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A ministry of finance is a ministry or other government agency in charge of government finance, fiscal policy, and financial regulation. It is headed by a finance minister, an executive or cabinet position .
A ministry of finance's portfolio has a large variety of names around the world, such as "treasury", "finance", "financial affairs", "economy" or "economic affairs". The position of the finance minister might be named for this portfolio, but it may also have some other name, like "Treasurer" or, in the United Kingdom, "Chancellor of the Exchequer".
The duties of a finance minister differ between countries. Typically, they encompass one or more of government finances, economic policy and/or financial regulation, but there are significant differences between countries:
- in some countries the finance minister might also have oversight of monetary policy (while in other countries that is the responsibility of an independent central bank);
- in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal policy or budget formation;
- in many countries there is a separate portfolio for general economic policy in the form of a ministry of "economic affairs" or "national economy" or "commerce";
- in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.
Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal policy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.
The powers of a finance minister vary between governments. In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.
In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.
In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and, as of 2018[update], heads a separate portfolio of Finance and the Public Service.
Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country's economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.
Lists of current ministries of finance
Named "ministry"
- Ministry of Finance (Afghanistan)
- Ministry of Finance and Economy (Albania)
- Ministry of Finance (Algeria)
- Ministry of Finance (Andorra)
- Ministry of Finance (Angola)
- Ministry of Finance (Antigua and Barbuda)
- Ministry of the Treasury (Argentina)
- Ministry of Finance (Armenia)
- Ministry of Finance (Austria)
- Ministry of Finance (Azerbaijan)
- Ministry of Finance (The Bahamas)
- Ministry of Finance (Bahrain)
- Ministry of Finance (Bangladesh)
- Ministry of Finance, Economic Affairs and Investment (Barbados)
- Ministry of Finance (Bashkortostan)
- Ministry of Finance (Belarus)
- Ministry of Finance (Belize)
- Ministry of Economy and Finance (Benin)
- Ministry of Finance (Bhutan)
- Ministry of Economy and Public Finance (Bolivia)
- Ministry of Finance and Treasury (Bosnia and Herzegovina)
- Ministry of Finance and Economic Development (Botswana)
- Ministry of the Economy (Brazil)
- Ministry of Finance and Economy (Brunei)
- Ministry of Finance (Bulgaria)
- Ministry of Economy and Finance (Cambodia)
- Ministry of Finance (Cameroon)
- Ministry of Finance (Chile)
- Ministry of Finance of the People's Republic of China
- Ministry of Finance and Public Credit (Colombia)
- Ministry of Finance (Costa Rica)
- Ministry of Finance (Croatia)
- Ministry of Finance and Prices (Cuba)
- Ministry of Finance (Czech Republic)
- Ministry of Finance (Denmark)
- Ministry of Economy and Finance (Djibouti)
- Ministry of Finance (Dominican Republic)
- Ministry of Finance (East Timor)
- Ministry of Economy and Finance (Ecuador)
- Ministry of Finance (Egypt)
- Ministry of Finance (El Salvador)
- Ministry of Finance (Eritrea)
- Ministry of Finance (Estonia)
- Ministry of Finance and Economic Development (Ethiopia)
- Ministry of Finance (Finland)
- Ministry of Economics and Finance (France)
- Ministry of Finance of Georgia
- Federal Ministry of Finance (Germany)
- Ministry of Finance and Economic Planning (Ghana)
- Ministry of National Economy and Finance (Greece)
- Ministry of Finance (Grenada)
- Ministry of Public Finance (Guatemala)
- Ministry of Economy and Finance (Guinea)
- Ministry of Finance (Guyana)
- Ministry of Economy and Finance (Haiti)
- Ministry of Finance (Honduras)
- Ministry of Finance (Hungary)
- Ministry of Finance (Iceland)
- Ministry of Finance (India)
- Ministry of Finance (Indonesia)
- Ministry of Economic Affairs and Finance (Iran)
- Ministry of Finance (Iraq)
- Ministry of Finance (Israel)
- Ministry of Economy and Finance (Italy)
- Ministry of Finance (Japan)
- Ministry of Finance (Jordan)
- Ministry of Finance (Kenya)
- Ministry of Finance (Kazakhstan)
- Ministry of Finance and Economic Development (Kiribati)
- Ministry of Finance (Kosovo)
- Ministry of Finance (Kuwait)
- Ministry of Economy and Finance (Kyrgyzstan)
- Ministry of Finance (Laos)
- Ministry of Finance (Lebanon)
- Ministry of Finance (Lesotho)
- Ministry of Finance (Liberia)
- Ministry of Finance (Libya)
- Ministry of Finance (Lithuania)
- Ministry of Finance (Malaysia)
- Ministry of Finance (Maldives)
- Ministry of Finance (Marshall Islands)
