title: Monetary authority
text: # Monetary authority
  
  In finance and economics, a monetary authority is the entity that manages a country’s currency and money supply, often with the objective of controlling inflation, interest rates, real GDP or unemployment rate. With its monetary tools, a monetary authority is able to effectively influence the development of short-term interest rates, but can also influence other parameters which control the cost and availability of money.
  
  Generally, a monetary authority is a central bank or currency board. Most central banks have a certain degree of independence from the government and its political targets and decisions. But depending on the political set-up, governments can have as much as a de facto control over monetary policy if they are allowed to influence or control their central bank. A currency board may restrict the supply of currency to the amount of another currency. In some cases there may be free banking where a broad range of entities (such as banks) can issue notes or coin.
  
  Commonly, there is one monetary authority for one country with its currency. However, there are also other arrangements in place, such as in the case of the eurozone where the so-called Eurosystem, consisting of the European Central Bank and the 19 European Union member states that have adopted the euro as their sole official currency, is the sole monetary authority. Some countries do not have a central bank or other monetary authority, such as Panama.
  
  ## Dissent
  
  Issues like central bank independence, effects or efficacy of central bank policies and rhetoric in central bank governors discourse or the premises of macroeconomic policies (monetary and fiscal policy) of the state are a focus of contention and criticism among policymakers, researchers and specialized business, economics and finance media.
  
  ## Americas
  
  * Bank of Canada
  * Bermuda Monetary Authority
  * Cayman Islands Monetary Authority
  * Central Bank of Barbados
  * Eastern Caribbean Central Bank
  * Federal Reserve System (United States)
  
  ## Asia
  
  * Central Bank of Sri Lanka
  * Hong Kong Monetary Authority
  * Maldives Monetary Authority
  * Monetary Authority of Brunei Darussalam
  * Monetary Authority of Singapore
  * Royal Monetary Authority of Bhutan
  * Palestine Monetary Authority
  * Monetary Authority of Macao
  * Nepal Rastra Bank
  * Reserve Bank of India
  * State Bank of Pakistan
  * Bangko Sentral ng Pilipinas
  
  ## Europe
  
  * Bank of England
  * European Central Bank
  * Hungarian National Bank
  * Bank of Latvia
  
  ## Oceania
  
  * Reserve Bank of Australia
  * Reserve Bank of Fiji
  * Reserve Bank of New Zealand
  