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List of Central Banks



SL Country Name of the Bank
1 Afghanistan Afghanistan Bank
2 Albania Bank of Albania
3 Algeria Banque d’Algérie
4 Angola Banco Nacional de Angola
5 Argentina Banco Central de la Republica Argentina
6 Armenia Central Bank of the Republic of Armenia
7 Aruba Centrale Bank van Aruba
8 Australia Reserve Bank of Australia
9 Austria Oesterreichische Nationalbank
10 Azerbaijan Central Bank of Azerbaijan Republic
11 Bahamas Central Bank of the Bahamas
12 Bahrain Central Bank of Bahrain
13 Bangladesh Bangladesh Bank
14 Barbados Central Bank of Barbados
15 Belarus National Bank of the Republic of Belarus
16 Belgium Banque Nationale de Belgique
17 Belize Central Bank of Belize
18 Bermuda Bermuda Monetary Authority
19 Bhutan Royal Monetary Authority of Bhutan
20 Bolivia Banco Central de Bolivia
21 Bosnia Herzegovina Centralna banka Bosne i Hercegovine
22 Botswana Bank of Botswana
23 Brazil Banco Central do Brasil
24 Bulgaria Bulgarska Narodna Banka
25 Burundi Banque de la République du Burundi
26 Cambodia National Bank of Cambodia
27 Cameroon Banque des États de l’Afrique Centrale
28 Canada Bank of Canada
29 Cape Verde Islands Banco de Cabo Verde
30 Cayman Islands Cayman Islands Monetary Authority
31 Chile Banco Central de Chile
32 China People’s Bank of China
33 Colombia Banco de la República
34 Comoros Banque Centrale des Comores
35 Congo (Democratic Republic of) Banque Centrale du Congo
36 Costa Rica Banco Central de Costa Rica
37 Croatia Hrvatska narodna banka
38 Cuba Banco Central de Cuba
39 Curacao Centrale Bank van Curaçao en Sint Maarten
40 Cyprus Central Bank of Cyprus
41 Czech Republic Ceská národní banka
42 Denmark Danmarks Nationalbank
43 Djibouti Central Bank of Djibouti
44 Dominican Republic Banco Central de la Republica Dominicana
45 Ecuador Banco Central del Ecuador
46 Egypt Central Bank of Egypt
47 El Salvador Banco Central de Reserva de El Salvador
48 Eritrea Bank of Eritrea
49 Estonia Bank of Estonia
50 Ethiopia National Bank of Ethiopia
51 Fiji Reserve Bank of Fiji
52 Finland Suomen Pankki-Finlands Bank
53 France Banque de France
54 Gambia Central Bank of the Gambia
55 Georgia National Bank of Georgia
56 Germany European Central Bank
57 Germany Deutsche Bundesbank
58 Ghana Bank of Ghana
59 Greece Bank of Greece
60 Guatemala Banco de Guatemala
61 Guinea Banque Centrale de la République de Guinée
62 Guyana Bank of Guyana
63 Haiti Banque de la République d’Haiti
64 Honduras Banco Central de Honduras
65 Hungary Magyar Nemzeti Bank
66 Iceland Sedlabanki Islands
67 India Reserve Bank of India
68 Indonesia Bank Indonesia
69 Iran Bank Markazi Jomhouri Islami Iran
70 Iraq Central Bank of Iraq
71 Ireland Central Bank of Ireland
72 Israel Bank of Israel
73 Italy Banca d’Italia
74 Jamaica Bank of Jamaica
75 Japan Bank of Japan
76 Jordan Central Bank of Jordan
77 Kazakhstan National Bank of Kazakhstan
78 Kenya Central Bank of Kenya
79 Korea (Democratic People’s Republic of) Central Bank of the Democratic People’s Republic of Korea
80 Korea (Republic of) Bank of Korea
81 Kuwait Central Bank of Kuwait
82 Kyrgyzstan National Bank of the Kyrgyz Republic
83 Laos Bank of the Lao PDR
84 Latvia Latvijas Banka
85 Lebanon Banque du Liban
86 Lesotho Central Bank of Lesotho
87 Liberia Central Bank of Liberia
88 Libya Central Bank of Libya
89 Lithuania Bank of Lithuania
90 Luxembourg Banque centrale du Luxembourg