- Ministry of Finance and Economic Development (Mauritius)
- Ministry of Finance (Moldova)
- Ministry of Finance (Mongolia)
- Ministry of Finance (Montenegro)
- Ministry of Economy and Finance (Morocco)
- Ministry of Finance and Planning (Myanmar)
- Ministry of Finance (Namibia)
- Ministry of Finance of Nauru
- Ministry of Finance (Nepal)
- Ministry of Finance (Netherlands)
- Ministry of Finance (Niger)
- Federal Ministry of Finance (Nigeria)
- Ministry of Finance of Northern Cyprus
- Ministry of Finance (North Korea)
- Ministry of Finance (North Macedonia)
- Ministry of Finance (Norway)
- Ministry of Finance (Oman)
- Ministry of Finance (Ontario)
- Ministry of Finance and Revenue (Pakistan)
- Ministry of Finance (Palau)
- Ministry of Finance (Palestine)
- Ministry of Finance (Papua New Guinea)
- Ministry of Economy and Finance (Peru)
- Ministry of Finance (Poland)
- Ministry of Finance (Portugal)
- Ministry of Finance (Qatar)
- Ministry of Finance (Quebec)
- Rivers State Ministry of Finance
- Ministry of Public Finance (Romania)
- Ministry of Finance (Russia)
- Ministry of Finance and Economic Planning (Rwanda)
- Ministry of Finance and Planning (São Tomé and Príncipe)
- Ministry of Finance (Saskatchewan)
- Ministry of Finance (Saudi Arabia)
- Ministry of Finance (Serbia)
- Sierra Leone Ministry of Finance
- Ministry of Finance (Singapore)
- Ministry of Finance and Treasury (Solomon Islands)
- Ministry of Finance (Somalia)
- Ministry of Economy and Finance (South Korea)
- Ministry of Finance and Economic Planning (South Sudan)
- Ministry of Economy and Enterprise (Spain)
- Ministry of the Treasury (Spain)
- Ministry of Finance (Sri Lanka)
- Ministry of Finance (Sudan)
- Ministry of Finance (Suriname)
- Ministry of Finance (Sweden)
- Ministry of Finance (Syria)
- Ministry of Finance (Tajikistan)
- Ministry of Finance (Taiwan)
- Ministry of Finance and Economic Affairs (Tanzania)
- Ministry of Finance (Thailand)
- Ministry of Finance (Trinidad and Tobago)
- Ministry of Finance (Tunisia)
- Ministry of Finance and Treasury (Turkey)
- Ministry of Finance (Turkmenistan)
- Ministry of Finance, Planning and Economic Development (Uganda)
- Ministry of Finance (United Arab Emirates)
- Ministry of Finance (Ukraine)
- Ministry of Economy and Finance (Uruguay)
- Ministry of Finance (Uzbekistan)
- Ministry of Finance and Economic Management (Vanuatu)
- Ministry of Economy and Finance (Venezuela)
- Ministry of Finance (Vietnam)
- Ministry of Finance (Yemen)
- Ministry of Finance (Zambia)
- Ministry of Finance (Zimbabwe)
Named "department"
- Department of the Treasury (Australia)
- Department of Finance (Australia)
- Department of Finance (Canada)
- Department of Finance (Ireland)
- Department of Public Expenditure, National Development Plan Delivery and Reform (Ireland)
- Department of Finance (Kerala)
- Department of Finance and Administration (Micronesia)
- Department of Finance and Economy (Monaco)
- Department of Finance (New Brunswick)
- Department of Finance, Services and Innovation (New South Wales)
- Department of Finance (Northern Ireland)
- Department of Finance (Philippines)
- Department of Budget and Management (Philippines)
- Federal Department of Finance (Switzerland)
- Department of the Treasury (United States)
- Department of Treasury and Finance (South Australia)
- Department of Treasury and Finance (Victoria)
- Department of Finance (Western Australia)
Other names
- Federal Public Service Finance (Belgium)
- European Commissioner for Economic and Financial Affairs (European Union)
- Financial Services and the Treasury Bureau (Hong Kong)
- Isle of Man Treasury
- Secretariat for Economy and Finance (Macau)
- Secretariat of Finance and Public Credit (Mexico)
- New Zealand Treasury
- Finance Directorates (Scotland)
- National Treasury (South Africa)
- HM Treasury (United Kingdom)
- Administration of the Patrimony of the Apostolic See
Historical
Named "ministry"
- Ministry of Revenue (imperial China)
- Ministry of Public Action and Accounts (France)
- Federal Ministry of the Treasury (Germany)
- Ministry of Finance (Hawaii)
- Ministry of the Treasury (Japan)
- Ministry of Revenue (Ontario)
- Ministry of Finance (Ottoman Empire)
- Ministry of State Treasury (Poland)
- Ministry of Finance (RSFSR)
- Ministry of Finance of the Russian Empire
- Ministry of Finance (Soviet Union)
- Ministry of Revenues and Duties (Ukraine)
- Ministry of Finance (Yugoslavia)
Named "department"
- Department of Finance (1976–97) (Australia)
- Department of Finance and Administration (Australia)
- Department of Finance and Deregulation (Australia)
Lists
- List of current finance ministers
- List of female finance ministers
See also
- Board of Finance (disambiguation)
- Ministry of Revenue (disambiguation)
References
