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International Monetary Fund. Monetary and Capital Markets Department
The mission conducted a diagnostic review of the financial system and proposes a Technical Assistance Roadmap (TARM) to support the authorities’ efforts to strengthen their detection of risks and vulnerabilities and to enhance capacity in financial sector oversight and development. Two modules were undertaken during this FSSR mission. The financial stability module focused on areas agreed with the NBM and NCFM during the scoping stage: financial sector oversight, financial stability (macroprudential framework, systemic risk assessment, and stress testing), financial crisis management, financial inclusion and capital markets development. The financial sector statistics module focused on key data gaps hampering financial stability analysis as well as statistical reporting to the IMF’s Statistics Department.
Mr. Daniel C Hardy and Philipp Hochreiter
A mechanism is proposed that aims to reduce the risk of a banking sector liquidity crisis—which is a quintessentially systemic event and thus the object of macroprudential policy—and moderate the effects of a crisis should one occur. The instrument would give banks more incentive to build up buffers of systemically liquid assets as a proportion of their total liabilities, yet these buffers would be usable in times of stress. The modalities of the instrument are considered with a view to making it effective, efficient, and robust.