financial services project in the Western Balkans.
Previously, she spent 12 years at the Bank of Albania, including 5 years as Director of Payments, Accounting, and Finance, where she led the implementation of IFRS and IFRS 9 and EU Payment Services Directive 2. Prior to that, she worked in the Supervision Department in several managerial positions. She holds a PhD in Economics from University of Tirana and has a Bachelor in Finance/ Banking and a Bachelor in Law. She has also concluded a Leadership Program in Financial Inclusion from the Fletcher School at Tufts University.
Agenda
Introduction to central bank balance sheets
Role of the central bank balance sheet as the ultimate means of settlement
Types of assets and liabilities composing the balance sheet
How balance sheet structure differs across central banks
Evolution of the balance sheet
How central bank balance sheets have changed
Quantity vs price targets
Liability vs asset-driven
Effects of QE/QT on the balance sheet
Potential impact of financial innovations (CBDCs, tokenisation, etc.)
‘Solvency’ for central banks
Importance of central bank financial strength and independence
Technical insolvency vs Policy insolvency
Relationship with the treasury
Methods of recapitalization
Managing balance sheet reevaluations
Role of revaluations for central banks and how they differ from commercial entities
Realized vs unrealized revaluations
How to use and account for reevaluations