This technical note on the Republic of Poland underlies the country’s credit, growth, and financial stability. A broad-based statistical and econometric analysis of financial and household balance sheet data implies that exchange rate-related credit risk and liquidity risk are currently...

Croatia continues to enjoy economic growth, price stability, and rising international reserves under the Stand-By Arrangement. Executive Directors commended this and stressed the need for prudent macroeconomic policies, structural reforms, fiscal consolidation, and tight monetary policy. They...

This Selected Issues paper for Bulgaria highlights that the rapid credit expansion has not raised significant financial stability issues, but has been a key factor in the sharp weakening of the external current account. Although the deficit has been mostly financed by foreign direct investment...

This Selected Issues paper and Statistical Appendix examines banking sector developments in the Republic of Tajikistan. The paper estimates quasi-fiscal activities in the energy sector, and provides an assessment of external sector trade and the need for further trade reform. Developments in the...

This technical note explores the reasons for a comparatively high interest rate spread in Kazakhstan in the context of competition in the banking sector. In spite of significant gains in efficiency made in recent years, operational costs and provisioning for loan losses remain high compared with...

This Selected Issues paper examines developments in Estonia’s expanding net external obligations, as well as in domestic income flows and balance sheets. The paper discusses external current account and net international investment positions. Domestic investment and saving and balance...

This Selected Issues paper reviews the financial sector development in Georgia in recent years, and investigates why it has lagged behind economic development, as well as developments in more advanced transition economies. The paper briefly reviews recent financial sector development in Georgia,...

This 2011 Article IV Consultation reports that Cambodia’s high degree of dollarization and largely reduced fiscal space constrain the authorities’ ability to cushion shocks. Macroeconomic stability hinges on prudent fiscal policies. The mission cautioned that fiscal space is...

This paper presents an update to the Financial System Stability Assessment (FSAP) on the Republic of Belarus. The paper reveals that the Belarusian financial sector has so far weathered the ongoing turmoil well, reflecting its relatively closed nature and the dominant role of state-owned banks....

The Central Bank of Tunisia's (CBT) liquidity support contributed to rapid credit growth in Tunisia and an uptick in inflation. The Tunisian economy is expected to recover gradually. Banking sector vulnerabilities are much higher, and stress tests indicate that the banking sector may face large...