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Business and Economics > Banks and Banking

You are looking at 1 - 10 of 53 items for :

  • Type: Journal Issue x
  • Tajikistan, Republic of x
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Cover IMF Staff Country Reports
Republic of Tajikistan: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
Selected Issues
Keywords:
Tajik banking sector; sample estimation; Tajik rail road; SOE Sector; B. tax revenue performance; Tajik cement; staff team of the International Monetary Fund; Tajik telecom; Fiscal risks; Commercial banks; Contingent liabilities; Nonperforming loans; Central Asia
Cover IMF Staff Country Reports
Republic of Tajikistan: 2015 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Growth has been strong and poverty has fallen in the past decade, though Tajikistan faces rising vulnerabilities. Growth is now softening and the external position has weakened dramatically as remittances have fallen with the sharp slowdown in Russia and earnings from cotton and aluminum exports have dropped due to global market developments. The exchange rate is under pressure and international reserves are thin. The fiscal position has been near balance in recent years and debt has been kept low, while fiscal space is becoming limited by rising debt service and contingent liabilities.
Keywords:
headline inflation; burden indicator; Tajikistan FSAP update; NBT reform action plan; liquidity lending; transparency policy; Public and publicly-guaranteed external debt; Debt sustainability analysis; Exchange rates; South Asia; Central Asia; Global; Middle East and Central Asia; Europe
Cover IMF Staff Country Reports
Republic of Tajikistan: 2017 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Tajikistan is the poorest of the eight Central Asian and Caucasus countries. Economic growth has been high and funded by inward remittances, but poverty remains significant. Macroeconomic policies were generally prudent before the external shocks (lower oil and commodity prices and weaker growth in trading partners) in 2015-16, but slow progress in structural reforms constrained diversification and employment generation. External shocks (through lower remittances and currency depreciation) and an inadequate policy response weakened the external position, exposed major weaknesses in the banking system, and contributed to a rise in public debt. Program discussions held in 2016 were not concluded. While the authorities launched a bank recapitalization plan in December 2016 to maintain depositor confidence and financial stability, additional banking sector reforms are needed.
Keywords:
bank governance; banking sector governance; Tajik economy; debt indicator; creating flow; Creditor bail-in; Public and publicly-guaranteed external debt; Financial statistics; Central Asia; Global; Europe
Cover IMF Staff Country Reports
Republic of Tajikistan: 2013 Article IV Consultation-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Tajikistan successfully completed a 3-year ECF-supported program in May 2012 and needs to continue with ambitious reforms. While growth is robust, it is non-inclusive, leading to large-scale outmigration that makes Tajikistan the most remittance-dependent country in the world. The country remains the poorest of the eight in the Caucasus and Central Asia (CCA) and stands next to last among the seven with rankings in the ease of doing business. Reliance on commodity imports, a narrow export base, and low buffers leave the economy vulnerable. Weak macroeconomic policy frameworks restrict the authorities’ ability to dampen shocks. State-directed lending and investment displace market-financed activity and create fiscal risks. Presidential elections are scheduled for November.
Keywords:
burden indicator; NBT reform action plan; flows shock; creating flow; headline inflation; NBT website; IMF's transparency policy; NBT internal audit; policy discussion; NBT Law; fund request; remittance inflow; Debt sustainability analysis; Monetary statistics; Global; Central Asia and the Caucasus
Cover Technical Notes and Manuals
The Case for Depositor Preference
Mr. Marc C Dobler
and
Alessandro Gullo
This technical note and manual (TNM) addresses the following issues: advantages and disadvantages of different types of depositor preference, international best practice and experience in adopting depositor preference, and introducing depositor preference in jurisdictions with or without deposit insurance.
Keywords:
TNM; depositor preference; preference arrangement; deposit insurance limit; depositor confidence; depositor contagion; Deposit Insurance; Bank; Creditor Hierarchy; deposit liability; depositor reimbursement; preference regime; deposit preference; insured depositor; tiered depositor preference; forms of depositor preference; Bank deposits; Bank resolution framework; Bank resolution; Financial sector stability; Global
Cover IMF Working Papers
Do Remittances Enhance Financial Inclusion in LMICs and in Fragile States?
Samy Ben Naceur
,
Mr. Ralph Chami
, and
Mohamed Trabelsi
This paper explores the relationship between remittances and financial inclusion for a sample of 187 countries over the period 2004-2015, using cross-country as well as dynamic panel GMM regressions. At low levels of remittances-to-GDP, these flows act as a substitute to formal financial channels, thereby reducing financial inclusion. In contrast, when remittance-to-GDP ratio is high, above 13% on average, they tend to complement formal access and usage channels, thus enhancing financial inclusion. This “U shaped” relationship highlights the role of remittance flows in financing household consumption at low levels, while raising formal household bank savings and allowing for more intermediation, at high levels of remittance-to-GDP.
