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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 1,517 items for :

  • Type: Journal Issue x
  • Middle East and Central Asia x
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Cover Selected Issues Papers
Financial Conditions and Their Growth Implications for Qatar
Dorothy Nampewo
This paper develops a Financial Conditions Index (FCI) for Qatar and uses the Growth-at-Risk (GaR) framework to examine the impact of financial conditions on Qatar’s non-hydrocarbon growth. The analysis shows that the FCI is an important leading indicator of Qatar’s non-hydrocarbon growth, highlighting its predictive potential for future economic performance. The GaR framework suggests that overall, the current downside risks to Qatar’s baseline non-hydrocarbon growth projections are relatively mild.
Keywords:
Financial conditions; non-hydrocarbon growth; Qatar; GaR framework; growth projection; Qatar's baseline; copyright page; financial conditions indicator; Financial conditions index; Oil prices; Central bank policy rate; Deposit rates; Post-clearance customs audit; Global
Cover Technical Assistance Reports
Republic of Azerbaijan: Technical Assistance Report-Modernizing Central Bank Communication
International Monetary Fund. Monetary and Capital Markets Department
This report presents an analysis of the Central Bank of the Republic of Azerbaijan's (CBA) communication framework and offers recommendations for enhancement. The technical assistance mission, led by the IMF Monetary and Capital Markets Department, aimed to modernize the CBA's communication strategies to align with international best practices. The findings indicate that while the CBA has made significant progress in external communications, there are areas for improvement, particularly in formalizing communication processes and enhancing message clarity. Recommendations include strengthening the role of the Communications Division, adopting a proactive communication policy, and improving the monetary policy communication cycle. These changes are expected to elevate the CBA's communication to a policy tool that supports its objectives of price and financial stability.
Keywords:
Central Bank; Communication; Monetary Policy; Transparency; Inflation Targeting; Stakeholders; Capacity Building; Policy Framework; Institutional Strategy; Communication Division; Azerbaijan.; CBA monetary policy press release; C. communications management; monetary policy department; B. Communication cycle; communication framework; CBA flagship policy publication; Monetary policy communication; Social networks; Financial sector stability; Central bank policy rate; Monetary policy frameworks; Global
Cover FinTech Notes
Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin
Eugenio M Cerutti
,
Melih Firat
, and
Hector Perez-Saiz
Digital money and digital payments innovations have the potential for improving cross-border payments by reducing costs, enhancing speed, and improving transparency. This note performs an empirical analysis of the potential impact of digital money on the volume and transaction costs of cross-border payments, with a focus on the short-term intensive margin. The market of cross-border payments is very large, with retail transactions having a low share of the total but the highest transaction costs, particularly for remittances. Our illustrative scenarios assume an estimated 60 percent reduction in transaction costs and short-term elasticities to changes in costs estimated from remittances data. The results show two outcomes. First, the cross-border volume increases could be sizable for countries that are large remittance recipients and face expensive transaction costs. Second, even with a large drop in transaction costs, the short-term rise in global cross-border transaction volumes could be limited as a result of the low transaction costs of the wholesale segment. Moving outside the short-term intensive margin, the impact could potentially be much larger as digital currencies and other digital payments innovations—together with tokenization of assets on programmable platforms—could move the financial system into a transformative new era by fostering financial development and promoting further inclusion across borders.
Keywords:
Digital money; cross-border payments; transaction costs; digital payments; payments innovation; cross-border payment; scenario analysis; IMF Fintech Brownbag Seminar; IMF seminar; Remittances; Central Bank digital currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Correspondent banking; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
After reaching 5.1 percent in 2023, growth is expected to slow to 3.9 percent in 2024, while inflation would decline to 8.2 percent. The banking sector remains resilient amid continued rapid consumer credit growth. A moderate current account deficit is expected this year. The outlook is subject to elevated risks, including from an uncertain external environment. Decisive reforms are necessary to diversify the economy, make growth higher and more inclusive, and address challenges from climate change.
