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Jochen M. Schmittmann

deliverable forward market. 9 Philippine peso NDF volumes are small, reflecting the relatively small foreign participation in local asset markets and shallow financial markets in general. Figure 5. Indonesia monthly FX Market Turnover (Billions of US Dollars) IDR NDF turnover is the highest among South East Asian currencies with volumes exceeding onshore trading. Sources: Bloomberg, CEIC, IMF staff Note: NDF data is from DTCC on Bloomberg and therefore does not cover all trading activity Figure 6. Malaysia monthly FX Market Turnover (Billions of US

Jochen M. Schmittmann
Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during market stress episodes including COVID-19. Spillovers from NDFs to onshore markets are a policymaker concern. Our analysis shows that influences tend to run both ways after controlling for differences in timezones between markets. For the COVID-19 pandemic there is some evidence of NDFs leading onshore markets for a few currencies. Policy approaches to NDFs vary widely across Asia from close integration with onshore markets to severe restrictions on NDF trading.
International Monetary Fund

flows associated with “outstanding operations” (committed spending that has not yet been executed) or any “exchange rate adjustment” (valuation effects on government deposits from exchange rate fluctuations). Details on all transactions associated with outstanding operations and exchange rate adjustment will be reported at all test dates. For purposes of program monitoring, any accumulation of domestic payments arrears will be included as part of NDF. NDF data (as reflected in the consolidated report on government operations (TOFE) table) will be transmitted monthly

International Monetary Fund

, actual levels of NDF will not include any flows associated with “outstanding operations” (committed spending that has not yet been executed) or any “exchange rate adjustment” (valuation effects on government deposits from exchange rate fluctuations). Details on all transactions associated with outstanding operations and exchange rate adjustment will be reported at all test dates. For purposes of program monitoring, any accumulation of domestic payments arrears will be included as part of NDF. NDF data (as reflected in the consolidated report on government operations

International Monetary Fund

accumulation of domestic payments arrears will be included as part of NDF. NDF data (as reflected in the consolidated report on government operations (TOFE) table) will be transmitted monthly within four weeks. 5. The contracting or guaranteeing of external debt by the public sector is defined as foreign currency borrowing contracted or guaranteed by the public sector in Cambodia. Public sector is defined to include the Royal Government of Cambodia, the NBC, publicly-owned enterprises, or any other agency acting on behalf of the government. The program has ceilings for

International Monetary Fund
This paper assesses Cambodia’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and a Request for Waiver of a Performance Criterion. Cambodia’s medium-term reform program supported by the PRGF is aimed at sustaining economic growth with low inflation, reducing poverty, and accelerating development. Performance during the first two years of the PRGF-supported program has generally been positive. Macroeconomic stability has been maintained with economic growth averaging 7 percent and low inflation. The macroeconomic program for 2002 concentrates on a continued reorientation of fiscal policy.
International Monetary Fund
Economic developments and policy implementation through mid-2001 were broadly consistent with the program. The authorities have started the participatory process that will underlie the full Poverty Reduction Strategy Paper. Civil service reform is critical to improve the delivery of public services and to ensure the medium-term viability of the fiscal program. The IMF staff welcomed the implementation of the first round of tariff restructuring that has reduced the number of tariff bands to four, and the maximum tariff rate to 35 percent.
International Monetary Fund
This paper assesses Cambodia’s 2001 Article IV Consultation and Fourth Review Under the Poverty Reduction Growth Facility (PRGF). The PRGF-supported program approved in October 1999 aims at sustaining economic growth, reducing poverty, and accelerating economic reconstruction. In the first two years of the program, significant progress has been made. Priority structural policies for the third year of the PRGF arrangement focus on improving tax and customs administration, enhancing expenditure management, and continuing the bank restructuring program—including reform of the publicly owned Foreign Trade Bank.