Keywords:
WP; remittance inflow; Remittances; Financial inclusion; Financial Stability; Financial Development; remittance flow; squared remittance; effect of remittance; inflows to GDP; GMM estimator; Commercial banks; Financial sector development; East Asia; South Asia; Asia and Pacific; banking sector matter; income level
Cover IMF Staff Country Reports
Republic of Tajikistan: Request for Disbursement under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Tajikistan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Republic of Tajikistan’s Request for Disbursement Under the Rapid Credit Facility (RCF). The coronavirus disease 2019 (COVID-19) pandemic has had a severe human and economic impact in Tajikistan. Trade and transportation disruptions have led to a sharp drop in remittances and government revenues and created urgent balance of payments and fiscal financing needs. The authorities have responded with an action plan and measures to contain the pandemic. Health spending and targeted support to the most vulnerable households and sectors in the economy are the immediate priorities, and a temporary widening of the budget deficit is appropriate. The IMF’s financial assistance under the RCF is expected to provide a sizable share of the financing needed to implement the anti-crisis measures. Additional concessional and grant financing from the international community will be critical to close the remaining financing gap. Based on authorities’ fiscal consolidation plans, debt is assessed to be sustainable. The authorities have committed to enhance the transparency and governance of their COVID-19 policy response through the publication of an ex-post audit of associated spending and procurement processes. The risk of debt distress remains high, but the capacity to repay the IMF is adequate.
Keywords:
ISCR; CR; staff appraisal; financing; exemption; authority; Executive Board discussion; financing gap; grant financing; quarantine regime; Debt sustainability analysis; International reserves; Contingent liabilities; Global; Central Asia; South Asia
Cover Departmental Papers
Building Resilient Banking Sectors in the Caucasus and Central Asia
Miss Mercedes Vera Martin
,
Mr. Tarak Jardak
,
Mr. Robert Tchaidze
,
Mr. Juan P Trevino
, and
Mrs. Helen W Wagner
External shocks since 2014—lower oil prices and slower growth in key trading partners—have put financial sectors, mainly banks, in the eight Caucasus and Central Asia (CCA) countries under increased stress.  Even before the shocks, CCA banking sectors were not at full strength. Asset quality was generally weak, due in part to shortcomings in regulation, supervision, and governance. The economies were highly dollarized. Business practices were affected by lack of competition and, in most countries, connected lending, which undermined banking sector health. Shortcomings in financial regulation and supervision allowed the unsound banking practices to remain unaddressed. The external shocks exacerbated in these underlying vulnerabilities. Strains in CCA banking sectors intensified as liquidity tightened, asset quality deteriorated, and banks became undercapitalized. These challenges have required public intervention in some cases.
Keywords:
DPPP; DP; bank; banking sector; central bank; nonperforming loan; bank management; CCA country; nonviable bank; diversification strategy; bank nationalization; problem bank; public funds; bank corporate governance; Nonperforming loans; Bank resolution framework; Credit; Commercial banks; Loans; Global; Central Asia and the Caucasus
Cover Departmental Papers
Opening Up in the Caucasus and Central Asia: Policy Frameworks to Support Regional and Global Integration
Mr. Peter J Kunzel
,
Phil De Imus
,
Mr. Edward R Gemayel
,
Risto Herrala
,
Mr. Alexei P Kireyev
, and
Farid Talishli
The Caucasus and Central Asia (CCA) countries are at an important juncture in their economic transition. Following significant economic progress during the 2000s, recent external shocks have revealed the underlying vulnerabilities of the current growth model. Lower commodity prices, weaker remittances, and slower growth in key trading partners reduced CCA growth, weakened external and fiscal balances, and raised public debt. the financial sector was also hit hard by large foreign exchange losses. while commodity prices have recovered somewhat since late 2014, to boost its economic potential, the region needs to find new growth drivers, diversify away from natural resources, remittances, and public spending, and generate much stronger private sector-led activity.
Keywords:
DPPP; DP; CCA country; capital account; CCA region; external shock; labor market; monetary policy; oil exporter; CCA commodity exporter; CCA oil importer; CCA banking sectors; CCA economy; Inflation targeting; Global; Central Asia and the Caucasus; Middle East; Central Asia
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