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You are looking at 1 - 9 of 9 items for :

  • Type: Journal Issue x
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  • IMF Staff Country Reports x
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Cover IMF Staff Country Reports
Republic of North Macedonia: Central Bank Transparency Code Review
International Monetary Fund. Monetary and Capital Markets Department
The National Bank of the Republic of North Macedonia (NBRNM) is implementing advanced transparency practices. The long-standing commitment to transparency noted by a number of stakeholders and forcefully re-affirmed in the recent period is well anchored in the law, and it has been designated by the NBRNM as a strategic objective to fulfill its mandate. This policy has earned the NBRNM noteworthy trust from stakeholders met by the mission, and it has paid significant dividends in terms of anchoring its autonomy and ensuring policy effectiveness.
Keywords:
IMF central bank Transparency code; code review; C. emergency liquidity assistance; IMF mission; official relation; International reserves; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Financial statements; Global
Cover IMF Staff Country Reports
Republic of Lithuania: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Lithuania
International Monetary Fund. European Dept.
With a demonstrated resilience to the crisis and the recovery gaining strength, macroeconomic policies should aim at preserving stability and complementing structural reforms that address long-standing challenges. A medium-term plan to rebuild buffers, support potential growth, and target pockets of vulnerability would help address pre-existing disparities and poverty. Sustained productivity growth, supported by the implementation of politically difficult but needed structural reforms, is the only way to support high wage growth and convergence with Western Europe. Failure to do so could jeopardize Lithuania’s hard-earned competitiveness gains.
Keywords:
hard-earned competitiveness gain; authorities' agenda; Lithuanian authorities; potential GDP; transparency policy; COVID-19; Loans; Nonperforming loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial statements; Global; Baltics; Western Europe; Europe
Cover IMF Staff Country Reports
Denmark: Financial Sector Assessment Program-Technical Note-Banking Regulation and Supervision
International Monetary Fund. Monetary and Capital Markets Department
COVID-19 pandemic: The Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic, so this Technical Note (TN) does not assess the impact of the crisis or the recent crisis-related policy measures. Nonetheless, given the FSAP’s focus on vulnerabilities and policy frameworks, the findings and recommendations of the TN remain pertinent. The Danish Financial Supervisory Authority (DFSA) has improved standards in its oversight of banking and insurance sectors since the last FSAP. Nevertheless, risks persist, both in traditional forms, and new areas, such as cyber risk, AML, and innovative market entrants. This note, selects topics to meet evolving supervisory challenges and the expectation that the international supervisory standards themselves will likewise continue to rise.
Keywords:
ISCR; CR; risk assessment; corporate governance; places importance; risk management; supervisory mandate; covered bond; short term; internal audit; Anti-money laundering and combating the financing of terrorism (AML/CFT); Operational risk; External audit; Bank supervision; Financial Sector Assessment Program; Global; Baltics
Cover IMF Staff Country Reports
New Zealand: Financial Sector Assessment Program: Detailed Assessment of Observance-Insurance Core Principles
International Monetary Fund. Monetary and Capital Markets Department
This paper presents an assessment of the Observance of Insurance Core Principles in New Zealand. Observance of these principles in New Zealand falls significantly short. In some areas, the implementation of initiatives that would improve observance is incomplete. Supervisory risk assessment and enhancement of regulatory reporting by insurers are limited, which compromises effective off-site supervision, macroprudential analysis, and publication of aggregate information on the market. The Reserve Bank of New Zealand should focus in regulation and supervisory work on setting standards on corporate governance, risk management, and internal controls. It should assess risk in these areas to promote the effectiveness of insurers’ governance.
Keywords:
ISCR; CR; life insurer; risk management; life insurance; solvency standard; insurance sector; insurance broker; Insurance companies; Insurance; Solvency; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial statements; Australia and New Zealand
Cover IMF Staff Country Reports
Germany: Financial Sector Assessment Program-Anti-Money Laundering and Combating the Financing of Terrorism-Technical Notes
International Monetary Fund. Monetary and Capital Markets Department
This paper sets out the findings and recommendations in the selected areas of Germany’s Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) regime made in the context of the Financial Sector Assessment Program. It summarizes the findings of a targeted review of Germany’s money laundering offense, measures to ensure the transparency of legal persons, and the implementation of AML/CFT measures by banks with cross-border operations. According to the 2010 Mutual Evaluation Report, Germany is vulnerable to ML and FT for following reasons: its strategic location in Europe and large economy, open financial center, open borders, and strong international linkages.
