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Middle East and Central Asia > Qatar

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Cover Departmental Papers
Assessing Banking Sector Vulnerabilities in the Gulf Cooperation Council in the Wake of COVID-19
Abdullah Al-Hassan
,
Imen Benmohamed
,
Aidyn Bibolov
,
Giovanni Ugazio
, and
Ms. Tian Zhang
The Gulf Cooperation Council region faced a significant economic toll from the COVID-19 pandemic and oil price shocks in 2020. Policymakers responded to the pandemic with decisive and broad measures to support households and businesses and mitigate the long-term impact on the economy. Financial vulnerabilities have been generally contained, reflecting ongoing policy support and the rebound in economic activity and oil prices, as well as banks entering the COVID-19 crisis with strong capital, liquidity, and profitability. The banking systems remained well-capitalized, but profitability and asset quality were adversely affected. Ongoing COVID-19 policy support could also obscure deterioration in asset quality. Policymakers need to continue to strike a balance between supporting recovery and mitigating risks to financial stability, including ensuring that banks’ buffers are adequate to withstand prolonged pandemic and withdrawal of COVID-related policy support measures. Addressing data gaps would help policymakers to further assess vulnerabilities and mitigate sectoral risks.
Keywords:
COVID-19; banking performance; corporates performance; sovereign-banks-economy nexus; bank asset quality; oil price shock; policy support; assessing banking sector vulnerability; C. bank assets quality; Financial statements; Commercial banks; Loans; Credit; Global; Middle East
Cover IMF Staff Country Reports
People’s Republic of China–Hong Kong Special Administrative Region: Financial Sector Assessment Program-Technical Note-Implications of Fintech for the Regulation and Supervision of the Financial Sector
International Monetary Fund. Monetary and Capital Markets Department
he Hong Kong Special Administrative Region (HKSAR) is among the world’s major fintech hubs, well positioned to develop fintech initiatives from its traditional strengths in financial services. Key factors enabling the HKSAR to emerge as a fintech hub include its presence as an international financial center, its free-flowing talent and capital, a highly developed information and technology communication (ITC) infrastructure, and its most unique trait, a geographical and strategic advantage by proximity to the market in Mainland China.
Keywords:
People's Republic of China-Hong Kong Special Administrative Region FSAP; banking Supervision department; Hong Kong exchange; People's republic of china-Hong kong special administrative region; banking ordinance; Fintech; Blockchain and DLT; Financial sector; Artificial intelligence; Global