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E-Money: Prudential Supervision, Oversight, and User Protection
This departmental paper discusses the evolving prudential frameworks for nonbank issuers of electronic money. Some jurisdictions take a relatively light-touch approach to regulating electronic money issuers (EMIs). Others have sought to apply more stringent requirements to protect electronic money (e-money) users, as the sector has grown in importance. The paper aims to build on previous IMF staff contributions to the literature and to draw policy conclusions for strengthening e-money regulatory regimes; in particular in jurisdictions where issuers, individually or collectively, have grown to a size to which they are of macro-financial importance (see below). Chapter 2 provides background on...
Republic of Tajikistan
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.
Indonesia
The financial system appears to be broadly resilient, has strong capital and liquidity buffers but remains relatively small and dominated by banks, especially few state-owned banks. Household and corporate indebtedness and public debt are low. The macroprudential policy framework features both financial stability and development objectives. The recently passed Financial Sector Omnibus Law (FSOL) will make notable reforms to the financial sector.
The Promise of Fintech
Technology is changing the landscape of the financial sector, increasing access to financial services in profound ways. These changes have been in motion for several years, affecting nearly all countries in the world. During the COVID-19 pandemic, technology has created new opportunities for digital financial services to accelerate and enhance financial inclusion, amid social distancing and containment measures. At the same time, the risks emerging prior to COVID-19, as digital financial services developed, are becoming even more relevant.
A Bookseller's Hobby-horse and the Rhetoric of Translation
A Bookseller's Hobby-Horse, and the Rhetoric of Translationis a study of the first Dutch translation of Tristram Shandy(1759-67) as a product of and factor in the reception of Sterne's novel in the Netherlands, and as a specific manifestation of this reception: a derived text based on interpretation of the original. It took sixteen years for this translation to appear. Why was this so? And why did its publication (1776-79) prove unrewarding to the publisher? To answer the first question, Agnes Zwaneveld relates the development of Sterne appreciation in the Netherlands -- from neglect in the 1760s to a literary craze in the 1780s -- to a number of socio-cultural factors, including a growing i...
Pakistan
Recent developments. Following the 2022 floods and the acute financial pressures earlier in the year, economic activity has stabilized and inflation has begun to gradually decline on the back of strong policy adjustment. External pressures have eased somewhat since June, and the SBP has taken advantage of renewed inflows to begin rebuilding foreign exchange (FX) reserves. Fiscal performance has also improved, with the general government achieving a primary surplus in FY24Q1. Despite this welcome progress, the outlook is still challenging, and downside risks remain exceptionally high.
Regulating the Crypto Ecosystem
Stablecoins have experienced periods of rapid growth, accelerated links with traditional finance. Without proper regulation, contagion risks to wider financial sector will increase. Global regulation for stablecoins should be comprehensive, consistent, risk-based, flexible, and focus on their structural features and use. Requirements on stablecoins should cover the entire ecosystem and all its key functions, and there should be additional oversight for systemic stablecoin arrangements. In markets where risks are growing quickly, authorities should take immediate action by using all the tools at their disposal. This note provides key elements that should feature in any regulatory arrangement. For effective implementation, domestic and international collaboration are key.
Pakistan
Economic activity remained robust in FY22, fueled by loose fiscal policy and a delayed monetary response to inflationary pressures. These combined with the international food and fuel price shocks led to a marked deterioration of the external position with an unsustainable current account deficit, a significant decline in reserves, and a marked depreciation of the rupee. At the same time, inflation has increased considerably, putting pressure particularly on the more vulnerable.
Montenegro
This paper focuses on the important issues of Montenegro economy which are as follows: microfinancial setting, financial system resilience, financial oversight, resolution of nonperforming loans, and financial safety nets. Montenegro is still dealing with the aftermath of the collapse of the lending boom in 2008. Economic momentum has accelerated in 2015, but there are numerous downside risks. System-wide solvency and liquidity indicators appear broadly sound, but significant pockets of vulnerabilities exist among domestically owned banks. Decisive action to deal with weak banks is critical for preserving financial stability. While the legal, regulatory, and supervisory frameworks for banking and insurance sector have markedly improved since 2006 Financial Sector Assessment Program, further progress is required.
