Republic of the Marshall Islands: Technical Assistance Report-Operationalizing A New Monetary Authority
Republic of the Marshall Islands: Technical Assistance Report-Operationalizing A New Monetary Authority
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Volume/Issue:
Volume 2026
Issue 048
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Banks and Banking , Finance , Public Finance , Marshall Islands Monetary Authority , governance , central banking , organizational structure , payments , internal controls , accounting and financial management , risk management and compliance , Auditing , Payment systems , Internal audit , External audit
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Summary
At the request of the authorities of the Republic of the Marshall Islands (RMI), IMF technical assistance was provided to advise on the key steps to be taken to operationalize the recently established Marshall Islands Monetary Authority. The mission recommends establishing core central banking functions, including an integrated payments and clearing system, and core banking operations, while embedding an organizational structure supported by robust governance, risk management, and internal control frameworks. A phased approach to organizational development is emphasized to align capacity with the scale and complexity of the RMI financial sector. The mission recommends prioritization of recruitment and capacity building to establish the MIMA’s core functions and support roles during its start-up phase.
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