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Islamic Republic of Iran

Managing the Transition to a Market Economy

Iran has received much attention from a geopolitical and regional standpoint, but its economic challenges have not attracted a similar degree of interest. With a population of 69 million, considerable hydrocarbon resources, a dynamic and entrepreneurial middle class, and a relatively well-educated labor force, Iran's economic potential is considerable. This volume takes stock of critical developments in the Iranian economy in recent years. The study reviews the key issues and policy responses, highlights the nature of the challenges ahead, and draws implications for the next phase of reforms. The authors conclude that major challenges remain, although significant advances have been made in recent years in opening up the economy to international trade and foreign direct investment, encouraging the private sector, removing exchange restrictions, reforming the tax system, and enhancing macroeconomic management.

This volume takes stock of critical developments in the Iranian economy in recent years.

Stabilization and Growth in an Open Islamic Economy

Islam proposes the replacement of an interest-based financial system with one which operates on the basis of risk and profit sharing. Using a general equilibrium model, this paper investigates some open-economy implications of the adoption of Islamic banking for growth and stabilization of the economy. It analyzes the long-run effects of Islamic banking on international capital flows and on the economy’s capacity to adjust to disturbances. It concludes that monetary policy can be used effectively for stabilization purposes and that disturbances to asset positions are absorbed efficiently in an Islamic financial system.

Using a general equilibrium model, this paper investigates some open-economy implications of the adoption of Islamic banking for growth and stabilization of the economy.

Fintech

The Experience So Far

The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.

The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity.

Islamic Republic of Iran

Managing the Transition to a Market Economy

This paper takes stock of developments in the Iranian economy in recent years, reviews the key issues and policy responses, highlights the nature of the challenges ahead, and draws implications for the next phase of reforms. Iran has received much attention from a geopolitical and regional standpoint, but its economic challenges have not attracted a similar degree of interest. Yet, with a population of 69 million, considerable hydrocarbon resources, a dynamic and entrepreneurial middle class, and a relatively well-educated labor force, Iran's economic potential is considerable. Equally important is Iran's experience with economic reform, which deserves attention for several reasons: (i) Iran is in transition to a market economy, and the process has been neither been smooth nor supported by external conditions; (ii) significant advances have been made in recent years in opening up the economy to international trade and foreign direct investment, encouraging the private sector, removing exchange restrictions, reforming the tax system, and enhancing macroeconomic management; and (iii) despite the progress achieved, major challenges remain.--Publisher's description.

Equally important is Iran's experience with economic reform, which deserves attention for several reasons: (i) Iran is in transition to a market economy, and the process has been neither been smooth nor supported by external conditions; ...

The Design of Instruments for Government Finance in an Islamic Economy

This paper presents perhaps the most viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of return are forbidden. Resources to finance government infrastructural and development projects can be mobilized by issuing a national participation paper and this instrument can also serve as an instrument of monetary management. The paper discusses various conceptional issues underpinning the introduction of such an instrument and methods of calculating a corresponding rate of return. In principle, this approach has been accepted by the Islamic Republic of Iran.

This paper presents perhaps the most viable approach for the design of an instrument of government finance (and monetary management) in an Islamic economy where conventional transactions based on an ex-ante promise of a risk-free rate of ...

Islamic State of Afghanistan

Rebuilding a Macroeconomic Framework for Reconstruction and Growth

In this study, economic developments and achievements, the role of the IMF, strong economic recovery, the formulation and implementation of the government’s budgetary policy, and the progress made in rebuilding fiscal institutions are first discussed in detail. An overview of the challenges and issues of the authorities faced in the area of monetary and exchange rate policy is also provided. The authorities decided that the primary objective of monetary policy should be to achieve and maintain price stability and thus to restore confidence in the national currency.

The authorities decided that the primary objective of monetary policy should be to achieve and maintain price stability and thus to restore confidence in the national currency.

