The Financial Operations Department is responsible for implementing the single monetary policy of the Eurosystem and for managing the own reserves portfolio of the Bank of Greece and the allocated part of the foreign reserves of the European Central Bank (ECB).
Main responsibilities
- to implement the single monetary policy in accordance with the decisions of the Governing Council of the ECB and to manage banking liquidity through standard open market operations, standing facilities and reserve requirements, as well as through non-standard operations in exceptional circumstances;
- to participate in the implementation of the Eurosystem’s exchange rate policy, as well as in procedures in the context of ERM II;
- to manage the foreign reserves of the Bank of Greece and the allocated part of the foreign reserves of the ECB, through operations in international [forex] markets; and
- to monitor and analyse developments in money, foreign exchange and capital markets, in order to ensure efficient reserve management and effective interventions and to contribute to the formulation of the single monetary policy.
The Financial Operations Department comprises the following sections:
- Market Analysis and Bank of Greece Committees Support Section
- Reserves Management Section
- Financial Operations' System Management & Automation Section
- Internal Audit Section
- Monetary Policy Implementation Section
- Administrative Support, Hellenic Republic Loans Processing and IMF-related Issues Section
- Reserves Management Back up Section
- Monetary Policy Implementation Support Section