Keywords:
IMF TA; IMF's holding; money-market development; inflation pressure; central bank communications; Policy effectiveness; NBK policy rate; oil revenue; IMF's transparency policy; Fiscal stance; Financial Sector Assessment Program; Government finance statistics; Global
Cover Technical Assistance Reports
Georgia: Technical Assistance Report-Cyber Risk: Regulation, Supervision and Testing
International Monetary Fund. Monetary and Capital Markets Department
The technical mission aimed to strengthen the cyber risk regulation and supervision, and testing for the National Bank of Georgia (NBG). The mission focused on (i) an assessment of NBG’s cyber risk regulation, (ii) an assessment of cyber risk supervisory arrangements of NBG, (iii) assisting in the development of a cyber testing framework, and (iv) assisting in the development of a methodology for cyber exercising and stress testing. The mission found that cyber risk regulations including incident reporting requirements are in place, but gaps remain. Cyber risk supervision practices need improvements and more focus on supervisory priorities. Information sharing practices within the financial sector require strengthening. Cyber testing and exercises are an area where significant improvements are needed. Overall, the mission found that the NBG would benefit with an overarching cyber strategy for its financial sector.
Keywords:
Cyber risk regulation; cybersecurity supervision; cyber testing; incident reporting; information sharing; Georgia; Central Bank.; offsite supervision activity; cybersecurity strategy; request of the National Bank of Georgia; information security Act; cybersecurity risk management regulation; Cyber risk; Financial sector; Commercial banks; Operational risk; Auditing; Global
Cover IMF Staff Country Reports
Republic of Armenia: Fourth Review Under the Stand-By Arrangement and Request for Modifications of Performance Criterion and Monetary Policy Consultation Clause-Press Release; Staff Report; and Statement by the Executive Director
International Monetary Fund. Middle East and Central Asia Dept.
This page presents IMF’s Fourth Review under the Stand-By Arrangement (SBA) and Request for Modifications of Performance Criterion and Monetary Policy Consultation Clause (MPCC) for Armenia. Armenia’s economic outlook remains positive, with strong, albeit gradually moderating, growth projected at around 6 percent in 2024 and around 5 percent in 2025, alongside low inflation. The program is broadly on track. All quantitative performance criteria and indicative targets for end-June 2024 were met, although lower than expected inflation breached the lower-inner MPCC band. The SBA, which the Armenian authorities are treating as precautionary, aims to support the government’s policy and reform agenda to preserve economic and financial stability and support strong, inclusive, and sustainable growth. Advancing structural reforms would support sustainable and inclusive growth. Continued efforts to boost labor market participation, especially among youth, women, and vulnerable groups are important. Reforms to diversify exports, improve the business environment, strengthen governance, and advance climate policy implementation are critical to enhance economic resilience and increase potential growth.
Keywords:
year-over-year inflation target; end-June headline inflation inflation rate; inflation expectation; preliminary data; Armenia's national assembly; International reserves; Global
Cover The IMF’s Exceptional Access Policy
The IMF’s Exceptional Access Policy
Evaluation Report Dec 2024
Vivek B Arora
,
Miguel de Las Casas
,
Yasemin Bal Gündüz
,
Jérémie Cohen-Setton
,
Kelsie J Gentle
,
Jiakun Li
,
Carmen Rollins
, and
Sandra Saveikyte

Abstract

The evaluation assesses the EAP’s rationale, evolution, and implementation during the period since its adoption in 2002. It assesses whether the EAP has fulfilled the objectives that guided its creation, namely, shaping members’ and market expectations, providing clearer benchmarks for Board decisions on program design and exceptional access, safeguarding the Fund’s resources, and helping to ensure uniformity of treatment of members. The evaluation draws on background papers comprising both thematic and country studies that draw on experience with the 38 exceptional access programs completed through mid-2023. The thematic papers analyze the rationale and evolution of the EAP as well as the three building blocks of the policy: the exceptional access criteria, enhanced Board decision-making procedures, and ex post evaluations. The country papers comprise both cross-country studies and country-specific studies of the completed programs with Argentina (2018), Ecuador (2020), and Egypt (2020).