91 Macau Autoridade Monetária de Macau
92 Macedonia National Bank of the Republic of Macedonia
93 Madagascar Banque Centrale de Madagascar
94 Malawi Reserve Bank of Malawi
95 Malaysia Bank Negara Malaysia
96 Maldives Maldives Monetary Authority
97 Malta Central Bank of Malta
98 Mauritania Banque Centrale de Mauritanie
99 Mauritius Bank of Mauritius
100 Mexico Banco de México
101 Moldova National Bank of Moldova
102 Mongolia Bank of Mongolia
103 Montenegro Central Bank of Montenegro
104 Morocco Bank Al-Maghrib
105 Mozambique Banco de Moçambique
106 Myanmar Central Bank of Myanmar
107 Namibia Bank of Namibia
108 Nepal Nepal Rastra Bank
109 Netherlands Nederlandsche Bank
110 New Zealand Reserve Bank of New Zealand
111 Nicaragua Banco Central de Nicaragua
112 Nigeria Central Bank of Nigeria
113 Norway Norges Bank
114 Oman Central Bank of Oman
115 Pakistan State Bank of Pakistan
116 Palestinian Territory, Occupied Palestine Monetary Authority
117 Panama Banco Nacional de Panama
118 Papua New Guinea Bank of Papua New Guinea
119 Paraguay Banco Central del Paraguay
120 Peru Banco Central de Reserva del Perú
121 Philippines Bangko Sentral ng Pilipinas
122 Poland Narodowy Bank Polski
123 Portugal Banco de Portugal
124 Qatar Qatar Central Bank
125 Romania Banca Nationala a României
126 Russian Federation Central Bank of the Russian Federation
127 Rwanda Banque Nationale du Rwanda
128 Saint Kitts and Nevis Eastern Caribbean Central Bank
129 Samoa Central Bank of Samoa
130 San Marino Banca Centrale della Repubblica di San Marino
131 Sao Tome and Principe Banco Central de São Tomé e Príncipe
132 Saudi Arabia Saudi Arabian Monetary Agency
133 Senegal Banque Centrale des Etats de l’Afrique de l’Ouest
134 Serbia National Bank of Serbia
135 Seychelles Central Bank of Seychelles
136 Sierra Leone Bank of Sierra Leone
137 Singapore Monetary Authority of Singapore
138 Slovakia Národná Banka Slovenska
139 Slovenia Banka Slovenije
140 Solomon Islands Central Bank of Solomon Islands
141 Somali Republic Central Bank of Somalia
142 South Africa South African Reserve Bank
143 South Sudan Bank of Southern Sudan
144 Spain Banco de España
145 Sri Lanka Central Bank of Sri Lanka
146 Sudan Central Bank of Sudan
147 Suriname Centrale Bank van Suriname
148 Swaziland Central Bank of Swaziland
149 Sweden Sveriges Riksbank
150 Switzerland Swiss National Bank
151 Syria Central Bank of Syria
152 Taiwan Central Bank of the Republic of China (Taiwan)
153 Tajikistan National Bank of Tajikistan
154 Tanzania Bank of Tanzania
155 Thailand Bank of Thailand
156 Timor Leste Banking & Payments Authority of Timor-Leste
157 Tonga National Reserve Bank of Tonga
158 Trinidad Tobago Central Bank of Trinidad and Tobago
159 Tunisia Banque Centrale de Tunisie
160 Turkey Central Bank of the Republic of Turkey
161 Turkmenistan Central Bank of Turkmenistan
162 Tuvalu National Bank of Tuvalu
163 Uganda Bank of Uganda
164 Ukraine National Bank of Ukraine
165 United Arab Emirates Central Bank of the United Arab Emirates
166 United Kingdom Bank of England
167 United States of America Federal Reserve System
168 Uruguay Banco Central del Uruguay
169 Uzbekistan Central Bank of the Republic of Uzbekistan
170 Vanuatu Reserve Bank of Vanuatu
171 Venezuela Banco Central de Venezuela
172 Vietnam State Bank of Vietnam
173 Yemen Central Bank of Yemen
174 Zambia Bank of Zambia
175 Zimbabwe Reserve Bank of Zimbabwe


