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Business and Economics > Finance: General

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Cover IMF Staff Country Reports
ليبيا: قضايا مختارة
International Monetary Fund. Middle East and Central Asia Dept.
قضايا مختارة
Keywords:
ليبيا : قضايا مختارة
Cover IMF Staff Country Reports
Libya: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper identifies the sources and quantifies the exchange market pressures on the Libyan dinar. The paper highlights that: (1) the cumulative pressure on the exchange rate has been negative; and (2) despite the alternating appreciation and depreciation pressures, foreign exchange reserves have remained relatively stable. The authorities’ toolkit is limited: they strive to maintain the stock of reserves at a high level and to keep the exchange rate peg intact, all without the use of fiscal policy or of conventional monetary policy instruments. Therefore, developing conventional monetary policy tools and making sure that fiscal policy is consistent with the overall macroeconomic objectives would help the authorities achieve their goals without resorting to capital flow measures. While Libya had periods of both depreciation and appreciation pressures, overall, it faced substantial depreciation pressure. In other words, Libya’s policies over the medium term were not in line with the three-pronged macroeconomic objective of maintaining high foreign reserves, a pegged official exchange rate, and a narrow gap between the parallel and the official exchange rates. The findings suggest that additional monetary tools and the use of fiscal policy can help contain the parallel market premium and avoid the use of capital flow measures.
Keywords:
exchange market pressure; EMP index; copyright page; weakening exchange rate; market rate; Currency markets; Exchange rates; International reserves; Depreciation; Eastern Europe; Global
Cover IMF Staff Country Reports
Libya: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper provides an overview of the challenges facing the banking sector in Libya and puts forward reforms to strengthen financial stability and accelerate credit growth. Priority reforms are identified using the 2012 sound principles for effective supervision, issued by the Basel Committee for Banking Supervision (BCBS), while also considering limitations imposed by the country’s fragility and conflict situation. Banks are struggling to develop Islamic finance products. Financial stability mandate and governance architecture should be strengthened. Financial stability mandate and governance are not clearly articulated in the banking law. Comprehensive internal and external reporting systems should be developed to strengthen management facilitate supervision. The paper recommends that the authorities follow a gradual and consultative approach to regulatory reforms and support the development of human capital and systems at the commercial banks and at the Central Bank of Libya.
Keywords:
A. banking sector; banking sector reform; I. select BCBS sound principal; title page; copyright page; Credit; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Bank legislation; Global
Cover IMF Staff Country Reports
Libya: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues paper provides an overview of the challenges facing the banking sector in Libya and puts forward reforms to strengthen financial stability and accelerate credit growth. Priority reforms are identified using the 2012 sound principles for effective supervision, issued by the Basel Committee for Banking Supervision (BCBS), while also considering limitations imposed by the country’s fragility and conflict situation. Banks are struggling to develop Islamic finance products. Financial stability mandate and governance architecture should be strengthened. Financial stability mandate and governance are not clearly articulated in the banking law. Comprehensive internal and external reporting systems should be developed to strengthen management facilitate supervision. The paper recommends that the authorities follow a gradual and consultative approach to regulatory reforms and support the development of human capital and systems at the commercial banks and at the Central Bank of Libya.
Keywords:
A. banking sector; banking sector reform; I. select BCBS sound principal; title page; copyright page; Credit; Commercial banks; Anti-money laundering and combating the financing of terrorism (AML/CFT); Financial sector stability; Bank legislation; Global
Cover IMF Staff Country Reports
Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
The Covid-19 pandemic had a substantial impact on C.A.R.’s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though most containment measures have been progressively loosened. Despite some progress since the February 2019 peace agreement, the security situation remains precarious. Despite some delays in voter registration, the first round of the presidential and general elections is still scheduled on December 27.
Keywords:
ISCR; CR; asset declaration law; staff appraisal; staff statement; assessment of policy issue; CAR authorities
Cover IMF Staff Country Reports
Central African Republic: First and Second Reviews Under the Extended Credit Facility Arrangement and Request for Waivers of Nonobservance of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for the Central African Republic
International Monetary Fund. African Dept.
The Covid-19 pandemic had a substantial impact on C.A.R.’s economy but appears now somewhat contained. The number of positive cases and related deaths has been very limited over the last few months, even though most containment measures have been progressively loosened. Despite some progress since the February 2019 peace agreement, the security situation remains precarious. Despite some delays in voter registration, the first round of the presidential and general elections is still scheduled on December 27.
Keywords:
ISCR; CR; asset declaration law; staff appraisal; staff statement; assessment of policy issue; CAR authorities; assessment of the ability; COVID-19; Arrears; Global
Cover Policy Papers
List of IMF Member Countries with Delays in Completion of Article IV Consultations or Mandatory Financial Stability Assessments over 18 Months
International Monetary Fund
In line with a framework introduced in 2012 for addressing excessive delays in the completion of Article IV consultations, the following table lists the IMF members for which the Article IV consultation has been delayed by more than 18 months at March 15, 2016. The delay is counted past the stipulated date for the consultation plus any applicable grace period. There are no countries for which the mandatory financial stability assessments are delayed by more than 18 months at March 15, 2016.
Keywords:
PP; IMF staff; delay; consultation; delay in completion of consultation; Financial stability assessment
Cover IMF Working Papers
Searching for the Finance-Growth Nexus in Libya
Mr. Serhan Cevik
and
Mr. Mohammad Rahmati
This paper investigates the causal relationship between financial development and economic growth in Libya during the period 1970–2010. The empirical results vary with estimation methodology and model specification, but indicate the lack of long-run relationship between financial intermediation and nonhydrocarbon output growth. The OLS estimation shows that financial development has a statistically significant negative effect on real nonhydrocarbon GDP per capita growth. However, the VAR-based estimations present statistically insignificant results, albeit still attaching a negative coefficient to financial intermediation. It appears that nonhydrocarbon economic activity depends largely on government spending, which is in turn determined by the country’s hydrocarbon earnings.
Keywords:
WP; hydrocarbon GDP; GDP growth; finance-growth nexus; rate of change; well-functioning financial system; Financial development; economic growth; cointegration; causality; VAR models; Financial sector development; Credit; Commercial banks; Oil prices
Cover IMF Staff Country Reports
Tunisia: 2012 Article IV Consultation; Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tunisia
International Monetary Fund
This 2012 Article IV Consultation highlights that Tunisia experienced a severe recession in 2011 amid domestic and regional turmoil. Real GDP contracted by 1.8 percent, reflecting a sharp decline in tourism and foreign direct inflows. As a result of the economic downturn and the return of Tunisian workers from Libya, unemployment soared to 19 percent in 2011, with youth unemployment at 42 percent. Tunisia’s medium-term economic growth potential remains favorable, but unleashing it requires a comprehensive package of structural reforms to foster private investment.
Keywords:
ISCR; CR; authority; exchange rate; government; Tunisia; Tunisian authorities; liquidity injection; authorities' intention; banking system liquidity; Tunisian authority; Fiscal stimulus; Public investment spending; Public investment and public-private partnerships (PPP); Europe; Global
Cover IMF Staff Country Reports
Tunisie: Évaluation de la stabilité du système financier
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; bank; loan; regulation; Tunisia; bank-restructuring process; banks universal