Keywords:
Exceptional access; IMF lending; safeguarding Fund resources; program design; uniformity of treatment; risk management; program success; EA program; surcharge rate; ToC of an Na arrangement; detailed Theory of Change; Debt sustainability; Reputational risk; Balance of payments need; Capital account crisis; Global
Cover IMF Staff Country Reports
Republic of South Sudan: Third Review Under the Staff-Monitored Program with Board Involvement-Press Release; Staff Report; and Statement by the Executive Director for the Republic of South Sudan
International Monetary Fund. African Dept.
This paper focuses on South Sudan’s Third Review under the Staff-Monitored Program with Board Involvement. Severe spillovers from the conflict in Sudan, including refugee inflows and damages to an oil pipeline, have exacerbated South Sudan’s difficult humanitarian and macroeconomic situation, resulting in an economic slowdown, sharp exchange rate depreciation, high inflation, and higher spending needs against the backdrop of large fiscal revenue losses. Discussions with the South Sudanese authorities during the Third Review of the Staff-Monitored Program with Board Involvement (PMB) focused on re-calibrating macroeconomic policy to address the impact of the external shocks. The authorities remain committed to implementing strong policies and reform measures to restore macroeconomic stability. IMF Management completed the Third review of the PMB with South Sudan. The implementation of commitments taken by the authorities under the Letter of Intent will continue to support macroeconomic stability and debt sustainability. The authorities remain committed to fiscal and monetary prudence and to implementing their medium-term reform agenda.
Keywords:
authorities' priority; government operation; VAT regime; authorities view; reform agenda; Oil production; Quasi-fiscal operations; Oil, gas and mining taxes; Global
Cover IMF Staff Country Reports
Pakistan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper focuses on economic performance and the road ahead in Pakistan. Pakistan’s economy and living standards have lagged behind its regional peers for well over a decade. This paper highlights several macroeconomic distortions and policy-related restrictions that have contributed to the country’s underperformance. These include protectionist interventions, a cumbersome regulatory and fiscal environment, and insufficient investment in human capital. In spite of these challenges, there are also many opportunities for Pakistan to achieve efficiency gains, reallocate resources toward more technologically advanced goods and services, and improve productivity and standards of living across the country. Placing Pakistan on a new economic trajectory requires addressing many distortions as well as improving the quality and level of public investment including in human capital. Key reforms centers on removing the remnants of the old growth strategy based around protection, preferences, and concessions. The modeling results in the accompanying Selected Issues suggest that significant macroeconomic gains come from the implementation of such a distortion-reducing reforms agenda.
Keywords:
climate resilience scenario; C. DIGNAR result; DIGNAR model specification; climate adaptation investment in Pakistan; nexus in Pakistan; Structural reforms; Public investment spending; Commercial banks; Government debt management; Global
Cover Policy Papers
Annual Update on SDR Trading Operations
International Monetary Fund. Finance Dept.
This paper provides an update on the status of the SDR trading market and operations. For more than three decades, SDRs have exclusively been exchanged for freely usable currencies in transactions by agreement, primarily through the Voluntary Trading Arrangements (VTAs). A small fraction of transactions by agreement—sales or acquisitions of SDRs—has been arranged directly between parties. VTAs are bilateral arrangements between the Fund and SDR department participants or prescribed holders, in which the VTA participants agree to buy and sell SDRs within certain limits. The paper covers SDR trading operations during the period September 2023 to August 2024.
Keywords:
SDR trading capacity; SDR sale; SDR department participant; SDR amount; IMF SDR webpage; SDR interest rate; Currencies; Liquidity; Trading arrangements; Freely usable currencies; Middle East and Central Asia