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International Monetary Fund. European Dept.
The near-term outlook is broadly positive, with robust growth and low inflation. However, growth potential remains constrained by weak external competitiveness, high informality, low labor force participation, and a large infrastructure gap. In a complex political environment, the structural reform progress has been slow and fiscal risks have increased.
International Monetary Fund. European Dept.

mandate to sanction institutions which violate the provisions of the law, and improves the statistics on financial crimes. The legal amendments to the CBK law, which address all the recommendations of the 2015 safeguards assessment, have passed the first reading in the Parliament and the law is on track to be approved quickly. Structural reforms Important strides have been made in making the public procurement process more transparent and efficient. In this context, the latest amendment to the Public Procurement Law ensures a more level playing field for

International Monetary Fund

organizations 159 N/A Ministry of Commerce & Industry Insurance companies 3 32 2.6 Ministry of Commerce & Industry Brokerage Companies 14 N/A Kuwait Stock Exchange Table notes : 1 . Data for banks, investment companies, and exchange companies was provided by the Central Bank of Kuwait. 2 . According to Article 76 of the CBK Law, specialized banks are meant to be those banks the main function of which is to finance certain economic sectors, such as the real estate, industrial or agricultural sectors, and which do not

International Monetary Fund
The study shows that the global financial crisis has adversely affected Kuwait’s financial system, especially in the Investment Company (IC) sector. Stress tests indicate that, in contrast to the ICs, the banking system could broadly withstand significant shocks. The Central Bank of Kuwait's (CBK) well-designed framework for banks has proven effective in shielding the banking sector from the crisis. It shows that the enactment of the capital market law is an important step toward the creation of Certified Management Accountant (CMA). The study shows that a powerful regulatory regime is needed for the insurance sector.
International Monetary Fund
This Financial System Stability Assessment on Kuwait reviews the macroeconomic environment and gives an overview of the financial system. Financial stability has been effectively supported by prudent fiscal and monetary policies. The banking sector appears sound and is well regulated and supervised. Sensitivity to market risk is limited owing to the short-maturity structure of interest bearing instruments, while exchange rate risk has been contained by strict enforcement of prudential requirements. Equity prices have once again increased markedly and reached new record highs.
International Monetary Fund
In this study, the general situation of money laundering and financing of terrorism is discussed. In addition, the followings are overviewed: financial sector, DNFBP sector, commercial laws and mechanisms governing legal persons, and strategy to prevent money laundering and terrorist financing. A legal framework and criminalization of financing of terrorism are also given. Confiscation, freezing, and seizing are explained under the legal framework. Various preventive measures used are also discussed in this paper. Financial institution secrecy and confidentiality are also outlined.
International Monetary Fund. Monetary and Capital Markets Department
This article summarizes the financial performance and crisis management of the Republic of Kosovo. Kosovo’s economic condition shows stability in systematic risks, but it also has vulnerabilities. Kosovo banks are exposed to macrofinancial risks because of its open economy, but the Central Bank of the Republic of Kosovo (CBK) has immensely promoted the growth and stability of the banking sector. CBK should also monitor certain interest rates, tax rates, and foreign rates. The current system should allow the growth of microfinance institutions to reach the competition in the global banking sector.
International Monetary Fund. Monetary and Capital Markets Department
This Financial System Stability Assessment paper discusses that Kuwait’s limited economic diversification is directly reflected in the bank-centric financial sector. Banks have high concentrations to single borrowers, large depositors, and sectors, as well as significant common exposures. Risks to the financial sector are mostly external, stemming from oil price shocks, geopolitical tensions, and global financial developments. The risks are mitigated by sizeable sovereign financial assets, and by the ability of public entities to provide liquidity through large deposits. Stress tests suggest that banks are resilient to a wide range of shocks. The newly developed regulatory framework for capital market participants and products is an important step, but some gaps remain. The authorities have made important progress in strengthening the macroprudential framework. The crisis management framework and financial safety net arrangements should be strengthened and further operationalized. The diversification and resilience of the economy is expected to benefit from better financial inclusion of small-and-medium enterprises.
International Monetary Fund. European Dept.
This paper discusses Kosovo’s Second and Third Reviews under the Stand-by Arrangement, and Request for Program Extension. Economic performance remains positive, with growth estimated at 3.5 percent in 2016 and projected at similar levels in 2017. Fiscal deficits remain contained, with strong tax revenues limiting the impact from rising pensions for war veterans. All performance criteria and indicative targets for December 2015 and June 2016 were met with comfortable margins. Given this progress, the IMF staff supports the authorities’ request for the completion of the second and third reviews.