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Business and Economics > Finance: General

You are looking at 1 - 10 of 14 items for :

  • Type: Journal Issue x
  • Tajikistan, Republic of x
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Cover IMF Staff Country Reports
Republic of Tajikistan: First Review Under the Policy Coordination Instrument and Request for Modification of a Quantitative Target and a Reform Target-Press Release and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Tajikistan has continued to navigate the challenging external environment well. Real GDP rose 8.4 percent during January-September 2024, while inflation remained well-contained at 3.1 percent (y/y) in September. Robust remittances have boosted the external position, with FX reserves at more than 7 months’ import coverage, while prudent fiscal implementation has anchored a continued reduction in public debt. The banking sector remains stable amid steady growth in credit aggregates. Geopolitical fragmentation and regional tensions create uncertainty over the medium-term outlook.
Keywords:
NBT regulation; asset declaration regime; procurement authorities; NBT Law; government approval; Government debt management; Fiscal risks; Monetary base; Global; Central Asia
Cover IMF Working Papers
The Anatomy of the Financial Inclusion Gap in the Caucasus and Central Asia
Mr. Tigran Poghosyan
This paper analyses how financial inclusion in the Caucasus and Central Asia (CCA) compares to peers in Central and Eastern Europe (CEE). Using individual-level survey data, it shows that the probability of being financially included, as proxied by account ownership in financial institutions, is substantially lower across gender, income groups, and education levels in all CCA countries relative to CEE comparators. Key determinants of this financial inclusion gap are lower financial and human development indices, weak rule of law, and physical access to bank branches or ATMs. This suggests that targeted policies aimed at boosting financial and human development, strengthening the rule of law, and supporting fintech solutions can broaden financial inclusion in the CCA.
Keywords:
Caucasus and Central Asia; financial inclusion; financial access; estimation result; CEE comparator; CCA country; IMF working paper 23/109; CEE peer; Financial sector development; Financial account; Financial sector; Income; Global; Central Asia and the Caucasus
Cover IMF Working Papers
Financial Development and Growth in the Caucasus and Central Asia
Mr. Tigran Poghosyan
This paper presents stylized facts on financial development in the CCA countries relative to their EM and LIC peers and assesses how financial development can boost growth in the CCA. Drawing on IMF’s multidimensional index of financial development, we find that CCA countries have made progress following the independence in early 1990s. However, the progress was uneven across the CCA, resulting in a divergence of financial development over time and mixed performance relative to EM and LIC peers. Financial institutions have progressed the most, while financial markets remain underdevelped in most CCA countries except Kazakhstan. In terms of sub-indicators of financial development, financial access has expanded markedly, while the depth of financial intermediation has remained largely shallow and efficiency of financial intermediation has fluctuated over time. Standard growth regressions suggest that CCA countries with relatively lower level of financial development have scope to boost annual growth rates between 0.5-2.5 percent by reaching the level of financial development of frontier CCA countries.
Keywords:
Caucasus and Central Asia; financial development; output growth; CCA country; financial markets market index; growth regression; LIC peer; growth in the Caucasus; Financial sector development; Stock markets; Financial statistics; Central Asia and the Caucasus; CCA economy; CCA LIC; CCA EM; financial institution index
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 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 Regional Economic Outlook, October 2020, Middle East and Central Asia
Regional Economic Outlook, October 2020, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Countries in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region and those in the Caucasus and Central Asia (CCA) responded to the COVID-19 pandemic with swift and stringent measures to mitigate its spread and impact but continue to face an uncertain and difficult environment. Oil exporters were particularly hard hit by a “double-whammy” of the economic impact of lockdowns and the resulting sharp decline in oil demand and prices. Containing the health crisis, cushioning income losses, and expanding social spending remain immediate priorities. However, governments must also begin to lay the groundwork for recovery and rebuilding stronger, including by addressing legacies from the crisis and strengthening inclusion.

Keywords:
public health; reopening; rebuilding; oil revenue; OPEC+; REO; oil exporter; MCD country; oil importer; IMF staff calculation; MCD firm; MCD region
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: Financial System Stability Assessment Report
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights Tajikistan's macroeconomic environment and gives an overview of the financial sector and its stability, and discusses its regulatory, supervisory, crisis prevention, and management framework. The economy of Tajikistan is entering a downturn, and the banking sector is showing substantial weakness. GDP growth has been on a declining trend. Inflation is also projected to rise further. The external position continues to deteriorate, putting pressure on the somoni and eroding already low external buffers. The financial sector of Tajikistan is dominated by banks, which account for 84 percent of total financial sector assets. Dollarization in the financial sector has been increasing and remains a challenge for foreign exchange risk and credit risk management.
Keywords:
ISCR; CR; national bank; interest rate; banking sector; liquidity lending; FX loan; illiquid bank; resolution framework; restructuring AIB; bank assets; bank shareholder; AIB restructuring; Nonperforming loans; Loans; Credit risk; Credit; Stress testing; Global; Central Asia and the Caucasus
Cover Departmental Papers
The Caucasus and Central Asia: Transitioning to Emerging Markets
International Monetary Fund. Middle East and Central Asia Dept.
The countries in the Caucasus and Central Asia (CCA) have recorded significant macroeconomic achievements since independence. These countries have grown more rapidly-—on average by 7 percent over 1996–2011—-than those in many other regions of the world and poverty has declined. Inflation has come down sharply from high rates in the 1990s and interest rates have fallen. Financial sectors have deepened somewhat, as evidenced by higher deposits and lending. Fiscal policies were broadly successful in building buffers prior to the global crisis and those buffers were used effectively by many CCA countries to support growth and protect the most vulnerable as the crisis washed across the region. CCA oil and gas exporters have achieved significant improvements in living standards with the use of their energy wealth.
Keywords:
CCA country; monetary policy; financial system; exchange rate; transmission mechanism; emerging market; natural resource; CCA IMF country team recommendation; banking sector; Financial sector; Infrastructure; Emerging and frontier financial markets; Global; Central Asia; East Asia; Central Asia and the Caucasus; Eastern Europe; Er-CCA country; CCA economy; CCA government; foreign direct investment; Natural resources
Cover IMF Staff Country Reports
Republic of Tajikistan: Fifth Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Waiver of Nonobservance of Performance Criteria, and Request for Modification of Performance Criteria: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Tajikistan.
International Monetary Fund
Economic activity in Tajikistan continues to recover from the global crisis, but a range of vulnerabilities remain. Real GDP grew at an estimated 7.5 percent through the first nine months of 2011. The political environment appears broadly stable, but there are underlying tensions. The worst of the food and fuel price shocks has been weathered without civil unrest, partly owing to measures to ensure supplies, higher remittances, and a general understanding by the population that remedies are limited given resource constraints.
Keywords:
ISCR; CR; NBT liquidity loan; executive board discussion; liquidity; IMF's executive board; loan; emergency liquidity purpose; NBT's monetary policy committee; Loans; Monetary base; Credit; Inflation; Global