Challenges In Correspondent Banking In The Small States Of The Pacific

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Challenges in Correspondent Banking in the Small States of the Pacific

Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Challenges in Correspondent Banking in the Small States of the Pacific Book PDF

Author : Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Publisher : International Monetary Fund
Page : 29 pages
File Size : 44,8 Mb
Release : 2017-04-13
Category : Business & Economics
ISBN : 9781475594768

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Challenges in Correspondent Banking in the Small States of the Pacific by Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello Pdf

Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Challenges in Correspondent Banking in the Small States of the Pacific

Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Challenges in Correspondent Banking in the Small States of the Pacific Book PDF

Author : Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello
Publisher : International Monetary Fund
Page : 29 pages
File Size : 47,8 Mb
Release : 2017-04-07
Category : Business & Economics
ISBN : 9781475593471

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Challenges in Correspondent Banking in the Small States of the Pacific by Jihad Alwazir,Mr.Fazurin Jamaludin,Dongyeol Lee,Niamh Sheridan,Ms.Patrizia Tumbarello Pdf

Access to financial services in the small states of the Pacific is being eroded. Weaknesses in Anti-Money Laundering and Combating the Financing of Terrorism compliance in the context of high levels of remittances are contributing to banks’ decisions to withdraw corresponding banking relationships and close bank accounts of money transfer operators. In this paper, we gather evidence on these developments in the small states of the Pacific, discuss the main drivers, and the potentially negative impact on the financial sector and macroeconomy. We then identify the collective efforts needed to address the consequences of withdrawal of corresponding banking relationships and outline policy measures to help the affected countries mitigate the impact.

Integration and International Dispute Resolution in Small States

Petra Butler,Eva Lein,Rhonson Salim
Integration and International Dispute Resolution in Small States Book PDF

Author : Petra Butler,Eva Lein,Rhonson Salim
Publisher : Springer
Page : 337 pages
File Size : 47,9 Mb
Release : 2018-06-11
Category : Law
ISBN : 9783319745732

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Integration and International Dispute Resolution in Small States by Petra Butler,Eva Lein,Rhonson Salim Pdf

This book provides an insight into commercial relations between large economies and Small States, the benefits of regional integration, the role of Small States as financial centres as well as B2B and State to State dispute resolution involving Small States. Several contributions allow the reader to familiarise themselves with the general subject matter; others scrutinise the particular issues Small States face when confronted with an international dispute and discuss new and innovative solutions. These solutions range from inventive ideas to help economic growth to appropriate mechanisms of dispute resolution including inter-State dispute resolution and specific areas of arbitration such as tax arbitration. Researchers, policy advisors and practitioners will find a wealth of insights, information and practical ideas in this book.

Recent Trends in Correspondent Banking Relationships

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Recent Trends in Correspondent Banking Relationships Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 59 pages
File Size : 48,6 Mb
Release : 2017-04-21
Category : Business & Economics
ISBN : 9781498346900

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Recent Trends in Correspondent Banking Relationships by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Legal Dept.,International Monetary Fund. Monetary and Capital Markets Department Pdf

Correspondent banking relationships (CBRs), which facilitate global trade and economic activity, have been under pressure in several countries. So far, cross-border payments have remained stable and economic activity has been largely unaffected, despite a recent slight decrease in the number of CBRs. However, in a limited number of countries, financial fragilities have been accentuated as their cross-border flows are concentrated through fewer CBRs or maintained through alternative arrangements. These fragilities could undermine affected countries’ long-run growth and financial inclusion prospects by increasing costs of financial services and negatively affecting bank ratings.

Vanuatu

International Monetary
Vanuatu Book PDF

Author : International Monetary
Publisher : International Monetary Fund
Page : 115 pages
File Size : 43,5 Mb
Release : 2023-03-22
Category : Electronic
ISBN : 9798400238079

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Vanuatu by International Monetary Pdf

Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.

Handbook of Small States

Lino Briguglio
Handbook of Small States Book PDF

Author : Lino Briguglio
Publisher : Routledge
Page : 628 pages
File Size : 47,9 Mb
Release : 2018-05-11
Category : Political Science
ISBN : 9781351181839

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Handbook of Small States by Lino Briguglio Pdf

This handbook covers a wide spectrum of issues relating to small states. Chapters in the volume have been grouped under the three main themes of economic, social and environmental issues. The economics sections include chapters dealing with trade, finance and regulatory frameworks, while the social theme covers health, migration, population ageing, as well as overall social wellbeing. The environmental theme examines matters such as measuring environmental performance, natural disasters, the ocean economy, and the validity of the Sustainable Development Goals. One major issue is the definition of small states. As this volume demonstrates, generally speaking, population is used to measure country size in the literature. However, it clearly emerges that there is no real consensus as to the population cut-off point that distinguishes small states from large ones. While the approaches taken by the authors vary, in all cases the chapters draw practical policy implications for small states. The book can therefore be considered as a wide-ranging depositary of information on small states with the aim of deriving policy prescriptions, and thus as an excellent resource for academics, students and policymakers.