Keywords:
ISCR; CR; BaFin AML; CFT; offense; bank; information; audit report; CFT supervisor; CFT measure; onsite inspection; predicate offense; policy body; audit review; control measure; Anti-money laundering and combating the financing of terrorism (AML/CFT); Legal support in revenue administration; Auditing; External audit; Europe; Global
Cover IMF Staff Country Reports
Germany: 2013 Article IV Consultation
International Monetary Fund. European Dept.
This 2013 Article IV Consultation highlights that Germany’s economic rebound of 2010–11 gave way to weakening momentum during the course of 2012. Although exports to non-European trading partners began to recover by mid-2012, in line with improved prospects in the United States and emerging economies, exports to the rest of the euro area continued to decline as the recession in the region continued. Consumption grew robustly as German unemployment remained near post-reunification lows. The outlook for the remainder of 2013 and 2014 is heavily dependent on a gradual recovery in the rest of the euro area and a sustained reduction in uncertainty.
Keywords:
ISCR; CR; Germany; center; authority; euro; policy uncertainty; sound balance sheets; energy policy; reinforcing downside risk; staff appraisal; Commercial banks; Cooperative banks; Financial statements; Fiscal stance; Labor markets; Global; Europe
Cover IMF Staff Country Reports
Kyrgyz Republic: 2013 Article IV Consultation and Fourth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of a Performance Criterion, and Request for Modification of Performance Criteria—Staff Report; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Kyrgyz Republic
International Monetary Fund. Middle East and Central Asia Dept.
The shift to a parliamentary democracy in 2010 provided an impetus for the Kyrgyz Republic to reform the economy. Despite the recent progress, the Kyrgyz Republic faces significant economic challenges, which will require actions on many fronts. Improving the business climate, governance, and institutions remains a key pillar of sustainable and inclusive growth. Restoring fiscal sustainability will be essential, as the budget has become more dependent on external assistance since the 2009 global and 2010 domestic crises. Tight monetary policy continues to be warranted to keep inflation at bay.
Keywords:
ISCR; CR; Kyrgyz authorities; Kyrgyzstan; SDR; authority; IMF's executive board; executive board's decision; state government; transmission mechanism; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Central Asia
Cover IMF Staff Country Reports
Andorra: Assessment of Financial Sector Supervision and Regulation
International Monetary Fund
This paper discusses key findings of the assessment of Financial Sector Supervision and Regulation in Andorra. The assessment reveals that bank supervision in Andorra is broadly sound and has improved since the 2002 assessment. Institut Nacional Andorrà de Finances’ (INAF) new charter strengthened its independence and remedial powers. But these could be further strengthened by empowering it to impose all types of sanctions. Developing INAF’s onsite supervisory capacity and clarifying its requests to external auditors will be important for the bank and nonbank financial sectors.
Keywords:
ISCR; CR; Andorran bank; INAF directive; revoking bank license; INAF supervision; banks assets; charter Andorra; INAF work; Institut Nacional Andorrà; Insurance companies; Insurance; External audit; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Europe; North America; Northern Europe
Cover IMF Staff Country Reports
United Kingdom: Financial Sector Assessment Program Technical Notes and Detailed Standards Assessments
International Monetary Fund
This technical note reviews the Financial Sector Assessment Program of the United Kingdom. It examines the United Kingdom’s public debt management practices using the IMF-World Bank Guidelines for Public Debt Management as a framework. It analyzes the government’s Code for Fiscal Stability, transparency, accountability, debt strategy, and risk management framework. It also provides a detailed assessment of the antimoney laundering and combating the financing of terrorism regime and compliance of the Basel Core Principles of the United Kingdom.
Keywords:
ISCR; CR; market participant; U.K. financial system; FSA approach; FSA oversight; U.K. market; financial market; BoE work; work program; FSA handbook; Financial stability assessment; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Insurance companies; Government debt management; Global; Europe; North America