IMF-马尔代夫：金融部门评估方案关于宏观审慎政策的技术说明（英）-2024.1-26页_770kb

IMF Report Summary: Maldives Financial Sector Assessment on Macrop

Introduction

The IMF report assesses the Maldives' macroprudential policy framework, highlighting deficiencies in the Monetary Authority of Maldives (MMA) for maintaining financial stability. It identifies systemic risks and provides recommendations to strengthen the framework based on the 2023 assessment.

Institutional Framework

• Current Issues: MMA lacks a formal macroprudential mandate, a dedicated financial stability unit, and institutional mechanisms for coordinating with stakeholders (e.g., CMDA and NBFIs). Data infrastructure is weak, with gaps in credit information and corporate data.
• Recommendations:
  • Establish a macroprudential committee with clear decision-making powers.
  • Create a financial stability unit within MMA for data-driven analysis and secretariat duties.
  • Improve coordination with agencies, increase transparency by publishing annual financial stability reports, and enhance data infrastructure.

Identified Systemic Risks

• FX shortages, driven by high current account deficits and tourism dependency, threaten financial stability.
• Strong sovereign-bank nexus and loan concentration expose banks to credit risks.
• Insufficient monitoring of credit cycles, real estate, corporate performance, and household indebtedness, including gaps in data for "lease-and-hire" purchase schemes.
• The economy's vulnerability post-COVID-19 exacerbates these vulnerabilities.

Recommended Macroprudential Instruments

• Existing Tools: Leverage ratio (5%) and FX position limits are in place.
• Additional Instruments (to be calibrated):
  • Debt Service-to-Income (DSTI) and Loan-to-Value (LTV) limits for household lending.
  • Liquidity Coverage Ratio (LCR) and Net Stable Funding Ratio (NSFR) to address currency and maturity mismatches.
  • Domestic Systemically Important Bank (D-SIB) framework and Countercyclical Capital Buffer (CCyB) to mitigate systemic risks.
• Key Actions: Implement Basel III-aligned buffers and other instruments to reduce risks.

Conclusions

The report urges the Maldives to adopt a comprehensive macroprudential framework to enhance financial stability, resilience against external shocks, and safeguard economic development despite persisting fiscal and external imbalances.