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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 86 items for :

  • Type: Journal Issue x
  • Belarus, Republic of x
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Cover IMF Working Papers
Gold as International Reserves: A Barbarous Relic No More?
Mr. Serkan Arslanalp
,
Mr. Barry J. Eichengreen
, and
Chima Simpson-Bell
After moving slowly downward for the better part of four decades, central bank gold holdings have risen since the Global Financial Crisis. We identify 14 “active diversifiers,” defined as countries that purchased gold and raised its share in total reserves by at least 5 percentage points over the last two decades. In contrast to the diversification of foreign currency reserves, which has been undertaken by advanced and developing country central banks alike, active diversifiers into gold are exclusively emerging markets. We document two sets of factors contributing to this trend. First, gold appeals to central bank reserve managers as a safe haven in periods of economic, financial and geopolitical volatility, when the return on alternative financial assets is low. Second, the imposition of financial sanctions by the United States, United Kingdom, European Union and Japan, the main reserve-issuing economies, is associated with an increase in the share of central bank reserves held in the form of gold. There is some evidence that multilateral sanctions imposed by these, and other countries have a larger impact than unilateral sanctions on the share of reserves held in gold, since the latter leave scope for shifting reserves into the currencies of other non-sanctioning countries.
Keywords:
International Reserves; Gold; Sanctions; aggregate gold share regression; gold appeal; share of gold; gold share; country level gold share regression; Gold reserves; Reserve assets; Gold prices; Global
Cover IMF Staff Country Reports
Republic of Belarus: Technical Assistance Report-Asset Classification and Nonperforming Loan Regulation
International Monetary Fund. Monetary and Capital Markets Department
The NBRB revised in 2018 its regulation on asset classification and provisioning (the Regulation). One of the main changes was the introduction of a new definition for NPLs based on the current framework of risk groups (RGs). This definition substitutes the previous term “problem assets.” One of the intentions of the replacement is to promote international comparability by using it as a financial soundness indicator (FSI). The reported levels of this new NPLs indicator are, however, relatively low and, more important, much lower than the previous indicator, based on problem assets. The new NPL indicator levels are relatively stable, around 4 percent. The previous indicator was also stable, but the levels were more than three times higher, about 13 percent.
Keywords:
BCBS guideline; IMF Monetary; asset CLASSIFICATION; NONPERFORMING loan regulation; forbearance Classification; E. upgrading NPL; Nonperforming loans; Collateral; Credit risk; Global
Cover IMF Staff Country Reports
Republic of Belarus: Technical Assistance Report-Enhancing Monetary Policy Modeling Capacity, Monetary Policy Implementation, and the Forecasting and Policy Analysis System
International Monetary Fund. Monetary and Capital Markets Department
The NBRB has made substantial progress in improving its forecasting and policy analysis system (FPAS) and integrating it into monetary policy decision-making. The FPAS, and the model-based forecasts and policy analysis, is now well integrated into the policy-making process. Staff are well trained and have become experienced in using the tools developed for policy analysis and forecasting. The forecasting and decision-making process is well structured and has helped increase the two-way interaction between staff and the NBRB board—additional and less formal interaction between staff and board members in between the formal meetings may help enhance the process further.
Keywords:
ISCR; CR; NBRB; rate; central bank; securities; bank; NBRB operations; FX exchange swap; implementation framework; market interest rates; policy rate; NBRB securities; NBRB staff; inflation target; excess reserves; NBRB risk; Central bank policy rate; Inflation targeting; Open market operations; Interbank rates; Interbank markets
Cover Departmental Papers
Reassessing the Role of State-Owned Enterprises in Central, Eastern and Southeastern Europe
Christine J. Richmond
,
Ms. Dora Benedek
,
Ezequiel Cabezon
,
Bobana Cegar
,
Mr. Peter Dohlman
,
Michelle Hassine
,
Beata Jajko
,
Piotr Kopyrski
,
Maksym Markevych
,
Mr. Jacques A Miniane
,
Mr. Francisco J Parodi
,
Gabor Pula
,
Mr. James Roaf
,
Min Kyu Song
,
Mariya Sviderskaya
,
Ms. Rima A Turk
, and
Mr. Sebastian Weber
The Central, Eastern, and South Eastern European (CESEE) region is ripe for a reassessment of the role of the state in economic activity. The rapid income convergence with Western Europe of the early 2000s was not always equally shared across society, and it has now slowed dramatically in many countries of the region.
Keywords:
DPPP; DP; private sector; CESEE country; country authorities; economic activity; return on assets; ownership policy; IMF staff calculation; return on equity; holding company; support SOEs; country authority datum; composite index; aluminum company Hydro Aluminum A.S.; company Hydro Aluminum A.S.; SOE performance; government interference; Public enterprises; Privatization; Corporate governance; Employment; Global; Eastern Europe; SOE governance; CESEE region SOB; SOE presence; governance index; Total factor productivity; Europe
Cover IMF Staff Country Reports
Republic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus
International Monetary Fund. European Dept.
The Belarusian economy is in a cyclical recovery, inflation is at historically low levels and the exchange rate has been broadly stable. Although macroeconomic policy frameworks have improved, there is a need to reduce deep seated vulnerabilities such as rapidly rising public debt, high dollarization, and limited trade and financing diversification. In addition, reforms of the large state-owned enterprise sector are critical to tackle inefficiencies and increase potential growth. Risks ahead are elevated; notably, Belarus could lose significant oil-related discounts and transfers due to internal tax changes in Russia, but the authorities are confident of a successful outcome to the ongoing negotiations.