This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Ministry of finance news newspapers books scholar JSTOR June 2011 Learn how and when to remove this message A ministry of finance is a ministry or other government agency in charge of government finance fiscal policy and financial regulation It is headed by a finance minister an executive or cabinet position A ministry of finance s portfolio has a large variety of names around the world such as treasury finance financial affairs economy or economic affairs The position of the finance minister might be named for this portfolio but it may also have some other name like Treasurer or in the United Kingdom Chancellor of the Exchequer The duties of a finance minister differ between countries Typically they encompass one or more of government finances economic policy and or financial regulation but there are significant differences between countries in some countries the finance minister might also have oversight of monetary policy while in other countries that is the responsibility of an independent central bank in some countries the finance minister might be assisted by one or more other ministers some supported by a separate government department with respect to fiscal policy or budget formation in many countries there is a separate portfolio for general economic policy in the form of a ministry of economic affairs or national economy or commerce in many countries financial regulation is handled by a separate agency which might be overseen by the finance ministry or some other government body Finance ministers are also often found in governments of federated states or provinces of a federal country In these cases their powers may be substantially limited by superior legislative or fiscal policy notably the control of taxation spending currency inter bank interest rates and the money supply The powers of a finance minister vary between governments In the United States the finance minister is called the Secretary of the Treasury though there is a separate and subordinate Treasurer of the United States and it is the director of the Office of Management and Budget who drafts the budget In the United Kingdom the equivalent of the finance minister is the Chancellor of the Exchequer Due to a quirk of history the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury This signals the Prime Minister s seniority and superior responsibility over the Treasury In Australia the senior minister is the Treasurer although there is a Minister for Finance who is more junior and as of 2018 update heads a separate portfolio of Finance and the Public Service Finance ministers can be unpopular if they must raise taxes or cut spending Finance ministers whose key decisions had directly benefited both the performance and perception of their country s economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award Lists of current ministries of financeNamed ministry Ministry of Finance Afghanistan Ministry of Finance and Economy Albania Ministry of Finance Algeria Ministry of Finance Andorra Ministry of Finance Angola Ministry of Finance Antigua and Barbuda Ministry of the Treasury Argentina Ministry of Finance Armenia Ministry of Finance Austria Ministry of Finance Azerbaijan Ministry of Finance The Bahamas Ministry of Finance Bahrain Ministry of Finance Bangladesh Ministry of Finance Economic Affairs and Investment Barbados Ministry of Finance Bashkortostan Ministry of Finance Belarus Ministry of Finance Belize Ministry of Economy and Finance Benin Ministry of Finance Bhutan Ministry of Economy and Public Finance Bolivia Ministry of Finance and Treasury Bosnia and Herzegovina Ministry of Finance and Economic Development Botswana Ministry of the Economy Brazil Ministry of Finance and Economy Brunei Ministry of Finance Bulgaria Ministry of Economy and Finance Cambodia Ministry of Finance Cameroon Ministry of Finance Chile Ministry of Finance of the People s Republic of China Ministry of Finance and Public Credit Colombia Ministry of Finance Costa Rica Ministry of Finance Croatia Ministry of Finance and Prices Cuba Ministry of Finance Czech Republic Ministry of Finance Denmark Ministry of Economy and Finance Djibouti Ministry of Finance Dominican Republic Ministry of Finance East Timor Ministry of Economy and Finance Ecuador Ministry of Finance Egypt Ministry of Finance El Salvador Ministry of Finance Eritrea Ministry of Finance Estonia Ministry of Finance and Economic Development Ethiopia Ministry of Finance Finland Ministry of Economics and Finance France Ministry of Finance of Georgia Federal Ministry of Finance Germany Ministry of Finance and Economic Planning Ghana Ministry of National Economy and Finance Greece Ministry of Finance Grenada Ministry of Public Finance Guatemala Ministry of Economy and Finance Guinea Ministry of Finance Guyana Ministry of Economy and Finance Haiti Ministry of Finance Honduras Ministry of Finance Hungary Ministry of Finance Iceland Ministry of Finance India Ministry of Finance Indonesia Ministry of Economic Affairs and Finance Iran Ministry of Finance Iraq Ministry of Finance Israel Ministry of Economy and Finance Italy Ministry of Finance Japan Ministry of Finance Jordan