Financial Sector Assessment : Republic of Tajikistan

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作者：

International Monetary Fund

来源地址：

http://hdl.handle.net/10986/23661

关键词：

AUCTION;  BANKING REGULATION;  MONETARY POLICY;  WITHDRAWAL;  BORROWER;  OPERATIONAL INDEPENDENCE;  ACCOUNTING;  DEPOSITS;  PRUDENTIAL SUPERVISION;  VALUATION;  INTEREST;  BANKING SECTOR STABILITY;  REMITTANCE;  PRIVATE CREDIT;  PORTFOLIO;  MARKET SIZE;  LIQUIDITY RISK;  CAPITAL ADEQUACY;  LOAN;  CREDITWORTHINESS;  BORROWERS;  CREDIT TRANSACTIONS;  BANKRUPTCY;  ASSET RATIO;  INSTRUMENTS;  INSURANCE MARKET;  WITHDRAWALS;  SECURITIES ISSUANCE;  MARKET LIQUIDITY;  CURRENCY;  SETTLEMENT SYSTEMS;  MARKET DEVELOPMENT;  DOMESTIC CURRENCY;  CONTRACT ENFORCEMENT;  MORAL HAZARD;  BANK ASSETS;  CONSUMER CREDIT;  DEBTS;  CREDIT RISKS;  MONETARY FUND;  FINANCIAL INSTITUTIONS;  DEBT;  CAPITAL MARKET;  MARKETS;  CREDIT REPORTING SYSTEM;  SETTLEMENT;  DEPOSIT INSURANCE;  DEBT SERVICE;  BANK CREDIT;  DUE DILIGENCE;  LEGAL FRAMEWORK;  GOVERNMENT SECURITIES MARKET;  INTERNATIONAL FINANCIAL INSTITUTIONS;  BANKING SECTOR;  TRANSACTIONS;  DEPOSITORS;  AUCTIONS;  MACROECONOMIC ENVIRONMENT;  GOOD;  INSURANCE PRODUCTS;  FUTURE;  CASH PAYMENTS;  TREASURY BILLS;  BANKING SECTOR DEVELOPMENT;  FINANCIAL PERFORMANCE;  CREDIT INFORMATION;  ISSUANCE;  LIQUIDITY MANAGEMENT;  MARKET DISCIPLINE;  LOAN PORTFOLIO;  COMMERCIAL LOANS;  T-BILLS;  LOCAL CURRENCY;  DEPOSIT MOBILIZATION;  SECURITIES;  TREASURY;  SOLVENCY;  FINANCIAL INFRASTRUCTURE;  MICROCREDIT;  CREDIT RISK;  SHAREHOLDERS;  INSURANCE;  GOVERNMENT DEBT;  MICROFINANCE;  UNIVERSAL BANK;  OPEN MARKET;  ACCOUNTING STANDARDS;  COMMERCIAL BANKS;  FINANCIAL RISKS;  CREDITOR CLAIMS;  LOSS OF CONFIDENCE;  LENDING;  SHAREHOLDER;  INSURANCE COMPANIES;  MATURITIES;  BANKING LAW;  REMITTANCES;  FINANCIAL SYSTEMS;  PAYMENT SYSTEMS;  LIABILITIES;  CREDIT HISTORY;  CAPITAL ACCOUNT;  CREDIT LINES;  DEVELOPMENT BANK;  FINANCIAL SECTOR DEVELOPMENT;  DEPOSITOR;  INVESTING;  TERRORISM;  PLEDGES;  DEPOSIT;  CAPITAL MARKETS;  REGULATORY FRAMEWORK;  BASIS POINTS;  FOREIGN CURRENCY LOANS;  NPL;  BROAD MONEY;  MARKET DISTORTIONS;  LIQUIDATION;  MOVABLE ASSETS;  MICRO-LOAN;  STOCK;  INFORMATION TECHNOLOGY;  FOREIGN EXCHANGE MARKET;  MICROFINANCE SECTOR;  LIFE INSURANCE;  ASSET PRICES;  DEPOSIT TAKING INSTITUTIONS;  SHARE OF CREDIT;  FINANCIAL DISTRESS;  INTEREST RATE;  EXCHANGE;  BANKING SYSTEM;  PAYMENT SYSTEM;  LIQUIDITY;  COLLATERAL REGISTRY;  MORTGAGE;  FINANCIAL STATEMENTS;  TAX;  MARKET INFRASTRUCTURE;  RESERVE;  PLEDGE;  LEVEL PLAYING FIELD;  CREDIT INSTITUTION;  CREDITORS;  INFLATION;  LIQUID ASSET;  CREDITOR;  SAFETY NETS;  CREDIBILITY;  MICROFINANCE INSTITUTIONS;  BANK LENDING;  BUDGET;  MATURITY;  MATURITY MISMATCHES;  SECURITIES MARKET;  PRUDENTIAL STANDARDS;  CREDIT BUREAUS;  SETTLEMENT RISK;  PORTFOLIOS;  PUBLIC FUNDS;  LIQUIDATIONS;  CONTRACTS;  DIVIDEND PAYMENT;  TRADING;  OPTIONS;  INTEREST RATES;  LENDING DECISIONS;  RETURN;  