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Business and Economics > Banks and Banking

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Cover Technical Assistance Reports
Zimbabwe: Technical Assistance Report-Financial Sector Stability Report Follow Up Technical Assistance on the Implementation of the Basel III Liquidity Framework
International Monetary Fund. African Dept.
and
International Monetary Fund. Monetary and Capital Markets Department
As a follow-up to the 2019 FSSR, a hybrid remote TA mission supported the RBZ on finalizing the implementation of Basel III liquidity framework, with a particular focus on the NSFR. The mission reviewed the drafts of the NSFR regulation and the template for prudential reporting, supported the RBZ to elaborate a questionnaire for a Quantitative Impact Study (QIS), discussed identified gaps with the BSD management and relevant supervisors, delivered training on LCR and NSFR, and provided recommendations on enhancing the drafts. The mission also discussed the outputs of LCR first assessments, highlighting the importance checking the quality of LCR data reported by banks.
Keywords:
Banking regulation; Basel III; Liquidity requirements; Net Stable Funding Ratio; Central Bank; Zimbabwe.; RBZ Banking Supervision Division; Basel III liquidity framework; IMF's Monetary; TA mission; request of the Reserve Bank of Zimbabwe; Liquidity risk; Commercial banks; Liquidity; Global
Cover IMF Working Papers
A Proposal to Improve Country-Level Data on Total Factor Productivity Growth
Andrew M. Warner
The assumption behind popular data on national capital stocks, and therefore total factor productivity, is that countries were in a steady state in the first year that investment data became available. This paper argues that this assumption is highly implausible and is necessarily responsible for implausible data on the ratio of capital to output and productivity growth. It is not credible that countries with similar incomes had huge differences in their capital stocks. This paper claims, with evidence, that implausible features of the data can be greatly reduced by using data on electricity usage or national stocks of road vehicles.
Keywords:
Productivity; Total Factor Productivity; Economic Growth; capital output ratio; total factor productivity growth; capita-output ratio; investment data; TFP growth estimate; Capital productivity; Stocks; Capital adequacy requirements; Electricity; Africa; Global
Cover IMF Staff Country Reports
Botswana: Financial Sector Assessment Program-Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper presents Botswana’s Detailed Assessment of Observance—Basel Core Principles for Effective Banking Supervision report. Legislative changes for safeguarding operational independence are needed. The supervisory methodology and bank-rating framework requires a review to be a forward-looking assessment of risk. The supervision approach can be strengthened with greater use of qualitative information as inputs for offsite analysis together with a shorter onsite examination cycle. The capital adequacy framework for banks is largely aligned with the Basel framework and proportionate to the risks and complexities of the local banking industry, with minimum capital requirements being set significantly higher than under the Basel framework. The supervisory approach to management of problem assets, provisions and reserves by banks needs revision. There is a need to develop guidance for supervisors and supervisory methodologies to encourage higher standards of liquidity risk management. Material deficiencies exist in relation to regulations for corporate governance.
Keywords:
IMF-World Bank Financial Sector Assessment Program; Botswana accountancy oversight authority; banking supervision department; amendment Act; asset liability management committee; Market risk; Credit risk; Bank risk management; Operational risk; Liquidity risk; Global
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report—FSSR Follow up Technical Assistance—Implementation of the Basel II/III Capital Framework
International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report on Zimbabwe discusses the Financial Sector Stability Review follow-up technical assistance and implementation of the Basel II/III capital framework. The RBZ should update its current capital regulations in line with the Basel II/III framework. Currently, all banks use standardised approaches for calculating risk-based capital requirements in Zimbabwe. The increased granularity and risk sensitivity introduced in the Standardised Approach of Basel III could be a useful approach for calculating capital requirements for credit risk in Zimbabwe. The implementation of the Basel III Standardised Approach for the calculation of capital requirement for operational risk requires some adjustments in banks’ data collection process. In order to implement Basel III capital requirements for market risk, the RBZ should focus on improvement of the trading book identification criteria and a few updates necessary to move to the Simplified Alternative Standardized Approach. The RBZ should conduct impact studies to facilitate assessment of the transition to Basel III capital requirements.
Keywords:
capital requirement; RBZ regulation; III framework; capital framework; III framework approach; conservation buffer; Basel III; Basel II; Credit risk; Market risk; Operational risk
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report—Financial Sector Stability Review Consolidated Supervision
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Reserve Bank of Zimbabwe (RBZ), the Monetary and Capital Markets (MCM) Department conducted a virtual mission from May 3 to June 10, 2022 to assist the RBZ on strengthening consolidated supervision framework. The main focus was to support the RBZ in updating the RBZ consolidated supervision framework, enhancing prudential reporting on a consolidated basis, strengthening the assessment of banking group’s risks, and intensifying cross-border and interagency cooperation.