Ministry of Finance Kenya Ministry of Finance Kazakhstan Ministry of Finance and Economic Development Kiribati Ministry of Finance Kosovo Ministry of Finance Kuwait Ministry of Economy and Finance Kyrgyzstan Ministry of Finance Laos Ministry of Finance Lebanon Ministry of Finance Lesotho Ministry of Finance Liberia Ministry of Finance Libya Ministry of Finance Lithuania Ministry of Finance Malaysia Ministry of Finance Maldives Ministry of Finance Marshall Islands Ministry of Finance and Economic Development Mauritius Ministry of Finance Moldova Ministry of Finance Mongolia Ministry of Finance Montenegro Ministry of Economy and Finance Morocco Ministry of Finance and Planning Myanmar Ministry of Finance Namibia Ministry of Finance of Nauru Ministry of Finance Nepal Ministry of Finance Netherlands Ministry of Finance Niger Federal Ministry of Finance Nigeria Ministry of Finance of Northern Cyprus Ministry of Finance North Korea Ministry of Finance North Macedonia Ministry of Finance Norway Ministry of Finance Oman Ministry of Finance Ontario Ministry of Finance and Revenue Pakistan Ministry of Finance Palau Ministry of Finance Palestine Ministry of Finance Papua New Guinea Ministry of Economy and Finance Peru Ministry of Finance Poland Ministry of Finance Portugal Ministry of Finance Qatar Ministry of Finance Quebec Rivers State Ministry of Finance Ministry of Public Finance Romania Ministry of Finance Russia Ministry of Finance and Economic Planning Rwanda Ministry of Finance and Planning Sao Tome and Principe Ministry of Finance Saskatchewan Ministry of Finance Saudi Arabia Ministry of Finance Serbia Sierra Leone Ministry of Finance Ministry of Finance Singapore Ministry of Finance and Treasury Solomon Islands Ministry of Finance Somalia Ministry of Economy and Finance South Korea Ministry of Finance and Economic Planning South Sudan Ministry of Economy and Enterprise Spain Ministry of the Treasury Spain Ministry of Finance Sri Lanka Ministry of Finance Sudan Ministry of Finance Suriname Ministry of Finance Sweden Ministry of Finance Syria Ministry of Finance Tajikistan Ministry of Finance Taiwan Ministry of Finance and Economic Affairs Tanzania Ministry of Finance Thailand Ministry of Finance Trinidad and Tobago Ministry of Finance Tunisia Ministry of Finance and Treasury Turkey Ministry of Finance Turkmenistan Ministry of Finance Planning and Economic Development Uganda Ministry of Finance United Arab Emirates Ministry of Finance Ukraine Ministry of Economy and Finance Uruguay Ministry of Finance Uzbekistan Ministry of Finance and Economic Management Vanuatu Ministry of Economy and Finance Venezuela Ministry of Finance Vietnam Ministry of Finance Yemen Ministry of Finance Zambia Ministry of Finance Zimbabwe Named department Department of the Treasury Australia Department of Finance Australia Department of Finance Canada Department of Finance Ireland Department of Public Expenditure National Development Plan Delivery and Reform Ireland Department of Finance Kerala Department of Finance and Administration Micronesia Department of Finance and Economy Monaco Department of Finance New Brunswick Department of Finance Services and Innovation New South Wales Department of Finance Northern Ireland Department of Finance Philippines Department of Budget and Management Philippines Federal Department of Finance Switzerland Department of the Treasury United States Department of Treasury and Finance South Australia Department of Treasury and Finance Victoria Department of Finance Western Australia Other names Federal Public Service Finance Belgium European Commissioner for Economic and Financial Affairs European Union Financial Services and the Treasury Bureau Hong Kong Isle of Man Treasury Secretariat for Economy and Finance Macau Secretariat of Finance and Public Credit Mexico New Zealand Treasury Finance Directorates Scotland National Treasury South Africa HM Treasury United Kingdom Administration of the Patrimony of the Apostolic SeeHistoricalNamed ministry Ministry of Revenue imperial China Ministry of Public Action and Accounts France Federal Ministry of the Treasury Germany Ministry of Finance Hawaii Ministry of the Treasury Japan Ministry of Revenue Ontario Ministry of Finance Ottoman Empire Ministry of State Treasury Poland Ministry of Finance RSFSR Ministry of Finance of the Russian Empire Ministry of Finance Soviet Union Ministry of Revenues and Duties Ukraine Ministry of Finance Yugoslavia Named department Department of Finance 1976 97 Australia Department of Finance and Administration Australia Department of Finance and Deregulation Australia ListsList of current finance ministers List of female finance ministersSee alsoBoard of Finance disambiguation Ministry of Revenue disambiguation ReferencesThis set index article includes a list of related items that share the same name or similar names If an internal link incorrectly led you here you may wish to change the link to point directly to the intended article