Posted on February 21, 2017 by iMFdirect
By Ghiath Shabsigh, Ross Leckow, and Zeine Zeidane
Versions in: Arabic, French, Indonesian, and Malay
Islamic banking, a small but fast-growing corner of the financial world, is receiving greater attention from regulators and policy makers. The IMF recently adopted a set of proposals on Islamic banking and called for a more comprehensive set of policies to ensure financial stability in countries with Islamic banking and support the sound development of the industry. The IMF is now calling for additional work and cooperation by its staff with other international agencies to improve the adoption of relevant standards for Islamic banking and to address remaining regulatory gaps. Continue reading
Filed under: Africa, banking, Central Asia, Economic research, Europe, Financial regulation, IMF, International Monetary Fund, Middle East, monetary policy | Tagged: banking, banking regulation, Central Asia, financial sector, financial stability, IMF, iMFdirect blog, Islamic banking, islamic finance, Islamic Financial Services Board, Middle East, sukuk | Leave a comment »
Posted on June 8, 2016 by iMFdirect
By Martin Sommer, Juan Treviño, and Neil Hickey
Version in عربي (Arabic)
The significant and prolonged drop in oil prices since mid-2014 has changed the fortunes of many energy-exporting nations around the world. This applies particularly to countries of the Middle East and Central Asia, because these regions are home to 11 of the world’s top 20 energy exporters.
Filed under: Central Asia, growth, IMF, International Monetary Fund, Middle East, oil, trade | Tagged: budget deficits, Central Asia, energy prices, exchange rate, exports, fiscal policy, growth, Gulf countries, IMF, International Monetary Fund, Middle East, oil, oil exporters, oil prices | Leave a comment »
Posted on October 31, 2011 by iMFdirect
By Masood Ahmed
Judging by growth levels alone, the economies of the Caucasus and Central Asia are doing well. The region’s recovery from the global financial crisis is gaining momentum, with the oil and gas exporters profiting from the high price of oil and the oil and gas importers benefiting from rising export demand and the continued recovery in Russia, which is translating into a steady increase in workers’ remittances.
As elsewhere, uncertainties over the robustness of the global recovery could cloud the region’s growth outlook. Assuming, however, that these external risks do not materialize, we foresee good prospects for the region, with fairly robust growth over the coming year. We are projecting growth in both groups of countries in the range of about 5½ and 6½ percent in 2011 and 2012—as detailed in our latest Regional Economic Outlook: Middle East and Central Asia.
Looking beyond growth rates, however, one challenge that stands out for the region as a whole is to create jobs. Continue reading
Filed under: Asia, Economic research, Emerging Markets, Employment, growth, Middle East | Tagged: Armenia, Azerbaijan, Central Asia, Georgia, jobs, Kazakhstan, Kyrgyz Republic, skills mismatch, Tajikistan, Uzbekistan | 6 Comments »
Posted on June 7, 2010 by iMFdirect
By Masood Ahmed
The global financial crisis has led to mounting stress in the banking systems of most countries in the Caucasus and Central Asia. Private sector credit growth has slowed sharply and even turned negative in real terms in a number of countries, compared with the dramatic increases, ranging from 40 to 80 percent in the period immediately prior to the crisis. The credit slowdown is weighing on economic activity and having policymakers seek ways to restore it, thereby laying the foundation for a resumption in high and sustainable economic growth.
Filed under: Asia, Economic Crisis, Financial Crisis, IMF | Tagged: balance sheets, banking systems, Caucasus, Central Asia, credit growth, currency risk, dollarization, Kazakhstan, nonperforming loans, remittances, Tajikistan | 4 Comments »