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Asia and Pacific > Maldives

You are looking at 1 - 8 of 8 items for :

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Cover IMF Staff Country Reports
Maldives: Financial Sector Assessment Program-Technical Note on Bank Stress Testing and Climate Risk Analysis
International Monetary Fund. Monetary and Capital Markets Department
This paper presents a technical note on bank stress testing and climate risks analysis in Maldives. Although the Maldives’ economy has rebounded strongly from the pandemic-induced contraction, macro and financial vulnerabilities remain. The stress test results broadly corroborated the identified vulnerabilities and quantified them. The climate risk analysis considered a micro approach that shocks banks’ immovable asset related loans under three climate scenarios. The system appears well capitalized, although capital ratios are biased upward by large government paper holdings with zero risk weights. The results of the solvency stress test corroborate that banks are less vulnerable to credit risk than they are to the impact of a possible unraveling of the sovereign–bank nexus. Banks’ nonperforming loans (NPL) ratios are projected to increase slightly in the baseline and moderately under stress. The resulting additional loan loss provisions are easily offset by ample pre-provision income.
Keywords:
summary market Risk sensitivity analysis result; market risk sensitivity analysis result; B. liquidity coverage ratio; aggregate capitalization; deposit concentration sensitivity analysis; market Risk sensitivity analysis result; summary solvency Risk result; sensitivity analysis assumption; Stress testing; Nonperforming loans; Loans; Currencies; Commercial banks; Global
Cover IMF Staff Country Reports
Maldives: Financial System Stability Assessment; and Press Release
International Monetary Fund. Monetary and Capital Markets Department
This paper presents financial system stability assessment (FSSA) report for Maldives. Maldives is a tourism dependent economy with a small financial sector dominated by state-owned banks. Systemic risks stem largely from a growing sovereign-bank nexus, high dollarization, and a shortage of foreign exchange. The Financial Sector Assessment Program concluded that further strengthening of financial sector policies is needed to improve the resilience of the financial system. The authorities should adopt regulation to address frictions in the foreign exchange market, resume liquidity management operations and develop systemic risk indicators. Priority should also be given to establishing a macroprudential framework along with instruments, publishing a financial stability report, and ensuring full reporting of non-bank payment obligations. The financial safety net and crisis management arrangements should be enhanced by improving early intervention mechanisms, introducing recovery and resolution planning, and enhancing the deposit insurance system. In addition, an effective liquidity assistance framework should be established.
Keywords:
World Bank FSAP mission; risk analysis; IMF FSAP stress test result; MMA central government debt holding; FSAP finding; bank capitalization; Financial Sector Assessment Program; Stress testing; Financial sector stability; Global; Asia and Pacific
Cover IMF Staff Country Reports
Maldives: Technical Assistance Report-Financial Soundness Indicators Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance report on the Maldives discusses the findings and recommendations of financial soundness indicators (FSI) statistics mission. The mission, in collaboration with the staff of the Maldives Monetary Authority, updated the existing bridge tables to compile FSIs for deposit takers (DT) and developed new ones for insurance corporations, other financial corporations and households for reporting to IMF’s Statistics Department. The mission found that source data for compiling FSIs for DTs, and ICs are broadly adequate and generally meet the criteria established by the 2019 FSIs Guide for publication on the FSIs data portal. The commercial banks operating in Maldives have already adopted the International Financial Reporting Standard 9 (IFRS 9). The capital adequacy ratios of banks followed mainly the Basel I framework. The definitions of nonperforming loans and liquid assets are reviewed during the mission and recommendations are provided to update the definitions in line with the 2019 FSIs Guide and IFRS 9. The mission also recommends the publication of the new metadata and institutional coverage report forms accompanying the publication of FSIs.