LENDERS;  LOANS;  MICRO FINANCE;  SETTLEMENT SYSTEM;  RESERVES;  FINANCIAL SYSTEM;  RETURN ON ASSETS;  FINANCE;  PORTFOLIO QUALITY;  FOREIGN CURRENCY;  PUBLIC INVESTMENT;  GOVERNMENT DEBT MARKET;  GOVERNMENT SECURITIES;  CREDIT LINE;  QUALITY OF ASSETS;  MICRO-CREDIT;  EQUITY;  INVESTORS;  CREDIT REPORTING SYSTEMS;  MICRO FINANCE INSTITUTIONS;  FINANCIAL STABILITY;  GOVERNANCE ISSUES;  MARKET FOR GOVERNMENT SECURITIES;  CREDIT ASSESSMENT;  FINANCIAL CRISIS;  SAFETY NET;  CONTRACT;  BANK INTEREST RATE;  CREDIT HISTORIES;  ASSET QUALITY;  CREDIT REPORTING;  FOREIGN BANKS;  REGULATORY FORBEARANCE;  BALANCE SHEET;  DEFAULT;  LOAN QUALITY;  MARKET;  FOREIGN EXCHANGE;  CREDIT BUREAU;  INVESTMENT POLICY;  PRODUCTIVE INVESTMENTS;  INSURANCE PREMIUMS;  INTERESTS;  DEBT MARKET;  CURRENCY DEPRECIATION;  BANKING PRACTICES;  BANKING ASSETS;  CREDIT DEPOSIT;  SECURITY;  FINANCIAL DEVELOPMENT;  BANK LOANS;  FINANCIAL MARKET;  NONPERFORMING LOAN;  STOCK EXCHANGE;  INVESTMENT;  NATIONAL BANK;  SHARE;  LOAN PORTFOLIOS;  PAYMENT SERVICES;  COLLATERAL;  CREDIT QUALITY;  TARIFF;  CONTINGENCY PLANNING;  EXTERNAL DEBT;  INVESTMENTS;  LOAN CONTRACTS;  RISK MANAGEMENT;  INTEREST RATE RISK;  CREDIT GROWTH;  FINANCIAL RISK;  BANKING SECTOR ASSETS;  EXCHANGE RATE;  INSTRUMENT;  SECONDARY MARKET;  MICROFINANCE SECTORS;  JOINT STOCK COMPANY;  CREDIT INSTITUTIONS;  GUARANTEE;  CONSUMER PROTECTION;  INCOME LEVEL;  NONPERFORMING LOANS;  CORPORATE GOVERNANCE;  Report; 

年份：

2015

出版地：

Washington,USA

语种：

English

摘要：

Tajikistan’s economy is entering a downturn and the banking sector is showing substantial weaknesses. Although regulation has improved in line with recommendations of the 2007 financial sector assessment program (FSAP), supervision and enforcement have been lagging behind. The widespread solvency problems in the sector must be addressed head-on and the authorities should be jointly prepared to cope with the worst. As the current banking sector development strategy is ending, the main stakeholders in financial policy should develop a comprehensive strategy that addresses issues in achieving greater financial stability, efficiency, and inclusion in Tajikistan. To fully realize the potential of its financial infrastructure in support of financial stability, efficiency, and inclusion, Tajikistan needs to implement further reforms: the private credit reporting system draws on data sourced from banks and microfinance institutions but fails to exploit other useful data such as telecommunication companies, utilities and insurance companies to evaluate the creditworthiness of individuals with greater efficiency; enforcement of immovable collateral can benefit from improved out-of-court enforcement and credit collection through auction sales, which is quite ineffective; and to achieve greater use of non-cash payments, greater efforts are needed to stimulate both demand and supply of non-cash instruments and capture a greater share of the remittance market.