This 2008 Article IV Consultation highlights that Montenegro has made significant progress in overhauling its economy. The authorities have taken several welcomed steps to help strengthen financial sector stability. Executive Directors have welcomed the structural reforms implemented over the...

This paper presents a Detailed Assessment of the Isle of Man’s (IOM) Observance of the Basel Core Principles for the Effective Banking Supervision Report. The recent global financial markets turmoil has had a significant impact on the Manx financial system. The IOM has a deposit...

This paper discusses key findings of the Financial System Stability Assessment on the Basel Core Principles for Effective Banking Supervision, the Committee for Payment and Settlement Systems (CPSS) Core Principles for Systemically Important Payment Systems, and IMF Monetary and Financial Policy...

Pakistan has implemented some reforms, including improvements in tax administration, removal of some tax exemptions, and the introduction of an interest rate corridor. The macroeconomic policies are overly expansionary and fundamental reforms to resolve the economy’s structural problems...

The Lebanese financial system has so far weathered the global financial crisis. The 2009 Article IV Consultation highlights that deposit inflows decelerated briefly in the aftermath of the Lehman Brothers bankruptcy, but have resumed at a rapid pace since then. Executive Directors have welcomed...

Owing to the high dependence of its exports on countries and commodities, Finland experienced the worst recession in the euro area. Executive Directors encouraged authorities to focus on improving bank cost efficiency, preventing excessive risk taking, and limiting liquidity and funding risks....

The economy of Jordan was affected by the global crisis. Lower commodity prices helped improve Jordan’s external position. Effective banking supervision has strengthened the capacity of Jordanian banks to withstand shocks. The authorities have implemented prudent fiscal and monetary...

The paper analyses the cost and effectiveness of bank restructuring policies in 11 transition countries during 1991-98. It argues that country-specific banking sector features, the size of bad loans inherited from the centrally planned system, and weaknesses in the restructuring policies...

This paper takes stock of the current state of development of the financial systems in five Central European transition economies (the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia) that are also leading EU accession candidates. It presents both a progress report and an...