Republic of the Marshall Islands: Technical Assistance Report-Operationalizing A New Monetary Authority

Technical Assistance Reports, June 10, 2026

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Canonical URL: Republic of the Marshall Islands: Technical Assistance Report-Operationalizing A New Monetary Authority

IMF technical assistance provided at the request of the authorities of the Republic of the Marshall Islands (RMI) to advise on key steps to operationalize the recently established Marshall Islands Monetary Authority (MIMA).
Core recommendations:
- Establish core central banking functions, including an integrated payments and clearing system.
- Establish core banking operations.
- Embed an organizational structure supported by robust governance, risk management, and internal control frameworks.
Organizational approach:
- Emphasize a phased approach to organizational development to align capacity with the scale and complexity of the RMI financial sector.
- Prioritize recruitment and capacity building to establish the MIMA’s core functions and support roles during its start-up phase.

Payments and clearing:
- The mission recommends establishing an integrated payments and clearing system as a core central banking function.
Core banking operations:
- The mission recommends establishing core banking operations consistent with central bank responsibilities.
Governance, risk, and controls:
- Embed an organizational structure supported by robust governance, risk management, and internal control frameworks.
Phased organizational development:
- Adopt a phased approach to development to ensure alignment between institutional capacity and financial sector complexity.
Human resources and capacity building:
- Prioritize recruitment and capacity building during MIMA’s start-up to ensure core functions and support roles are staffed and operational.

Subject: Auditing, External audit, Financial markets, Internal audit, Internal controls, Payment systems, Public financial management (PFM), Revenue administration
Keywords: accounting and financial management, Auditing, Board Oversight, central banking, External audit, Global, governance, Imf publication, Internal audit, internal controls, Marshall Islands Monetary Authority, organizational structure, payment system oversight, Payment systems, payments, risk management, risk management and compliance., staff of the International Monetary Fund