How has the online trading landscape changed in 2020?



How has the online trading landscape changed in 2020? 1

By Dáire Ferguson, CEO, AvaTrade 

This year has been all about change following the outbreak of coronavirus and the subsequent global economic downturn which has impacted nearly every aspect of personal and business life. The online trading world has been no exception to this change as volatility in the financial markets has soared.

Although the global markets have been on a rollercoaster for some time with various geopolitical tensions, the market swings that we have witnessed since March have undoubtedly been unlike anything seen before. While these are indeed challenging times, for the online trading community, the increased volatility has proven tempting for those looking to profit handsomely.

However, with the opportunity to make greater profits also comes the possibility to make a loss, so how has 2020 changed the online trading landscape and how can retail investors stay safe?

Lockdown boost

Interest rates offered by banks and other traditional forms of consumer investments have been uninspiring for some time, but with the current economic frailty, the Bank of England cut interest rates to an all-time low. This has left many people in search of more exciting and rewarding ways to grow their savings which is indeed something online trading can provide.

When the pandemic hit earlier this year, it was widely reported that user numbers for online trading rocketed due to disappointing savings rates but also because the enforced lockdown gave more people the time to learn a new skill and educate themselves on online trading.

Dáire Ferguson

Dáire Ferguson

A volatile market certainly offers great scope for profit and new sources of revenue for those that are savvy enough to put their convictions to the test. However, where people stand the chance to profit greatly from market volatility, there is also the possibility to make a loss, particularly for those that are new to online trading or who are still developing their understanding of the market.

The sharp rise in online trading over lockdown paired with this year’s unpredictable global economy has led to some financial losses, but with a number of risk management tools now available this does not necessarily have to be the case.

Protect your assets

Although not yet widely available across the retail market, risk management tools are slowly becoming more prevalent and being offered by online traders as an extra layer of security for those seeking to trade in riskier climates.

There are a range of options available for traders, but amongst the common tools are “take profit” orders in conjunction with “stop loss” orders. A take profit order is a type of limit order that specifies the exact price for traders to close out an open position for a profit, and if the price of the security does not reach the limit price, the take profit order will not be fulfilled. A stop loss order can limit the trader’s loss on a security position by buying or selling a stock when it reaches a certain price.

Take profit and stop loss orders are good for mitigating risk, but for those that are new to the game or who would prefer extra support, there are even some risk management tools, such as AvaProtect, that provide total protection against loss for a defined period. This means that if the market moves in the wrong direction than originally anticipated, traders can recoup their losses, minus the cost of taking out the protection.

Not a day has gone by this year without the news prompting a change in the financial markets. Until a cure for the coronavirus is discovered, we are unlikely to return to ‘normal’ and the global markets will continue to remain highly volatile. In addition, later this year we will witness one of the most critical US presidential elections in history and the UK’s transition period for Brexit will come to an end. The outcome of these events may well trigger further volatility.

Of course, this may also encourage more people to dip their toes into online trading for a chance to profit. As more people take an interest and sign up to online trading platforms, providers will certainly look to increase or improve the risk management tools on offer to try and keep new users on board, and this could spell a new era for the online trading world.

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Trading Strategies



Trading Strategies 2

By Paddy Osborn, Academic Dean, London Academy of Trading

Whether you’re negotiating a business deal, playing a sport or trading financial markets, it’s vital that you have a plan. Top golfers will have a strategy to get around the course in the fewest number of shots possible, and without this plan, their score will undoubtedly be worse. It’s the same with trading. You can’t just open a trading account and trade off hunches and hopes. You need to create a structured and robust plan of attack. This will not only improve your profitability, but will also significantly reduce your stress levels during the decision-making process.

In my opinion, there are four stages to any trading strategy.

S – Set-up

T – Trigger

E – Execution

M – Management

Good trading performance STEMs from a structured trading process, so you should have one or more specific rules for each stage of this process.

Before executing any trades, you need to decide on your criteria for making your trading decisions. Should you base your trades off fundamental analysis, or maybe political news or macroeconomic data? If so, then you need to understand these subjects and how markets react to specific news events.

Alternatively, of course, there’s technical analysis, whereby you base your decisions off charts and previous price action, but again, you need a set of specific rules to enable you to trade with a consistent strategy. Many traders combine both fundamental and technical analysis to initiate their positions, which, I believe, has merit.


What needs to happen for you to say “Ah, this looks interesting! Here’s a potential trade.”? It may be a news event, a major macro data announcement (such as interest rates, employment data or inflation), or a chart level breakout. The key ingredient throughout is to fix specific and measurable rules (not rough guidelines that can be over-ridden on a whim with an emotional decision). For me, I may take a view on the potential direction of an asset (i.e. whether to be long or short) through fundamental analysis, but the actual execution of the trade is always technical, based off a very specific set of rules.

To take a simple example, let’s assume an asset has been trending higher, but has stopped at a certain price, let’s say 150. The chart is telling us that, although buyers are in long-term control, sellers are dominant at 150, willing to sell each time the price touches this level. However, the uptrend may still be in place, since each time the price pulls back from the 150 level, the selling is weaker and the price makes a higher short-term low. This clearly suggests that upward pressure remains, and there’s potential to profit from the uptrend if the price breaks higher.


Once you’ve found a potential new trade set-up, the next step is to decide when to pull the trigger on the trade. However, there are two steps to this process… finger on trigger, then pull the trigger to execute.

Paddy Osborn

Paddy Osborn

Continuing the example above, the trigger would be to buy if the price breaks above the resistance level at 150. This would indicate that the sellers at 150 have been exhausted, and the buyers have re-established control of the uptrend.  Also, it is often the case that after pause in a trend such as this, the pent-up buying returns and the price surges higher. So the trigger for this trade is a breakout above 150.


