The reserve accumulation program and liquidity provision Confronted with the uncertain outcome of the financial crisis in developed countries, where difficulties in funding for emerging economies could not be ruled out, and at a time when the Chilean peso had appreciated significantly, the Central Bank of Chile deemed appropriate to strengthen its international liquidity position. To that end, in April it began an international reserve accumulation program. In recent weeks, particularly after the downfall of Lehmann Brothers in September, signs of more severely constrained international financial markets and tight foreign currency liquidity conditions began to surface. Chile was no exception. Accordingly, on September 29, the Board of the Central Bank of Chile decided to terminate the reserve accumulation program. During its application, 5.75 billion dollars were acquired, amounting to 70% of the initially announced plan, which is the equivalent to an increase of 30% in international liquidity over the level of end of March 2008. In addition, and to reduce tensions in foreign exchange market liquidity, the Bank has auctioned off one billion US dollars under the foreign currency swap modality where offers are made in terms of libor plus a premium. At first, this program considers two more auctions for a combined total amount of one billion US dollars. To sterilize the monetary effects of these operations and prevent effects on peso liquidity, Repo window operations are being offered at the monetary policy rate at 28 days. In this aspect, it is necessary to contextualize the Chilean banking sector foreign indebtedness, especially the short-run component.

Dimitar Bogov: Republic of Macedonia – celebrating monetary independence Opening address by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the gala event on the occasion of the 20th anniversary of the monetary independence of the Republic of Macedonia, Skopje, 26 April 2012. *  *  *  Honorable President of the Parliament of the Republic of Macedonia, Honorable fellow Governors of central banks, Distinguished guests, ladies and gentlemen, Let me wish you all a very warm welcome and thank you for accepting our invitation to attend this gala event on the occasion of our landmark anniversary – twenty years of the monetary independence of the Republic of Macedonia. On this day, April 26, we recall the numerous challenges that we faced, the numerous difficulties we have gone through in the past twenty years exactly. On this day, we are reminded that the beginnings were not easy and that those beginnings emerged in a period of, I can say without false exaggeration, huge enthusiasm of all individuals involved in creating our own independent state with all attributes that this state should have. In this reminiscence of the persons who were involved in the monetary independence, I especially feel the need to point out the name of the first Prime Minister of the independent Republic of Macedonia, the academician Nikola Kljusev, who played one of the leading roles not only for the monetary independence, but also for many other decisions of that time, important for the completion of statehood.