IMF paper on cb losses in selected countries

The IMF Working Paper "Central bank losses and experiences in selected countries" April 2005 says that under normal circumstances, a central bank should be able to operate at a profit with a core level of earnings derived from seigniorage. However, losses have arisen in several central banks from a range of activities.

The paper discusses the impact of losses on central bank operations and lays out the principles and practices for handling central bank losses. It is suggested that losses should

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