Keywords:
ISCR; CR; government; deficit; GDP; Belarusian authorities; action program; private sector; liberalization effort; regulation regime; net credit; Credit; Budget planning and preparation; Government finance statistics; Europe; Global; Eastern Europe; Western Europe
Cover IMF Working Papers
Deposit Insurance, Remittances, and Dollarization: Survey-Based Evidence from a Top Remittance-Receiving Country
Mr. David A. Grigorian
and
Mr. Maxym Kryshko
The paper uses a unique survey of remittance-receiving individuals from Tajikistan to study the impact of policy awareness on consumer behavior. The results show that knowledge of deposit insurance encourages the use of formal channels for transmitting remittances and reduces dollarization. Given the size and importance of remittances in Tajikistan, improving financial literacy and better publicizing details of the social safety net may encourage a more frequent use of formal channels for transferring remittances and reduce reliance on foreign exchange for transaction purposes. This is likely to improve bank profitability, enhance financial stability, and improve access to finance.
Keywords:
WP; remittance; dollarization; deposit; Deposit insurance; remittances; Tajikistan; cash dollarization; DI scheme; remittance market; DI awareness; sound deposit insurance system; remittance sender; transferring remittance; dollarization proceeds; DI protection; remittance recipient; Currencies; Global
Cover IMF Staff Country Reports
Republic of Belarus: Financial System Stability Assessment
International Monetary Fund. European Dept.
This paper presents an assessment of financial system stability in Belarus. The findings reveal that the state-dominated financial sector of Belarus confronts several critical challenges. Deep and long-standing structural problems and negative external spillovers are distorting the credit channel and overall financial stability. Financial sector contingent liabilities are on the rise, accentuating an already weak fiscal situation. The government is directing a large proportion of loans from state-owned banks to unhedged state-owned companies. Foreign currency liquidity risk is high, and transition to independent and risk-based oversight of the financial sector is urgently required.
Keywords:
ISCR; CR; resolution authority; asset quality; bank insolvent; bridge bank; liquidity risk; NBRB securities; risk assessment grading methodology; Belarusian bank; capital plan; parent bank; enhanced bank risk assessment grading methodology; NBRB exemption; aid bank; NBRB mechanism; mediumsized bank; bank resolution authority; Commercial banks; Loans; Currencies; Insurance companies; Liquidity; Global
Cover IMF Staff Country Reports
Republic of Belarus: Staff Report for the 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Belarus
International Monetary Fund. European Dept.
This 2016 Article IV Consultation highlights that the economy of Belarus contracted by 3.9 percent in 2015, with a similar performance in the first half of 2016. The exchange rate depreciated sharply during 2015 and part of 2016. Real wages are down substantially relative to 2014, and corporate losses are up. Unemployment has risen somewhat, though it remains relatively low. The economy is expected to contract further in 2016 and in 2017, reflecting still-weak balance sheets and structural impediments. A subdued recovery is expected in 2018, but over the medium term, potential growth is expected to increase only to about 1.75 percent, limited by negative demographic developments and low productivity growth.
Keywords:
ISCR; CR; refinancing rate; rate; refinancing; Board of the NBRB; provision; staff appraisal; share of NPL; IMF staff estimate; headline inflation; Global; Baltics
Cover IMF Staff Country Reports
Republic of Belarus: 2015 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Belarus
International Monetary Fund. European Dept.
KEY ISSUES Context: Belarus’ economic model continues to make it highly vulnerable to economic shocks. This was illustrated once more by the turbulence in foreign exchange and debt markets late last year, to which the authorities initially responded with administrative measures before allowing partial exchange rate adjustment. With Russia in recession, a large projected current account deficit, sizable debt repayments, limited market access, and presidential elections in November, risks remain high. Challenges: Further facilitating external adjustment through the implementation of strong and consistent macroeconomic policies. Also, enhancing the market orientation of the economy through bold, frontloaded structural reforms, to bring it on a more sustainable path. Policy recommendations: • Reduce subsidized lending and resist further wage increases this year to contain domestic demand; • Make the exchange rate fully flexible and tighten monetary policy to facilitate orderly external adjustment; • Assess the health of banks and decisively address any uncovered problems including by recapitalizing or resolving undercapitalized banks where necessary; • Remove price controls and mandatory targets for enterprises and devise credible privatization plans to improve resource allocation and raise sustainable growth.
Keywords:
ISCR; CR; U.S. dollar; market; devaluation; debt; outlay
Cover IMF Staff Country Reports
Republic of Belarus: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. European Dept.
This 2015 Article IV Consultation highlights that Belarus continues to be highly vulnerable to economic shocks, as was illustrated by the turbulence in foreign exchange and debt markets in late 2014. Frequent bouts of expansionary macroeconomic policies, in a context of deep structural rigidities, have fueled inflation and external imbalances and left Belarus dependent on ad hoc external support. In 2015, growth has slowed sharply as high uncertainty, reductions in real incomes, administrative measures, and declining trade with Russia weighed on activity. The outlook is for a recession and continued external pressures. With Russia in a downturn, the Belarusian economy is projected to contract by 2.25 percent in 2015, led by falling exports.
Keywords:
ISCR; CR; U.S. dollar; market; devaluation; debt; outlay; financing constraint; Belarusian economy; stepwise devaluation; government finance statistics; Directed credit; Exchange rates; Currencies; Global; Western Europe; Baltics; Eastern Europe