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Retail payment systems play an important role in the smooth functioning of any economy, and thus any inefficiency in the retail payments market can send negative effects cascading throughout the financial realm. The World Bank Global Payment Systems Survey 2010 has shown that inefficiencies persist in the payment systems of many middle-income and low-income countries, with cash continuing to be the most widely used instrument for small-value payments. A number of issues are responsible for this pattern, and the lack of a coherent, holistic strategy for the development of retail payment systems is among the most common. The lessons learned during more than a decade of World Bank Group technical assistance, along with the research findings of other international and national agencies, have been merged into a comprehensive package for the development and reform of the national retail payments system: a) developing a comprehensive national retail payments strategy aims to provide public authorities and market participants with detailed guidance on how to develop and implement a comprehensive, strategic retail payments reform ; b) a practical guide for retail payments stocktaking identifies a methodology for undertaking a detailed stocktaking of a countrys retail payments landscape; c) from remittances to m-payments: Understanding alternative means of payment within the common framework of retail payments system regulation explores the development of a normative framework to underpin an efficient retail payments industry, including the so-called innovative payment mechanisms; and d) innovations in retail payments worldwide: a snapshot: outcomes of the global survey on innovations in retail payments instruments and methods 2010 presents the results of the first World Bank survey among central banks that collected information on innovative retail payment products and programs.

This assessment forms part of the joint International Monetary Fund (IMF) World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment, which covers the private sector equity and corporate bonds securities system's observance of the Committee on Payment and Settlement Systems / International Organization of Securities Commissions (CPSS/IOSCO) recommendations for securities settlement systems, was conducted during an ad hoc mission. The assessment focuses on two types of trades. First the clearing and settlement process is assessed as regards equity transactions traded on the stock exchange Indonesian Stock Exchange (IDX), cleared through the Clearing and Guarantee Corporation (KPEI) clearing system (e-CLEARS) and settled through the Central Securities Depository for the Stock Exchange securities (KSEI) settlement system (C-BEST). In addition, the assessment focuses on corporate bond transactions, which are traded outside the exchange and settled through the KSEI settlement system (C-BEST).

Payment systems are a core part of all financial systems. The quality of payment systems determines the stability of the overall economy, the efficiency and reliability of financial intermediation, and the possibility for the private sector to innovate and provide new services to consumers. This technical note presents the results of the assessment of payments, remittances, and securities settlement processes in El Salvador, based on international standards and best practices. It includes several observations for the improvement of the National Payments System (NPS) in El Salvador. This note takes into account the peculiarities of the jurisdiction of El Salvador: namely, the relatively small size of the financial system and the dollarized nature of the economy. The central bank and other institutions are already planning appropriate actions on many of the issues discussed. In some cases, however, the team identified additional elements, which are discussed in this note.

This assessment forms part of the joint International Monetary Fund (IMF) and World Bank Indonesia Financial Sector Assessment Program (FSAP) which is being undertaken during 2009-2010. The assessment which covers the Bank Indonesia's real time gross settlement (BI-RTGS) system's observance of the Committee on Payment and Settlement Systems (CPSS) Core Principles for Systemically Important Payment Systems (SIPS) and the Central Bank's Responsibilities in applying the Core Principles was conducted during the first mission. The assessment which was conducted with the cooperation of the Bank Indonesia and other key players in the payment systems area was undertaken by Alice Zanza, Senior Payment Systems Specialist, World Bank with the assistance of Bruce Summers, Senior Payment Systems Advisor, World Bank. Although there are several systems in operation in Indonesia, BI considers the Bank Indonesia Real Time Gross Settlement (BI-RTGS) system to be the only systemically important payment system in the country. BI-RTGS is owned by BI and operated by the Payment Systems Department in the Directorate of Accounting and Payment Systems. To date, the assessment team does not have any information to expand the scope of systemically important payment systems in Indonesia and has conducted the assessment of the RTGS system, as the sole SIPS in the country.

The Serbian insurance sector remains small and underdeveloped. Over the last three years, the market experienced very little growth in real terms mainly due to weak economic growth, premium payment difficulties in the industrial sector, which forced many corporate policyholders to cancel their insurance, and fierce price competition among the growing number of players. With consumption of 76 Pounds and 10 Pounds per capita for non-life and life insurance, respectively, Serbia lags behind most of its neighbors in Southeastern and Central Europe. In 2009 the industry accounted for only 4.6 percent of total assets and 5.6 percent of total capital in the Serbian financial sector. Although in 2008 the total gross premium written (GPW) for both life and non-life was SRD 52.2 billion (dinars), representing a 5.3 percent annual inflation-adjusted increase over the previous year, in 2009 the sector is likely to experience an 8 percent contraction due to the impact of the economic crisis.

This assessment of the payment systems in Thailand was undertaken in the context of the International Monetary Fund (IMF) and the World Bank Financial Sector Assessment Program (FSAP) exercise for Thailand in January 2007. It covers the Bank of Thailand Automated High-value Transfer Network (BAHTNET), which is a real time gross settlement (RTGS) system. The Bank of Thailand (BOT) conducted a comprehensive self-assessment of BAHTNET observance of the Core Principles for Systemically Important Payment Systems (CPSIPS). It was professionally done and was made available to the mission in advance. The Thai authorities were fully cooperative and all relevant documentation to fulfill the assessment of BAHTNET was provided on time and without difficulties. The logistical support and warm hospitality of the officials of the BOT are greatly appreciated.

Securities settlement systems should have a well-founded, clear and transparent legal basis in the relevant jurisdiction. The laws, regulations, rules and procedures governing the operations and activities of Thailand Securities Depositories (TSD) are public and accessible to participants. In particular, participants receive comprehensive documentation covering the rules, requirements, procedures and instructions of TSD. This documentation is available on request and is accessible on the TSD website. The public authorities' regulations are also available to the general public on the websites of the Ministry of Commerce (MoC), the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT). It is recommended to implement adequate legal measures that ensure the netting arrangement is legally protected even in the event of the insolvency of a participant.

Letter concerning a position in horticulture and botany at Utah Agricultural College, copies given to J. C. Blair, J. L. Snyder, and L. H. Bailey.