Vanuatu: 2021 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

International Monetary,International Monetary Fund. Asia and Pacific Dept
Vanuatu 2021 Article IV Consultation Press Release Staff Report and Statement by the Executive Director for Vanuatu Book PDF

Author : International Monetary,International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 95 pages
File Size : 40,6 Mb
Release : 2021-09-14
Category : Business & Economics
ISBN : 9781513597171

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Vanuatu: 2021 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Vanuatu by International Monetary,International Monetary Fund. Asia and Pacific Dept Pdf

Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive economic damage in 2020. In the context of a continued loss of correspondent banking relationships (CBRs) in the Pacific, Vanuatu also lost a key CBR at end-June 2021. Air Vanuatu, one of the state-owned enterprises (SOEs), is in the process of being restructured.

Report on the Pacific Roundtables

Ms.Alison Stuart,Jihad Alwazir,Ms.Yan Liu,Mr.Scott Roger,Mr.Si Guo,Chau Nguyen,Mr.Emmanuel Mathias,Mr.Jonathan Pampolina
Report on the Pacific Roundtables Book PDF

Author : Ms.Alison Stuart,Jihad Alwazir,Ms.Yan Liu,Mr.Scott Roger,Mr.Si Guo,Chau Nguyen,Mr.Emmanuel Mathias,Mr.Jonathan Pampolina
Publisher : International Monetary Fund
Page : 32 pages
File Size : 44,9 Mb
Release : 2019-05-01
Category : Business & Economics
ISBN : 9781498306447

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Report on the Pacific Roundtables by Ms.Alison Stuart,Jihad Alwazir,Ms.Yan Liu,Mr.Scott Roger,Mr.Si Guo,Chau Nguyen,Mr.Emmanuel Mathias,Mr.Jonathan Pampolina Pdf

The paper looks at feasible concrete action that can be taken by correspondent and respondent banks, money transfer operators, the Pacific authorities, the Australian and New Zealand authorities, and international organizations.

Cabo Verde

International Monetary Fund. African Dept.
Cabo Verde Book PDF

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 15 pages
File Size : 40,6 Mb
Release : 2018-04-18
Category : Business & Economics
ISBN : 9781484352328

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Cabo Verde by International Monetary Fund. African Dept. Pdf

This Selected Issues paper provides an overview of the nature and scope of corresponding banking relationships (CBRs) withdrawals in Cabo Verde and discusses policy options to address this challenge. The paper reports the results of a bank level survey and employs the minimum scope framework developed by Grolleman and Jutrsa (2017) on Cabo Verdean bank level data for 2014–2017. Banks in Cabo Verde have experienced a reduction in CBRs since 2013. Bank level survey shows that the terminations are broad based and involves both the central bank and commercial banks. The impact on the banking system has so far been minimal but banks reported facing increased cost of US dollar transactions. The results using the minimum scope framework shows that value of payment flows declined significantly between 2014 and 2016. There is a need for coordinated efforts by all relevant stakeholders at the institutional, national, and regional levels to contribute their knowledge and skills to the resolution of the problem.

The Financial Inclusion Landscape in the Asia-Pacific Region: A Dozen Key Findings

Mrs.Sarwat Jahan,Jayendu De,Mr.Fazurin Jamaludin,Piyaporn Sodsriwiboon,Cormac Sullivan
The Financial Inclusion Landscape in the Asia Pacific Region A Dozen Key Findings Book PDF

Author : Mrs.Sarwat Jahan,Jayendu De,Mr.Fazurin Jamaludin,Piyaporn Sodsriwiboon,Cormac Sullivan
Publisher : International Monetary Fund
Page : 31 pages
File Size : 51,7 Mb
Release : 2019-04-19
Category : Business & Economics
ISBN : 9781498305440

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The Financial Inclusion Landscape in the Asia-Pacific Region: A Dozen Key Findings by Mrs.Sarwat Jahan,Jayendu De,Mr.Fazurin Jamaludin,Piyaporn Sodsriwiboon,Cormac Sullivan Pdf

Financial inclusion is a multidimensional concept and countries have chosen diverse methods of enhancing financial inclusion with varying degrees of results. The heterogeneity of financial inclusion is particularly striking in the Asia-Pacific region as member countries range from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services. The wide disparity is not only inter-country but also intra-country. The focus of this paper is to take stock of the current state of financial inclusion in the Asia-Pacific region by highlighting twelve stylized facts about the state of financial inclusion in these countries. The paper finds that the state of financial inclusion depends on several factors, but a holistic approach calibrated to specific country conditions may lead to greater financial inclusion.

