Publication: Kyrgyz Republic - Financial Sector Assessment
Loading...
Date
2007-09
ISSN
Published
2007-09
Author(s)
Editor(s)
Abstract
This Financial Sector Assessment (FSA) summarizes the structural and developmental aspects of the 2006 FSAP Update report for the Kyrgyz Republic. The stability and prudential oversight aspects of that report, including the factual updates of ROSCs and the results of the Anti Money Laundering and Combating the Financing of Terrorism (AML/CFT) assessment, are summarized in the Financial System Stability Assessment (FSSA) that was discussed by the IMF Board, as part of the Article IV Consultation, in May 2007. This FSA should be read together with the FSSA in order to get a full sense of the findings and recommendations of the 2006 Kyrgyz Republic FSAP Update. The key conclusion of the FSAP Update is that key challenges today pertain to the regulation, supervision and development of the non bank finance sector, and to access to finance.
Link to Data Set
Citation
“World Bank. 2007. Kyrgyz Republic - Financial Sector Assessment. © World Bank. http://hdl.handle.net/10986/7900 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Belarus : Financial Sector Assessment(Washington, DC, 2009-11)The Financial System Assessment (FSA) is based on the work of the joint International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP) updates that visited Belarus from September 17, 2007 to September 30, 2008. The principal objective of the FSAP update was to assist the authorities in evaluating progress, assessing potential vulnerabilities of the financial system, and determining future challenges. The IMF and the World Bank, an aide-memoire, technical notes on a detailed assessment of compliance with Basel Core Principles (BCP) principles of Banking supervision, summary assessment of compliance with the International Organization of Securities Commissions (IOSCO) principles, and access to finance, and background notes on stress-testing and the insurance sector have been submitted to the authorities. Overall, the supervisory framework for banks has significantly improved since the 2004 FSAP, though concerns remain in some crucial dimensions. The new Banking code was passed in 2006, and secondary legislation is updated on a regular basis. While the majority of recommendations made by the 2004 BCP assessment have been adopted or are in process of implementation, the independence of the National Bank of Republic of Belarus (NBRB) Board and bank supervisory processes continue to pose operational and reputation risks. As well, the capital adequacy framework needs substantial improvement to more accurately reflect the structure of the banking sector. Supervisory actions could be significantly enhanced by imposing adequate corporate governance requirements for banks.Publication Financial Development and Inclusive Growth : Attaining Shared and Sustainable Prosperity in Egypt(Washington, DC, 2014)Better functioning financial systems foster economic growth, poverty alleviation; moreover, a more equitable distribution of economic opportunities enhances overall economic development. It is critical that financial development leads to inclusive growth. This brings us to certain key questions: Who benefits from a better financial system? Does financial development induce an increase in per capita Gross Domestic Product (GDP) only because the very rich are getting even richer? Does finance expand economic opportunities for the bulk of society? Economic theory suggests that finance shapes the distribution of economic opportunities. The financial system affects the degree to which a person s economic opportunities are defined. It influences who can launch a new business venture and who cannot, who can acquire education and who cannot, who can live in a neighborhood that fosters the cognitive and non-cognitive development of their children and who cannot, who can pursue one s economic dreams and who cannot. A more competitive, better functioning financial system exerts a disproportionately positive impact on relatively low-income families. According to the extent that the financial system performs these functions well, economies tend to grow correspondingly faster. For example, when banks screen borrowers effectively and identify firms with the most promising prospects, this is a first step in boosting productivity growth. When financial markets and institutions mobilize savings from disparate households to invest in these promising projects, this represents a second crucial step in fostering economic growth. When financial institutions monitor the use of investments after financing firms and scrutinize their managerial performance, this is an additional, essential ingredient in boosting the operational efficiency of corporations, reducing waste and fraud, and spurring economic inclusivity. There is a robust positive relationship between financial development and both poverty alleviation and reduction in income inequality. It is not just that finance accelerates economic growth, which trickles down to the poor; rather, finance exerts a disproportionately positive influence on lower income households. Building on the finance and poverty connection, there is a direct link between finance and human welfare. When policy reforms foster the development of the financial system, financial services improve, accelerating economic growth, which ultimately leads to ending extreme poverty and boosting shared prosperity.Publication Financial Sector Assessment : Fiji(Washington, DC, 2007-10)The financial sector in Fiji is generally sound but has concentrated too heavily on domestic exposures producing a lack of risk diversification. This concentration is an increasing vulnerability, as foreign currency earnings become more dependent on tourism and remittances from workers