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FSVC Monthly Update – Promoting Leadership at the Bank of Albania, Study Tour to the United States for Mongolian Bankers, and More

Albania: Encouraging Leadership and Strategic Communications at the Central Bank

Representatives from the Bank of Albania’s management team ask questions to the FSVC volunteer experts during a training session. Tirana, June 13, 2018.

During the week of June 10-14, FSVC volunteer experts Ms. Monica Cross and Mr. Amol Vaidya of the Federal Reserve led and moderated training sessions for the senior and middle management of the Bank of Albania (BoA) on how to improve their leadership and management skills.

The FSVC volunteer experts shared international best practices in building key management and leadership skills, including effective internal communications, delegating responsibilities, staff motivation and talent retention.

Thanks to these training sessions, the management of the BoA is now working to strengthen its human capital development strategy, and aims to organize an annual seminar on leadership and communications for its management team.

Mongolia: Modernizing Commercial Banking Practices

Representatives from Golomt Bank during a meeting with Terrabank. Miami, May 28, 2018.

Golomt Bank in Mongolia is seeking to develop a long-term strategic plan to modernize its internal operations and business processes.

To help them, FSVC organized a five-day study tour to the United States for eight representatives from Golomt Bank. This study tour consisted of a series of meetings with six banks of various sizes in Florida and Pennsylvania, arranged with the support of the Florida Bankers Association.

During these meetings, participants were able to learn firsthand from U.S. banks best practices in clearing and settlement, bank office operations and treasury operations. This knowledge will enable Golomt Bank to develop a strategic plan that will efficiently design, implement, evaluate and manage its business procedures and processes.

Wall Street Journal Article Features FSVC’s Work in the Marshall Islands

Representatives from the Bank of the Marshall Islands with two FSVC volunteer experts during a project in December 2017.

The Wall Street Journal published an article on June 22, 2018, about the financial challenges that the Republic of the Marshall Islands (RMI) is facing, including the potential loss of access to the global financial system, and FSVC’s role in preventing it.

FSVC has been working with the Government of the RMI since 2016, to address weaknesses in its financial sector. In particular, FSVC is helping to strengthen the capacity of the Banking Commission of the RMI to supervise the anti-money laundering/combating the financing of terrorism (AML/CFT) compliance of banks.

Micro-, Small- and Medium-sized Enterprises (MSMEs) Day, June 27

The United Nations has designed June 27 as MSMEs Day and, on this occasion, FSVC reflected on its work helping to increase access to finance for MSMEs across the emerging market world.

MSMEs are critical to job creation, innovation and economic growth. Worldwide, they make up 90% of all firms, and account for 60 to 70% of total employment and 50% of GDP. FSVC is proud to have supported MSME growth in 18 countries, helping financial institutions provide more products and better services to MSMEs, and helping MSMEs themselves improve their management and financial skills to become eligible for financing.

Please find below some key statistics of our work in this area, as well as highlights of our impact in three countries: