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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 9 of 9 items for :

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Cover IMF Working Papers
Uphill Capital Flows and the International Monetary System
Mr. Balazs Csonto
and
Mr. Camilo E Tovar Mora
Uphill capital flows constitute a key transmission channel through which reserve accumulation can distort the stability of the international monetary system. This paper examines and quantifies the importance of this transmission channel by examining how foreign official purchases of U.S. Treasuries influences the U.S. yield curve at different maturities. Our findings suggest that a percentage point increase in foreign official holdings relative to outstanding marketable securities reduces the term premium by 2.0–2.4 basis points at maturities of 2–3 years. These estimates are then used to gauge the role of a global policy in reducing excess reserve accumulation?e.g., a composite global reserve asset or through global liquidity facilities. Findings show that a policy that reduces the demand for Treasuries by $100 billion would increase yields by 1.5–1.8 basis points.
Keywords:
WP; Treasuries; term premium; premium; Uphill capital flows; yield curve; U.S. Treasuries; reserve accumulation; foreign holdings; Treasury securities; yield dynamics; foreign exchange; Capital flows; Securities; Reserves accumulation; International reserves; Global
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the CPSS Core Principles for Systemically Important Payment Systems
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights the Saudi Arabia’s Detailed Assessment of Observance of the Committee on Payment and Settlement Systems Core Principles for systemically important payment systems. The Saudi Arabian Monetary Agency (SAMA) is working to establish its payment system oversight function from an operational perspective. The power of SAMA to oversee the payment systems is stated in the central bank and banking laws. The powers of the central bank to operate, regulate, and oversee the payment systems are not detailed in the law and could be also covered by the proposed Payment System Law. Many critical aspects relating to the payment and securities settlement systems are covered in the legal framework.
Keywords:
ISCR; CR; payment system; SARIE system; central bank; gateway application; SAMA oversight authority; cheque clearing process; direct debit; SARIE participant; automated teller machine; SARIE operation; oversight function; payment card; SPAN system; SARIE system place; SIPS Saudi Arabian Riyal Inter-bank Express; Payment systems; Securities; Securities settlement systems; Real time gross settlement systems; Operational risk; Global
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses Saudi Arabia’s Detailed Assessment of the Observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, and Cooperation, and the Exchange of Information. The equity market in Saudi Arabia is of significant size, but has undergone significant change following the events of 2006 and the establishment of the CMA.
Keywords:
ISCR; CR; CMA staff; CMA Board; investment fund; capital market; CMA regulation; fund manager; insider trading; net capital; securities business; corporate governance; terms and conditions; CMA approval; CMA review; enforcement power; Securities; Mutual funds; Financial statements; Capital adequacy requirements; Trade systems; Global
Cover IMF Staff Country Reports
Saudi Arabia: Reports on the Observance of Standards and Codes
International Monetary Fund
Saudi Arabia’s Report on Standards and Codes has been examined. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA approach to supervision is both risk-based and compliance-focused, and the cost of compliance needs to be a more central focus when establishing mandatory obligations. The CMA has general and broad powers for inspection and investigation, and it conducts full electronic surveillance of the market. The CMA has the authority to investigate potential violations and to bring enforcement action seeking civil and criminal penalties.
Keywords:
ISCR; CR; payment system; payment; bank; Sanya; Saudi Arabian Riyal Inter-Bank Express; CMA regulation; Sama core criteria; asset class; CMA staff; CMA approval; card payments switch; oversight function; Payment systems; Securities; Legal support in revenue administration; Mutual funds; Securities settlement systems; Global
Cover IMF Working Papers
Regional Financial Integration in the GCC
Mr. Raphael A Espinoza
,
Mr. Oral Williams
, and
Mr. Ananthakrishnan Prasad
We investigate the extent of regional financial integration in the member countries of the Gulf Cooperation Council. The limited volume data available suggests that regional integration is non-negligible. Bahrain and Kuwait investments especially are oriented towards the region. The development of stock markets in the region will also improve the extent of financial integration. Interest rate data shows that convergence exists and that interest rate differentials are relatively short-lived-especially compared to the ECCU, another emerging market region sharing a common currency. Equities data using cross-listed stocks confirms that stock markets are fairly integrated compared to other emerging market regions, although financial integration is hampered by market illiquidity.
Keywords:
WP; GCC; Total GCC; price
Cover IMF Working Papers
The Economics of Islamic Finance and Securitization
Andreas Jobst
Islamic lending transactions are governed by the precepts of the shariah, which bans interest and stipulates that income must be derived as return from entrepreneurial investment. Since Islamic finance is predicated on asset backing and specific credit participation in identified business risk, structuring shariah-compliant securitization seems straightforward. This paper explains the fundamental legal principles of Islamic finance, which includes the presentation of a valuation model that helps distil the essential economic characteristics of shariah-compliant synthetication of conventional finance. In addition to a brief review of the current state of market development, the examination of pertinent legal and economic implications of shariah compliance on the configuration of securitization transactions informs a discussion of the most salient benefits and drawbacks of Islamic securitization.
Keywords:
WP; Islamic law; capital market; reserve account; present value
Cover IMF Working Papers
Primary Dealers in Government Securities: Policy Issues and Selected Countries Experience
Mr. George Iden
and
Mr. Marco Arnone
In many countries, authorities have designated a group of financial firms as the principal intermediaries in the government securities market-referred to as "primary dealers" or a "primary dealer system." This paper discusses policy issues related to the establishment of a primary dealer system for countries that may be considering taking this step. In this regard, a key issue is whether a primary dealer system fits into the overall strategy for financial market development in the country. Under a primary dealer system, the debt manager and the group of primary dealers pursue a common strategy in support of the effective functioning and development of primary and secondary markets for government securities. This paper presents results of a survey of country practices conducted in early 2001. Among the countries surveyed, there was broad agreement among authorities that a primary dealer system is to be highly recommended.
Keywords:
WP; dealer system; dealer; market; secondary market; Primary dealers; public debt management; market structure; PD market participant; dealers activity; dealer status; market-making responsibility; securities transaction; price discovery; issuer policy; market liquidity; Government securities; Securities markets; Open market operations; Securities; Liquidity; Australia and New Zealand; Global
Cover IMF Staff Country Reports
Turkey: Recent Economic Developments
International Monetary Fund
This paper reviews economic developments in Turkey during 1992–96. The Turkish economy rebounded in 1995, with real gross national product rising by 8.1 percent, reversing the decline of 6.1 percent in 1994. A strong pickup in activity in the second and third quarters of 1995 more than compensated for the continued weakness in the first quarter and a slight decline in the fourth quarter caused by uncertainty in the run-up to the elections. Industry performed strongly, with a growth rate of 12.1 percent, followed by services (6.4 percent) and agriculture (2.6 percent).
Keywords:
ISCR; CR; central bank; exchange rate; Turkish lira; private sector; wholesale price index; broad money; minimum wage; Public sector; Securities; Imports; Middle East; North Africa; Eastern Europe
Cover Financial Policies and Capital Markets in Arab Countries
Financial Policies and Capital Markets in Arab Countries
Mr. Saíd El-Naggar

Abstract

Recent developments at both the international and national levels - including the globalization of financial markets and the wave of liberalization, deregulation, and privatization- have pushed the issue of financial markets to the forefront of the development agenda. This book, edited by Said El-Naggar, comprises the proceedings of a seminar held in Abu Dhabi in January 1994. It provides a comprehensive analysis of various aspects of capital markets in general and particularly in the Arab countries.

Keywords:
BOOK; liberalization; developing country; investment; equity capital; structural adjustment; Kuwaiti market trading; equity investment; market operator; stimulation policy; securities exchange; commercial paper; Securities markets; Capital markets; Stock markets; Financial sector reform; Foreign direct investment; Global; East Asia; Asia and Pacific; North Africa; Central Asia; South Asia; Central and Eastern Europe