Financial Sector Assessment : FYR Macedonia
The Financial System Assessment (FSA) is based on the work of the joint International Monetary Fund (IMF)-World Bank Financial Sector Assessment Program (FSAP) missions to FYR Macedonia in May and June 2003. Development of the FYR Macedonia's...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/03/17893090/macedonia-former-yugoslav-republic-financial-sector-assessment-macedonia-former-yugoslav-republic-financial-sector-assessment http://hdl.handle.net/10986/16081 |
| Summary: | The Financial System Assessment (FSA) is
based on the work of the joint International Monetary Fund
(IMF)-World Bank Financial Sector Assessment Program (FSAP)
missions to FYR Macedonia in May and June 2003. Development
of the FYR Macedonia's financial system shows the marks
of the country's turbulent first decade of
independence. The FSAP recommendations aimed at two levels.
At the general level, problems of corruption, money
laundering, weak implementation and enforcement of laws in
the broader economy need to be addressed as preconditions
for improving the integrity of the financial system and its
role in the economy. Specific recommendations with respect
to the operation of the financial system include: (a)
strengthening of the regulatory framework for banking and
sharpening banking supervision practices; (b) establishing a
framework for emergency lending at the NBRM; (c) developing
a government securities market as the basis for financial
market development; (d) developing supervisory capacity for
the insurance market and restructuring the motor vehicle
insurance system; and (e) cautious development of the second
pension pillar, given the fledging financial markets and its
potential impact on the country's fiscal position. |
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