Central bank governor

Central bank governors set the monetary and regulatory policy, determine interest rates, maintain price stability, control the national money supply and issuance and foreign exchange currency rates and gold reserves. They oversee and control the banking industry.

The following job titles also refer to central bank governor:

central bank managers
central bank directors
central bank manager
national bank governors
main bank governor
central banker
central bank director
central bankers
national bank governor

Master’s degree is generally required to work as central bank governor. However, this requirement may differ in some countries.

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

• the nature of the work performed in an occupation in relation to the characteristic tasks and duties
• the level of formal education required for competent performance of the tasks and duties involved and
• the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Central bank governor is a Skill level 4 occupation.

These occupations, although different, require a lot of knowledge and skills similar to central bank governor.

business economics researcher
economic policy officer
economic development coordinator
economist
secretary of state

These occupations require some skills and knowledge of central bank governor. They also require other skills and knowledge, but at a higher ISCO skill level, meaning these occupations are accessible from a position of central bank governor with a significant experience and/or extensive training.

This knowledge should be acquired through learning to fulfill the role of central bank governor.

Government policy implementation: The procedures related to the application of government policies at all levels of public administration.
Government policy: The political activities, plans, and intentions of a government for a legislative session for concrete causes.
Liquidity management: The theory and practices around the management of liquidity in a company with the aim of facilitating meeting obligations with thirds parties without compromising the smooth functioning of the company nor incurring in substantial losses.
Accounting techniques: The techniques of recording and summarising business and financial transactions and analysing, verifying, and reporting the results.
Economics: Economic principles and practices, financial and commodity markets, banking and the analysis of financial data.
Financial markets: The financial infrastructure which permits trading securities offered by companies and individuals govern by regulatory financial frameworks.
Financial jurisdiction: Financial rules and procedures applicable to a certain location, whose regulatory bodies decide on its jurisdiction

These skills are necessary for the role of central bank governor.

Apply conflict management: Take ownership of the handling of all complaints and disputes showing empathy and understanding to achieve resolution. To be fully aware of all Social Responsibility protocols and procedures, and to be able to deal with a problem gambling situation in a professional manner with maturity and empathy.
Analyse market financial trends: Monitor and forecast the tendencies of a financial market to move in a particular direction over time.
Create a financial plan: Develop a financial plan according to financial and client regulations, including an investor profile, financial advice, and negotiation and transaction plans.
Analyse economic trends: Analyse developments in national or international trade, business relations, banking, and developments in public finance and how these factors interact with one another in a given economic context.
Monitor credit institutes: Perform bank supervision and control the subsidiaries’ activities, for example credit operations and cash reserve ratio.
Develop an organisational structure: Create and develop the organisational structure of a group of people working together to realise the goals of the organisation.
Determine monetary policy actions: Identify the actions concerning the financial policy of a country to maintain price stability and controlling the money supply such as changing the interest or inflation rate.
Manage securities trading: Administer and control the sale and purchase of tradable financial products such as equity and debt securities.
Monitor national economy: Supervise the economy of a country and their financial institutions such as banks and other credit institutions.
Forecast economic trends: Gather and analyse economic data in order to predict economic trends and events.

This knowledge is sometimes, but not always, required for the role of central bank governor. However, mastering this knowledge allows you to have more opportunities for career development.

International trade: The economic practise and study field that address the exchange of goods and services across geographic borders. The general theories and schools of thought around the implications of international trade in terms of exports, imports, competitivity, GDP, and role of multinational companies.
Government representation: The legal and public representation methods and procedures of the government during trial cases or for communication purposes, and the specific aspects of the governmental bodies being represented in order to ensure accurate representation.
Foreign valuta: The currencies of different countries such as the euro, dollar or yen including their exchange rate and the methods of currency conversion.
Legislation procedure: The procedures involved in the making of laws and legislation, such as which organisations and individuals are involved, the process of how bills become laws, the proposal and reviewing process, and other steps in the legislation procedure.
Public finance: The economic influence of the government, and the workings of government revenue and expenditures.
Financial forecasting: The tool used in performing fiscal financial management to identify revenue trends and estimated financial conditions.
Securities: The financial instruments traded in financial markets representing both the right of property over the owner and at the same time, the obligation of payment over the issuer. The aim of securities which is raising capital and hedging risk in financial markets.
Statistics: The study of statistical theory, methods and practices such as collection, organisation, analysis, interpretation and presentation of data. It deals with all aspects of data including the planning of data collection in terms of the design of surveys and experiments in order to forecast and plan work-related activities.
Financial analysis: The process of assessing the financial possibilities, means, and status of an organisation or individual by analysing financial statements and reports in order to make well informed business or financial decisions.
International law: The binding rules and regulations in the relations between states and nations, and legal systems dealing with countries rather than private citizens.
Constitutional law: The regulations dealing with the fundamental principles or established precedents which govern a state or organisation.
Commercial law: The legal regulations that govern a specific commercial activity.

These skills and competences are sometimes, but not always, required for the role of central bank governor. However, mastering these skills and competences allows you to have more opportunities for career development.

Perform currency reserve management: Administer the bank’s gold and currency holdings which are used as a way to settle international debts or to influence the national exchange rate.
Perform financial market business: Perform or monitor business operations on the money market and on the capital market such as the lending or receiving of deposits, swap transactions or short selling.
Manage staff: Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
Advise on economic development: Advise organisations and institutions on the factors and steps they could take which would promote and ensure economic stability and growth.
Provide cost benefit analysis reports: Prepare, compile and communicate reports with broken down cost analysis on the proposal and budget plans of the company. Analyse the financial or social costs and benefits of a project or investment in advance over a given period of time.
Develop financial statistics reports: Create financial and statistical reports based on collected data which are to be presented to managing bodies of an organisation.
Perform public relations: Perform public relations (PR) by managing the spread of information between an individual or an organisation and the public.
Resolve banking issues: Contribute to the discussions and debates, and propose solutions for problems related to banking law, bank supervision, international financial transactions, etc.
Conduct financial audits: Evaluate and monitor the financial health, the operations and financial movements expressed in the financial statements of the company. Revise the financial records to ensure stewardship and governability.
Monitor stock market: Observe and analyse the stock market and its trends on a daily basis to gather up-to-date information in order to develop investment strategies.
Monitor banking sector development: Observe changes in the national and international banking industry such as the introduction of new laws, innovative trends and products, or the level of cooperation between banks.
Advise on legislative acts: Advise officials in a legislature on the propositioning of new bills and the consideration of items of legislation.
Build business relationships: Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.
Manage government policy implementation: Manage the operations of the implementation of new government policies or changes in existing policies on a national or regional level as well as the staff involved in the implementation procedure.

1112 – Senior government officials

 

 

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References

1. Central bank governor – ESCO