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.docx

INTERNATIONA1.MONETARYFUNDIMFCountryReportNo.24/21MA1.DIVESFINANCIA1.SECTORASSESSMENTPROGRAMJanuary2024TECHNICA1.NOTEONMACROPRUDENTIA1.PO1.ICYThispaperontheMaldiveswaspreparedbyastaffteamoftheInternationalMonetaryFundasbackgrounddocumentationfortheperiodicconsultationwiththemembercountry.ItisbasedontheinformationavailableatthetimeitwascompletedonDecember18,2023.CopiesofthisreportareavailabletothepublicfromInternationalMonetaryFundPublicationServicesPOBox92780Washington,D.C.20090Telephone:(202)623-7430Fax:(202)623-7201E-mail:publicationsimf.orgWeb:InternationalMonetaryFundWashington,D.C.©2024InternationalMonetaryFundINTERNATIONA1.MONETARYFUNDMA1.DIVESFINANCIA1.SECTORASSESSMENTPROGRAMDecember18,2023TECHNICA1.NOTEMACROPRUDENTIA1.PO1.ICYPreparedByMonetaryandCapitalMarketsDepartmentThisTechnicalNotewaspreparedbyIMFstaffinthecontextofajointIMF-WorIdBankFinancialSectorAssessmentProgram(FSAP)missionintheMaldivesduringFebruary18-March2,2023.ItcontainstechnicalanalysisanddetailedinformationunderpinningtheFSAP,sfindingsandrecommendations.FurtherinformationontheFSAPcanbefoundatCONTENTSGlossary3EXECUTIVESUMMARY4INTR0DUC110N7INSTITUTIONA1.FRAMEWORK8A. WillingnesstoAct8B. AbilitytoAct9C. EffectiveCoordinationandCooperation10D. AccountabilityandCommunication11E. Recommendations11SYSTEMICRISKMONITORING13A. ExistingIndicators13B. RecommendedAdditionalIndicators14MACROPRUDENTIA1.INSTRUMENTS18A. ExistingInstruments18B. EnvisagedInstruments19C. RecommendedAdditionalInstruments22References25BOX1. 1.easeandHirePurchaseProgramsandHouseholdIndebtedness16FIGURES2. ExistingIndicators133. Credit-to-GDPGap154. DSTI1.evelandProbabilityofDefaultofMortgage1.oansinRomania21TAB1.ES1. RecommendationsonMacroprudentialPolicy62. ModelsforMacroprudentialDecision-MakingBodies93. SuggestedEarlyWarningIndicators144. MacroprudentialInstruments:ComparisonwithPeerCountries185. Banks'InternalPrudential1.imitsforHousehold1.oans206. RecommendedMacroprudentialInstruments24GlossaryBCBSBaselCommitteeonBankingSupervisionCARCapitalAdequacyRatioCCyBCountercyclicalCapitalBufferQBCreditInformationBureauCMDACapitalMarketDevelopmentAuthorityCRECommercialRealEstateCYCurrencyD-SIBDomesticallySystemicallyImportantBankd-SRIDomesticSystemicRiskIndicatorDSTIDebtServicetoIncomeRatioFCForeignCurrencyFCAFinancialConductAuthorityFXForeignExchangeFSAPFinancialSectorAssessmentProgramHDCHousingDevelopmentCorporationHDFCHousingDevelopmentFinanceCorporationHPHodrick-PrescottHQ1.AHigh-Quality1.iquidAssets1.C1.ocalCurrency1.CR1.iquidityCoverageRatio1.TD1.oan-to-DepositRatio1.TI1.oan-to-IncomeRatio1.TV1.oan-to-ValueRatioMF1.CMaldivesFinanceand1.easingCompanyMMAMaldivesMonetaryAuthorityMoFMinistryofFinanceMoUMemorandumofUnderstandingMVRMaldivianRufiyaaNBFINon-BankFinancialInstitutionsNBSNationalBureauofStatisticsNOPNetOpenPositionNP1.Non-Performing1.oanNSFRNetStableFundingRatioPDProbabilityofDefaultRBIReserveBankofIndiaRRReserveRequirementsRWARisk-WeightedAssetsSDFCSMEDevelopmentFinanceCorporationSOEState-OwnedEnterpriseSyRBSystemicRiskBufferEXECUTIVESUMMARY】TheMaldivesMonetaryAuthority(MMA)istheentityresponsibleformaintainingfinancialstability.TheBoardofthemonetaryauthorityhasdecision-makingpowersoverMMA,sthreemandates(inorderofpriority):maintainpricestability,maintainfinancialstability,provideassistancetothegovernmentinattainingeconomicdevelopmentandstability.Tomaintainfinancialstability,MMAregulatesandsupervisesthefinancialinstitutionsandoverseesthepaymentsandsettlementssystem.ItalsohousesaCreditInformationBureau(CIB),akeyelementforbothmicroandmacroprudentialsupervision.Thesecuritiesmarket,outsideofthescopeofMMA,isregulatedbytheCapitalMarketDevelopmentAuthority(CMDA).MMAdoesnothaveamacroprudentialframework.MMA,slowcapacityandsentimentthatthefinancialsystemisisolated,simple,andlowriskhasresultedinaminimalistapproachtoitssupervision.Thereisnomacroprudentialcommitteeandnomacroprudentialmandatewithclearobjectives.ThebulkoftheworkonmacroprudentialpolicywouldneedtobedonebyafinancialstabilityunitatMMA1separatefromthe,banksandOFIdivision,zasthelatterlacksclearcorrespondingobjectivesandresourcestosafeguardfinancialstability.Inaddition,coordinationwithbothCMDAandthemainstakeholdersofthefinancialsystemappearstobelimited.Communicationtothepublicisalsosparse,withnopublicationofafinancialstabilityreport.1.ast,MMAsuffersfromasignificantlackofdatainfrastructure.DespitetheexistenceoftheCIB,dataqualityappearstobeinsufficientwithmanygaps,andaccesstothedatabaseistoolimitedinpractice.Systemicriskmonitoringisverylimitedandonlyafewmacroprudentialinstrumentsareimplemented.MMAdoesnotmonitoranyindicatorofsystemicrisk,butonlyafewmacroeconomicseriesthatarekeytothetourismsector(e.g.,touristarrivals,numberofbed-nights).Indicatorso