overseas. Fiji has a financially strong and highly profitable banking sector, good supervision and laws, and a high degree of long-term contractual savings through the insurance and pension sectors. The major distortion arises, however, from the Fiji National Provident Fund (FNPF), which itself accounts for about 40 percent of financial system assets. This paper takes a close look at Fiji's financial sector as it relates to the following: macroeconomic environment and risk; monetary policy, the financial sector stability and performance of the banking, insurance and Provident national fund; the regulatory framework; access to finance; payment systems; and anti laundering and terrorism. The paper also gives and overall assessment and key recommendations.Publication Financial Sector Assessment : Bangladesh(Washington, DC, 2010-03)The Bangladesh financial system, particularly banking and microfinance, has grown and developed since 2003 against the backdrop of 6 percent average Gross Domestic Product (GDP) growth. Banks' total assets and private credit ratios to GDP have each increased by about one-third since the 2003 Financial Sector Assessment Program (FSAP). Bank deposits, as a percentage of GDP, are comparable to other South Asian countries. Private domestic banks now hold a majority of bank assets; the shares of state-owned commercial banks (SCBs) and specialized banks (SBs) have declined correspondingly. Bank branches, access to banking, and microfinance services have expanded substantially. Nonbanking financial institutions have also grown but remain small; banks s till account for over 90 percent of financial institutions' assets. Equity market listings and capitalization have grown substantially; market capitalization was equivalent to about 14 percent of GDP in December 2008. A government bond market is developing. Further sound financial development in the various parts of the financial sector, and increased access, will benefit from improvement in fundamentals: better credit information and improved legal and judicial enforcement of creditors' rights and collateral execution.Publication Financial Sector Assessment : Vietnam(Washington, DC, 2014-06)Vietnam has achieved remarkable progress since the start of its transition from a centrally planned economy in the mid-1980s. The Economic Renovation Policy announced in December 1986 marked the transition from a centrally planned economy to a mixed economy with greater reliance on markets and increased participation of private financial and non-financial institutions. These reforms contributed to an impressive performance in the last two decades, since 1990 the annual GDP growth has exceed 7 percent and per capita income has increased three-fold. This Financial Sector Assessment Program (FSAP) provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations fall into three groups: (i) a plan to work out the large stock of existing NPLs; (ii) measures to ensure sound new flows of finance and prevent the accumulation of additional NPLs; and (iii) a set of policy steps designed to protect the financial sector during the envisaged reform period. For each group of measures, the plan identifies pre-conditions (first phase) and sub-sets of measures that needs to be implemented in the short run (second phase) as well as those that can be phased in over the medium term (third phase).
Users also downloaded
Showing related downloaded files
Publication Argentina Country Climate and Development Report(World Bank, Washington, DC, 2022-11)The Argentina Country Climate and Development Report (CCDR) explores opportunities and identifies trade-offs for aligning Argentina’s growth and poverty reduction policies with its commitments on, and its ability to withstand, climate change. It assesses how the country can: reduce its vulnerability to climate shocks through targeted public and private investments and adequation of social protection. The report also shows how Argentina can seize the benefits of a global decarbonization path to sustain a more robust economic growth through further development of Argentina’s potential for renewable energy, energy efficiency actions, the lithium value chain, as well as climate-smart agriculture (and land use) options. Given Argentina’s context, this CCDR focuses on win-win policies and investments, which have large co-benefits or can contribute to raising the country’s growth while helping to adapt the economy, also considering how human capital actions can accompany a just transition.Publication Lebanon Economic Monitor, Fall 2022(Washington, DC, 2022-11)The economy continues to contract, albeit at a somewhat slower pace. Public finances improved in 2021, but only because spending collapsed faster than revenue generation. Testament to the continued atrophy of Lebanon’s economy, the Lebanese Pound continues to depreciate sharply. The sharp deterioration in the currency continues to drive surging inflation, in triple digits since July 2020, impacting the poor and vulnerable the most. An unprecedented institutional vacuum will likely further delay any agreement on crisis resolution and much needed reforms; this includes prior actions as part of the April 2022 International Monetary Fund (IMF) staff-level agreement (SLA). Divergent views among key stakeholders on how to distribute the financial losses remains the main bottleneck for reaching an agreement on a comprehensive reform agenda. Lebanon needs to urgently adopt a domestic, equitable, and comprehensive solution that is predicated on: (i) addressing upfront the balance sheet impairments, (ii) restoring liquidity, and (iii) adhering to sound global practices of bail-in solutions based on a hierarchy of creditors (starting with banks’ shareholders) that protects small depositors.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.