Keywords:
Maldives; Financial Soundness Indicators; 2019 FSIs Guide; Deposit takers; Other financial corporations; Insurance Corporations; H. FSIs data; TA mission; MMA staff; FSIs Guide; FSIs coverage; Maldives pension administration office; Financial statements; Loans; Real estate prices; Financial sector
Cover IMF Working Papers
Assessing Countries’ Financial Inclusion Standing - A New Composite Index
Mr. Alexander Massara
and
André Mialou
This paper leverages the IMF’s Financial Access Survey (FAS) database to construct a new composite index of financial inclusion. The topic of financial inclusion has gathered significant attention in recent years. Various initiatives have been undertaken by central banks both in advanced and developing countries to promote financial inclusion. The issue has also attracted increasing interest from the international community with the G-20, IMF, and World Bank Group assuming an active role in developing and collecting financial inclusion data and promoting best practices to improve financial inclusion. There is general recognition among policy makers that financial inclusion plays a significant role in sustaining employment, economic growth, and financial stability. Nonetheless, the issue of its robust measurement is still outstanding. The new composite index uses factor analysis to derive a weighting methodology whose absence has been the most persistent of the criticisms of previous indices. Countries are then ranked based on the new composite index, providing an additional analytical tool which could be used for surveillance and policy purposes on a regular basis.
Keywords:
WP; income group; factor analysis; Financial inclusion; access and usage of financial services; index; borrowers variable; a number of variable; outreach variable; cross-dimension composite index; scale invariance; household depositor; composite index value; usage variable; normalized variable; geometric mean; Public expenditure review; Personal income; Commercial banks; Global
Cover IMF Staff Country Reports
Maldives: Report on Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
The financial sector of the Maldives, although small and not developed, is susceptible to both money laundering and, to a lesser extent, terrorist financing. This report focuses on observance of standards and codes for the FATF-40 (Financial Action Task Force) recommendations for antimoney laundering (AML) and nine special recommendations on combating the financing of terrorism (CFT) in the Maldives. It provides a summary of the AML/CFT measures in place in the Maldives and contains recommendations on how the AML/CFT system could be strengthened.
Keywords:
ISCR; CR; offense
Cover IMF Staff Country Reports
Maldives: Detailed Assessment Report on Anti-Money Laundering and Combating the Financing of Terrorism
International Monetary Fund
The Maldives has taken steps to lay down the foundations of an antimoney laundering and counterterrorist financing (AML/CFT) framework. This report summarizes the AML/CFT measures that were in place in the Maldives at the time of the onsite visit (October 17–28, 2010) and shortly thereafter. The report describes and analyzes these measures and offers recommendations on how to strengthen certain aspects of the AML/CFT system. It also assesses the Maldives’ level of compliance with the Recommendations of the Financial Action Task Force (FATF).
Keywords:
ISCR; CR; criminal activity; drug trafficking; terrorist financing; AML regulation; cyber crime; due diligence; criminal offense; CFT requirement; banking sector; penal code; credit card; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Terrorism financing; Legal support in revenue administration; South Asia; Asia and Pacific
Cover IMF Staff Country Reports
Maldives: First Review Under the Stand-By Arrangement and the 24-Month Arrangement Under the Exogenous Shocks Facility and Requests for Waivers of Nonobservance of Performance Criteria and Modification of Performance Criterion: Staff Report; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Maldives.
International Monetary Fund
The first review of Maldives’ economic performance under the Stand-By Arrangement (SBA) and the Arrangement under the Exogenous Shocks Facility is discussed. The fiscal deficit in 2009 was estimated at 26¼ percent of GDP, 2½ percentage points lower than previously projected. The growth of monetary aggregates slowed down in line with projections. A key risk concerns the ability of the government to maintain the public sector wage cuts. A negative outcome on this would have a large fiscal impact.
Keywords:
ISCR; CR; SDR; economy; debt; monetization; executive board discussion; liquidity absorption effort; restraining expenditure; vulnerability to external shocks; deficit monetization; MMA credit; Public sector wages; Monetary base; Government debt management; Global
Cover Summary Proceedings of the Thirty-Second Annual Meeting of the Board of Governors, 1977
Summary Proceedings of the Thirty-Second Annual Meeting of the Board of Governors, 1977
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
AS; Donal lynch; boards of governors of the bank; fund documents no; Joint Ministerial Committee of the boards of governors; reference list; Inflation; Adjustment process; International monetary system; Capital markets; Official development assistance; Global; Africa; Caribbean; Central America; West Africa; gold sale