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International Monetary Fund. Statistics Dept.
The International Monetary Fund (IMF)’s Statistics Department (STA) conducted a technical assistance (TA) mission to the Central Bank of Montenegro (CBM) for the compilation of external sector statistics (ESS) during April 28–May 13, 2021. The mission was funded by Eurostat to meet the European Union (EU)’s acquis1 from the ESS perspective. The mission focused on the compilation of quarterly international investment position (IIP),2 and assisted the CBM in preparing the Reserves Data Template (RDT) as well as in recording of financial intermediary services indirectly measured (FISIM) in balance of payments statistics.
International Monetary Fund. Monetary and Capital Markets Department

discrepancy . The CBM collects data from both the borrowing/deposit receiving side and the lending/deposit placing side. As for the I/B borrowing market, figures for borrowing and lending typically match. However, reported figures for the I/B deposit market do not match and the data gap is rather considerable. For example, the total amount reported for I/B deposit receiving during February–December 2017 was 2.1 trillion MMK while that for I/B deposit placing amounted to 2.5 trillion MMK. According to the CBM staff, this discrepancy was caused by: (1) some banks not

International Monetary Fund. Monetary and Capital Markets Department
This Technical Assistance Report presents discussions focused on the financial market’s developments and monetary operations-related issues. the data collected by the Central Bank of Myanmar (CBM) show that there already exist a significant number of uncollateralized interbank (I/B) transactions in Myanmar, but that the data on these transactions are not effectively used. Analysis shows that banks are conducting both types of uncollateralized transactions rather actively, while the total number and amount of the I/B deposit market are higher than those of the I/B borrowing market. It is recommended that efforts to correct data discrepancy should be continued and that this issue should be solved as soon as possible. It is necessary to find the data discrepancy in a timely manner, correct the data, and ask the reasons for misreporting by communicating with banks. In order to ensure the smooth preparation for the next fiscal year, a recommendation has been made to start preparing the liquidity forecasting for the next fiscal year as soon as possible.
International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund. Statistics Dept.

companies. The frequency of the annual survey was increased to quarterly; however, some companies did not provide comprehensive data yet. In addition, the survey does not cover the households that have businesses abroad. To supplement the missing data, CBM staff accumulated flow data from the ITRS to come up with positions for the direct investment assets and included them in the quarterly IIP statements. Considering the smaller size of direct investment assets, the current methodology used by the CBM is considered acceptable, but further improvements would be welcome

International Monetary Fund

proportion of foreign exchange transactions occur through informal channels. Data on private external debt are weak. While the CBM has continuously maintained a record of flows of private external debt in recent years, there is no data on the stock of external debt. The authorities’ program includes strengthening the monitoring of private external debt by CBM and MONSTAT. In mid–2004, a STA mission assisted CBM staff with the adoption of compilation methodologies consistent with the fifth edition of the Balance of Payments Manual (BPM5) . The mission also provided

International Monetary Fund. Statistics Dept.

adjustment should be applied to equity securities using changes in the stock index of the country. The mission provided the CBM staff with examples of calculation of position data from transaction data with foreign exchange and price change adjustments. 15. Equity security liabilities are also sourced from the ITRS. When accumulating flow data, the CBM should adjusted the data using changes in the Montenegrin stock index. The mission also suggested cross-checking data with derived liabilities from the IMF’s Coordinated Portfolio Investment Survey (CPIS) and provided

International Monetary Fund. Statistics Dept.
To support the compilation of external sector statistics (ESS) in Montenegro, the International Monetary Fund (IMF)’s Statistics Department (STA) conducted a technical assistance (TA) mission during December 4–15, 2017. The mission was requested by the Central Bank of Montenegro (CBM), the main ESS compiling agency, and supported by the IMF’s European Department. STA’s mission for the Enhanced General Data Dissemination System (e-GDDS) during June 28-July 4, 2017 also suggested TA for Montenegro to start compiling international investment position (IIP) and external debt statistics (EDS). The mission focused on assisting the CBM in preparing IIP, EDS, Reserves Data Template (RDT), and addressing persistent net errors and omissions. Compilation of IIP and EDS is required to be qualified for Threshold 2 of the e-GDDS. Montenegro does not participate in the Eurosystem, but it is fully eurorized. Euro circulating in Montenegro should be included in the assets of the IIP for Montenegro, but difficulty in estimating the amount had been preventing the CBM from compiling IIP for several years.
International Monetary Fund. Monetary and Capital Markets Department

elevated funding costs due to increased risk aversion. 3. Top-down solvency, liquidity, and contagion risk stress tests were conducted for the 12 banks that were active in Montenegro by end-2014 . The tests were carried out in close cooperation between the mission and CBM staff, using supervisory data and data submitted by banks. However, after consideration, the authorities chose not to conduct a bottom-down stress test based on banks’ internal models. 4. Solvency stress tests accounted for potentially inadequate loan-loss provisioning . The mission found strong

International Monetary Fund. Monetary and Capital Markets Department
The main objective of this technical note is to assess bank’s balance sheet and profits, solvency stress test, and liquidity stress test. The financial system in Montenegro is dominated by the banking sector. By the end of 2014, 12 licensed banks operated in Montenegro, with total banking sector assets amounting to 3.1 billion euros or 88 percent of total financial system assets and 92 percent of GDP. The stress-testing exercise is aimed to test the banking system’s resilience to extreme but plausible shocks. The stress test is a tool to assess the vulnerabilities of the banking system that may expose it to risks.