Department of Finance

The Department consists of two (2) Divisions namely; Accounts Division; and Budget and Procurement Division.

a) Accounts Division

The Division is charged with the responsibility of providing financial information for the Bank. In terms of the CBL act 2000, the Division seeks to continually develop and maintain a sound accounting system for the Bank within the framework of the evolving International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS). The key objective of the Division is to develop and maintain a sound accounting system from which reliable financial statements can be produced from time to time. In order to implement these objectives, the two sections have identified the following core functions as key performance areas:

The key functions of the Division are:

  • To collect, analyse, summarise and post accounting data to the general ledger on a daily basis;
  • To match purchase orders to suppliers’ invoices and process payments appropriately; Ensure reasonableness of accounts in the general ledger; Maintain the Fixed Assets Register (FAR);
  • To support the process of acquisitions, depreciation, tax depreciation and disposal of fixed assets;
  • To process staff monthly payroll in accordance with instructions from Human Resources Department;
  • To act as issuers of cheque books and commemorative coins;
  • To maintain proper books of accounts and prepare monthly, quarterly and annual financial statements;
  • To prepare, every year end, the final accounts of the Bank as required by the CBL Act 2000 and coordinate the work of the external auditors in the auditing of the Bank’s accounts;
  • To assess and mitigate risks, and ensure that risk registers are kept up to date;
  • To give guidance and / or assistance to other divisions in relation to financial accounting issues; and
  • To address specific challenges including reporting that is compliant with IFRS and IAS, Innovation and Modernisation, integration of financial systems, and review of Departmental structure in line with the approved Enterprise Resource Programme (ERP) and Effective usage of technology systems in all areas within the Division.

 

b) Budget and Procurement Division

The Key functions of the Section include the following:

  • To coordinate and compile the divisional budgets of the Bank by issuing budget instructions;
  • To classify data from division’s proposals and conduct interviews;
  • To consolidate and submit budget proposals to the Budget Committee;
  • To ensure that the IDU System is updated with the approved budget;
  • To monitor the implementation of the approved budget versus the availability of funds;
  • To ensure that items are charged to appropriate account code centers;
  • To produce monthly management reports, variance analysis that highlights areas of concern and recommendation; and
  • To produce analytical reports and forecasts that will assist Management to make informed decisions.

Financial Indicators

21 September 2021

Loti / US Dollar       14.8438
Loti / Euro 17.4229
Loti / Pound 20.2833
Loti / SDR                                       21.0598
 

Monthly Inflation (%) 2020 to 2021

 

Net International Reserves

RESEARCH & SUPERVISION DATA