Islamic Republic of Mauritania

Second Review Under the Staff Monitored Program and Request for a Three-Year Arrangement Under the Poverty Reduction and Growth Facility

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania. Mauritania’s performance since the beginning of 2006 has been fully satisfactory. All quantitative targets and structural benchmarks under the SMP that covered the first six months of 2006 were observed. Sound macroeconomic policies reined in inflation and contributed to the elimination of the parallel foreign exchange market premium. The proposed Poverty Reduction and Growth Facility (PRGF)-supported program will consolidate the progress achieved during the SMP toward macroeconomic stabilization.

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania.

Central Banking Legislation Volume 2

A Collection of Central Bank, Monerary and Bankin Law, Volume II

This paper discusses the central banking, monetary, and banking laws for 17 countries in Europe, an area where many of the techniques that are now universally used in regulating or controlling the supply of money and credit were developed. The complete text of the basic central bank law of each country is given, as well as the by-laws of the central bank where they supplement major provisions of the basic law, and subsidiary legislation where pertinent. General banking laws are in most instances presented in summary form.

These advances shall bear no interest.23 As guarantee for their repayment , Treasury notes shall be issued to the Bank of France upon termination of its privilege.24 TITLE IV . OTHER OPERATIONS OF THE BANK SECTION 1 .

Islamic Republic of Afghanistan

First Review Under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of a Performance Criterion,Modification of Performance Criteria, and Rephasing of Disbursements Staff Report;Staff Supplement; Staff Statement; Press Release on the Executive Board Discussion;and Statement by the Executive Director for the Islamic Republic of Afghanistan

Afghanistan’s development, humanitarian, and governance challenges are formidable. Afghanistan is in its transition to become self-reliant. To achieve this goal, the government requires donor support. The IMF-supported economic program tries to address key macroeconomic challenges and seeks to safeguard the financial sector. The authorities have broadly met their program objectives, but their implementation suffered from delays. The authorities have now initiated an asset recovery process for each Kabul Bank beneficiary. The Executive Board has agreed to the authorities’ request for a waiver.

... procedures) Public financial management (budget and treasury procedures) Tax policy Tax and customs administration Resident public financial management advisor Organizational structure Revenue administration Program budgeting reform ...

Islamic Republic of Mauritania

Staff Report for the 2014 Article IV Consultation

KEY ISSUES Context. Mauritania’s economy has benefited from macroeconomic stability and high growth in the context of contained inflation, responsible macro-policies, high iron ore prices and scaled-up public investment. However, economic growth has not translated into broadly improved living standards and is being hit by a sharp decline in iron ore prices. Outlook and Risks. Although the outlook remains favorable, it hinges heavily on stabilizing iron ore prices and expanding mining capacity. Downside risks to the outlook dominate because iron ore prices may decline further in response to excess supply in the global market. Key Policy Recommendations. With high risk of debt distress and deteriorating terms of trade, Mauritania’s fiscal policy needs to remain focused on consolidation to support fiscal sustainability. Over the medium term, a fiscal framework with a full-fledged fiscal rule will help prevent the boom–bust cycles that ensue from volatility in natural resource revenue, and with strengthened governance in managing mining wealth. The central bank should take advantage of the low-inflation environment to strengthen monetary policy formulation, gradually liberalize the foreign exchange market, and introduce liquidity support and banking resolution frameworks. The implementation of the recent FSAP recommendations should be pursued to enhance the stability of the financial sector stability. Economic diversification and inclusive growth are the foremost medium-term challenges. The authorities should accelerate structural reforms needed to raise Mauritania’s potential growth, create jobs, and improve living standards for all Mauritanians. Article VIII. A comprehensive analysis of the foreign exchange market identified exchange restrictions and multiple currency practices (MCPs) subject to Fund approval under Article VIII. Effective November 20, 2013, the exchange rate regime is classified as “stabilized” arrangement.

15–28, 2011 TA mission Customs Administration Bank Supervision Bank Restructuring Capacity Building on Tax Administration Cash ... 18–29, 2011 Review TA mission Public Financial Management Bank Supervision and Regulation Bank Financial ...