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Part V Public International Law of Money, 21 The Protection of Foreign Monetary Institutions

From: Mann and Proctor on the Law of Money (8th Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 21 September 2023

Foreign currency systems and institutions — Functions and status of money — Monetary obligations — Regulators

This chapter describes the protection of foreign monetary institutions, which enjoy a particular role within a national economic system that may affect the attitude of foreign courts in their approach to cases involving such monetary institutions. Every modern State has some form of monetary institution which is responsible for the issue of its currency. They will frequently include the term ‘central bank’ or ‘monetary authority’ in their corporate titles, and their essential functions will be broadly similar. In some jurisdictions the central bank is responsible for the prudential supervision of the banking sector, while in other countries a separate agency is established for this purpose. The chapter considers the procedural immunities of such institutions, the procedural immunities of central banks established by treaty, and the position of exchange control authorities.

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