We have a finger on the trigger, but now we need to decide when to squeeze it. What if the price touches 150.10 for 10 seconds only? Has our resistance level broken sufficiently to execute the trade? I’d say not, so you need to set rules to define exactly how far the price needs to break above 150 – or for how long it needs to stay above 150 – for you to execute the trade. You’re basically looking for sufficient evidence that the uptrend is continuing. Of course, the higher the price goes (or the longer it stays above 150), the more confident you can be that the breakout is valid, but the higher price you will need to pay. There’s no perfect solution to this decision, and it depends on many things, such as the amount of other supporting evidence that you have, your levels of aggression, and so on. The critical point here is to fix a set of specific rules and stick to those rules every time.


Good trade management can save a bad trade, while poor trade management can turn an excellent trade entry into a loser. I could talk for days about in-trade management, since there are many different methods you can use, but the essential ingredient for every trade is a stop loss. This is an order to exit your position for a loss if the market doesn’t perform as expected. By setting a stop loss, you can fix your maximum risk on a trade, which is essential to preserving your capital and managing your overall risk limits. Some traders set their stop loss and target levels and let the trade run to its conclusion, while others manage their trades more actively, trailing stop losses, taking interim profits, or even adding to winning positions. No matter how you decide to manage each trade, it must be the same every time, following a structured and robust process.


The final step in the process is to review every trade to see if you can learn anything, particularly from your losing trades. Are you sticking to your trading rules? Could you have done better? Should you have done the trade in the first place? Only by doing these reviews will you discover any patterns of errors in your trading, and hence be able to put them right. In this way, it’s possible to monitor the success of your strategy. If your trades are random and emotional, with lots of manual intervention, then there’s no fixed process for you to review. You also need to be honest with yourself, and face up to your bad decisions in order to learn from them.

In this way, using a structured and robust trading strategy, you’ll be able to develop your trading skills – and your profits – without the stress of a more random approach.

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Economic recovery likely to prove a ‘stuttering’ affair



Economic recovery likely to prove a ‘stuttering’ affair 3

By Rupert Thompson, Chief Investment Officer at Kingswood

Equity markets continued their upward trend last week, with global equities gaining 1.2% in local currency terms. Beneath the surface, however, the recovery has been a choppy affair of late. China and the technology sector, the big outperformers year-to-date, retreated last week whereas the UK and Europe, the laggards so far this year, led the gains.

As for US equities, they have re-tested, but so far failed to break above, their post-Covid high in early June and their end-2019 level. The recent choppiness of markets is not that surprising given they are being buffeted by a whole series of conflicting forces.

Developments regarding Covid-19 as ever remain absolutely critical and it is a mixture of bad and good news at the moment. There have been reports of encouraging early trial results for a new treatment and potential vaccine but infection rates continue to climb in the US. Reopening has now been halted or reversed in states accounting for 80% of the population.

We are a long way away from a complete lockdown being re-imposed and these moves are not expected to throw the economy back into reverse. But they do emphasise that the economic recovery, not only in the US but also elsewhere, is likely to prove a ‘stuttering’ affair.

Indeed, the May GDP numbers in the UK undid some of the optimism which had been building recently. Rather than bouncing 5% m/m in May as had been expected, GDP rose a more meagre 1.8% and remains a massive 24.5% below its pre-Covid level in February.

Even in China, where the recovery is now well underway, there is room for some caution. GDP rose a larger than expected 11.5% q/q in the second quarter and regained all of its decline the previous quarter. However, the bounce back is being led by manufacturing and public sector investment, and the recovery in retail sales is proving much more hesitant.

China is not just a focus of attention at the moment because its economy is leading the global upturn but because of the increasing tensions with Hong Kong, the US and UK. UK telecoms companies have now been banned from using Huawei’s 5G equipment in the future and the US is talking of imposing restrictions on Tik Tok, the Chinese social media platform. While this escalation is not as yet a major problem, it is a potential source of market volatility and another, albeit as yet relatively small, unwelcome drag on the global economy.

Government support will be critical over coming months and longer if the global recovery is to be sustained. This week will be crucial in this respect for Europe and the US. The EU, at the time of writing, is still engaged in a marathon four-day summit, trying to reach an agreement on an economic recovery fund.  As is almost always the case, a messy compromise will probably end up being hammered out.

An agreement will be positive but the difficulty in reaching it does highlight the underlying tensions in the EU which have far from gone away with the departure of the UK. Meanwhile in the US, the Democrats and Republicans will this week be engaged in their own battle over extending the government support schemes which would otherwise come to an end this month.

Most of these tensions and uncertainties are not going away any time soon. Markets face a choppy period over the summer and autumn with equities remaining at risk of a correction.

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