International Monetary Fund Annual Report 2017

International Monetary Fund
International Monetary Fund Annual Report 2017 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 114 pages
File Size : 43,8 Mb
Release : 2017-10-05
Category : Business & Economics
ISBN : 9781475563252

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International Monetary Fund Annual Report 2017 by International Monetary Fund Pdf

During the past financial year, the IMF’s 189 member countries faced a number of pressing challenges. IMF work on these challenges - slower trade, declining productivity, gender inequality, inclusive growth, and debt management - is a central focus of this 2017 Annual Report.

Towards Central Bank Digital Currencies in Asia and the Pacific

Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou
Towards Central Bank Digital Currencies in Asia and the Pacific Book PDF

Author : Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou
Publisher : International Monetary Fund
Page : 44 pages
File Size : 40,6 Mb
Release : 2022-09-28
Category : Business & Economics
ISBN : 9798400221521

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Towards Central Bank Digital Currencies in Asia and the Pacific by Mrs. Sarwat Jahan,Ms. Elena Loukoianova,Mr. Evan Papageorgiou,Ms. Natasha X Che,Ankita Goel,Mike Li,Umang Rawat,Yong Sarah Zhou Pdf

Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.

Global Economic Prospects, January 2023

World Bank Group
Global Economic Prospects January 2023 Book PDF

Author : World Bank Group
Publisher : World Bank Publications
Page : 334 pages
File Size : 50,5 Mb
Release : 2023-02-17
Category : Business & Economics
ISBN : 9781464819506

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Global Economic Prospects, January 2023 by World Bank Group Pdf

Global growth is expected to decelerate sharply, reflecting synchronous policy tightening aimed at containing very high inflation, worsening financial conditions, and continued disruptions from Russia’s invasion of Ukraine. Investment growth in emerging market and developing economies (EMDEs) is expected to remain below its average rate of the past two decades. Further adverse shocks could push the global economy into recession. Small states are especially vulnerable to such shocks because of the reliance on external trade and financing, limited economic diversification, elevated debt, and susceptibility to natural disasters. Against this backdrop, it is critical that EMDE policy makers ensure that any fiscal support is focused on vulnerable groups, that inflation expectations remain well anchored, and that financial systems continue to be resilient. Urgent global and national efforts are also needed to mitigate the risks of global recession and debt distress in EMDEs and to support a major increase in EMDE investment.

Samoa

International Monetary Fund. Asia and Pacific Dept
Samoa Book PDF

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 71 pages
File Size : 40,9 Mb
Release : 2018-06-04
Category : Nature
ISBN : 9781484359242

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Samoa by International Monetary Fund. Asia and Pacific Dept Pdf

This 2018 Article IV Consultation highlights that Samoa’s economy has shown resilience and continues to perform well. Growth remained robust at 2.5 percent in 2016/17, driven by commerce, services and agriculture. Inflation picked up to 1.3 percent in 2016/17, compared with close to zero in the previous year, but remains well below the authorities’ target of 3 percent. The current account deficit narrowed to 2.3 percent, driven by temporary factors. The Samoan Tala appreciated against the United States dollar during 2016/17, although there was little change in the nominal and real effective exchange rates. Growth is projected to moderate to 1.8 percent in 2017/18 and then rebound in 2018/19, as two new businesses scale up operations at the old Yazaki plant and several infrastructure projects are completed.

The Withdrawal of Correspondent Banking Relationships

Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
The Withdrawal of Correspondent Banking Relationships Book PDF

Author : Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida
Publisher : International Monetary Fund
Page : 128 pages
File Size : 53,5 Mb
Release : 2016-06-30
Category : Political Science
ISBN : 9781498336536

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The Withdrawal of Correspondent Banking Relationships by Mrs.Michaela Erbenova,Ms.Yan Liu,Mr.Nadim Kyriakos-Saad,Aledjandro Lopez Mejia,Jose Giancarlo Gasha,Mr.Emmanuel Mathias,Mr.Mohamed Norat,Ms.Francisca Fernando,Ms.Yasmin Almeida Pdf

This paper focuses on the withdrawal of correspondent banking relationships (CBRs) in some jurisdictions post-global financial crisis. It describes existing evidence and consequences of the withdrawal of CBRs and explores drivers of this phenomenon drawing on recent surveys and select country information. While the withdrawal of CBRs has reached a critical level in some affected countries, which can have a systemic impact if unaddressed, macroeconomic consequences have not been identified so far at a global level. The paper presents responses from the international community to address this phenomenon, and explains the role that the IMF has been playing in this global effort, especially with regards to supporting member countries in the context of surveillance and technical assistance, facilitating dialogue among stakeholders, and encouraging data gathering efforts. The paper concludes by suggesting policy responses by public and private sector stakeholders needed to further mitigate potential negative impacts that could undermine financial stability, inclusion, growth and development goals.