Japan's large and globally well-integrated financial system has remained resilient through a series of shocks, including the COVID-19 pandemic, aided by strong policy support and improved policy frameworks since the 2017 Financial Sector Assessment Program (FSAP). The financial system is,...

This CD engagement covered two distinct areas to help the National Bank of Georgia (NBG) deliver on its price stability mandate, it: 1) provided a forward-looking analysis of the NBG's balance sheet to assess its policy solvency and to help institutionalize such a process, and 2) outlined a...

The technical assistance encompassed a comprehensive review of all pertinent aspects aimed at enhancing the joint financial stability report (FSR) of the Central Bank of Barbados (CBB) and the Barbados Financial Services Commission (FSC). The mission determined that the development of a detailed...

Kazakhstan is vulnerable to transition risk due to the importance of its energy- and emissions-intensive sectors. Domestic and global climate policies would negatively affect Kazakhstan's economy, its firms, industries, and banks, with heterogenous impacts across industries and banks. Using both...

Kazakhstan saw a significant increase in crypto mining in 2021 following a ban on mining in China. Volatility in crypto markets and energy shortages, coupled with a prohibition on the circulation of crypto assets in Kazakhstan, reduced the size of the market by the following year. While retail...

The Netherlands FSAP focused on three cross-cutting themes-housing, non-banks, and climate risks-while carrying out a comprehensive review of financial sector oversight. The FSAP reviewed the resilience of the Dutch financial system against a set of conjunctural and structural challenges to the...

The IMF conducted a diagnostic review of the financial system of the Kingdom of Eswatini and proposed a Technical Assistance Roadmap to support the authorities' detection of risks and vulnerabilities and to enhance capacity in financial sector oversight. The financial stability module focused on...

Botswana is a small, open economy with a highly concentrated financial sector comprising banks and sizeable non-bank financial institutions (NBFIs). Financial institutions hold adequate capital and liquidity and show moderate profitability. The interconnectedness between banks and NBFIs, and...

Despite significant progress improving supervisory frameworks since the last assessment in 2007, supervisory powers remain underdeveloped. The current Banking Act was adopted in 1995 and has several deficiencies such as an absence of provisions for consolidated supervision, major acquisitions,...

The FSAP mission conducted a risk analysis for large insurance companies and retirement funds. Building on the narrative of the adverse macrofinancial scenario also used in the banking ST, the focus of the analysis in the insurance sector was on solvency. Sensitivity analyses, e.g., interest...