Keywords:
RBZ Banking Supervision Division; framework in Zimbabwe; consolidated supervision; IMF's Monetary; request of the Reserve Bank of Zimbabwe; Consolidated banking supervision; Risk-based supervision; Capital adequacy requirements; Bank supervision; Commercial banks; Africa
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Basel III Implementation
International Monetary Fund. Monetary and Capital Markets Department
As a follow-up to the 2019 FSSR, a remote TA mission supported the RBZ with the implementation of Basel III liquidity standards. The mission reviewed the RBZ drafts of the LCR and NSFR frameworks, discussed identified material gaps with the BSD management and relevant supervisors, and provided many recommendations on enhancing the drafts of liquidity regulations, monitoring tools, reporting templates, and disclosure. Further actions for implementing Basel III liquidity standards were agreed with the RBZ.
Keywords:
banking sector indicator; liquidity standard; staff team of the International Monetary Fund; authoring department; RBZ draft; Liquidity requirements; Liquidity; Liquidity risk; Basel III; Commercial banks
Cover IMF Staff Country Reports
Zimbabwe: Technical Assistance Report-Undertaking Supervisory Examinations Remotely Due to COVID-19 Operational Restrictions
International Monetary Fund. Monetary and Capital Markets Department
The RBZ is in the process of recommencing on-site examinations, but due to COVID-19 operational restrictions, these will need to be undertaken remotely. The RBZ has developed a draft remote examination framework document to guide this work and requested AFS assistance to review the framework, and also provide information on how other supervisors are undertaking examinations remotely. The mission provided training on international practice of remote examinations, which was presented by supervisors from the Bank of Ghana (BOG), Bank of Thailand (BOT) and the De Nederlandsche Bank (DNB) and reviewed the draft remote examination framework document. The training covered adjustments to examination framework and operational issues and key points of consideration when undertaking examinations remotely. The mission also reviewed the RBZ consolidated examination manual, to provide feedback to the RBZ on the feasibility of undertaking supervisory examinations remotely, as described in the manual and provide points for consideration for undertaking such examination remotely.
Keywords:
examination manual; IMF's Monetary; modality examination; World Bank staff; examination team; request of the Reserve Bank of Zimbabwe; Bank supervision; Internal controls; Southern Africa
Cover Departmental Papers
Monetary Finance: Do Not Touch, or Handle with Care?
Mr. Itai Agur
,
Mr. Damien Capelle
,
Mr. Giovanni Dell'Ariccia
, and
Mr. Damiano Sandri
This paper reviews the theoretical arguments in favor and against MF and presents an empirical assessment of the risks that it may pose for inflation.
Keywords:
Monetary finance; fiscal and monetary coordination; liquidity trap; inflation expectation; UMP announcement; hard-won central bank credibility; support well; UMP program; Inflation; Monetary base; Unconventional monetary policies; Sovereign bonds; Global
Cover IMF Staff Country Reports
Zimbabwe: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Zimbabwe
International Monetary Fund. African Dept.
This 2019 Article IV Consultation focuses on Zimbabwe’s near- and medium-term challenges and policy priorities and was prepared before COVID-19 became a global pandemic that has resulted in unprecedented strains in global trade, commodity, and financial markets. It, therefore, does not reflect the implications of these developments and related policy priorities. The outbreak has greatly amplified uncertainty and downside risks around the outlook. The IMF staff is closely monitoring the situation and will continue to work on assessing its impact and the related policy response in Zimbabwe and globally. With another poor harvest expected, growth in 2020 is projected at near zero, following a sharp contraction in 2019, with food shortages continuing. With no progress on clearing longstanding external arrears, the authorities face a difficult balance of pursuing tight monetary, to reduce very high inflation, and fiscal policies to address the macroeconomic imbalances and build confidence in the currency, while averting a crisis. Pressures are mounting to increase spending on wages and for social protection to mitigate the impact of the weather shocks and high inflation. While the 2020 budget includes a significant increase in social spending, it is likely insufficient to meet the pressing needs.
Keywords:
ISCR; CR; Zimbabwe; government; debt; Zimbabwean authorities; currency; Zimbabwe dollar; Zimbabwean government; review government's shareholding; climate shock; Monetary base; Currencies; Agricultural sector; Sub-Saharan Africa; Africa; Global
Cover Policy Papers
Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update
International Monetary Fund
and
World Bank
This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-reducing expenditure by beneficiary countries, as well as on the cost of debt relief, creditor participation rates, and litigation against HIPCs.
Keywords:
PP; Heavily Indebted Poor Countries (HIPC) Initiative - Issues Related to the Sunset Clause; HIPC Initiative; cost; WB debt sustainability analysis; Total Post-Decision-Point HIPCs; IMF board; IMF MDRI assistance; debt service; HIPC debt relief; decision point; present value; IMF MDRI assistance to Cambodia; Debt relief; Debt service; Arrears; Debt burden; Public and publicly-guaranteed external debt; Middle East