Financial Sector Assessment : Republic of Tajikistan
Financial intermediation in Tajikistan has deepened in recent years, albeit from a low base. This is reflected in the overall growth of the financial system, greater diversification, and the expansion of lending to previously under-served sectors,...
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| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English |
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World Bank
2012
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| Subjects: | |
| Online Access: | http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20090312034347 http://hdl.handle.net/10986/3026 |
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okr-10986-3026 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ACCESS TO BANKS ACCOUNTING AGRICULTURAL CREDIT ARREARS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES AUCTION AUDITING AUDITS AUTONOMY BANK ASSETS BANK BRANCHES BANK DEPOSITS BANK LIQUIDITY BANK OWNERS BANK SPREADS BANKING LAW BANKING REGULATION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEM ASSETS BANKRUPTCY BANKRUPTCY LAW BENEFICIARY BOND ISSUANCE BORROWER BROAD MONEY CAPITAL ADEQUACY CAPITAL INVESTMENTS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CHECKS COLLATERAL COMMERCIAL BANKS COMPETITIVE MARKET CONSOLIDATED SUPERVISION CONTINGENT LIABILITY CONTRACT LAW CORPORATE GOVERNANCE CREDIBILITY CREDIT BUREAUS CREDIT GROWTH CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT PROVIDERS CREDIT RISK CREDIT RISK ASSESSMENT CREDIT SOCIETIES CREDIT UNIONS CREDITOR CREDITORS CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT ACCUMULATION DEBT BURDEN DEBT RELIEF DEBT RESOLUTION DEBT SERVICE DEBT STOCK DEMAND DEPOSITS DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT TAKING INSTITUTIONS DEPOSITS DISTRESSED ASSETS DOMESTIC CREDIT DOMESTIC CREDITS DOMESTIC CURRENCY ECONOMIC POLICIES EMPLOYMENT EQUIPMENT EXCESS LIQUIDITY EXCHANGE RATE EXPENDITURE EXTERNAL DEBT FEE INCOME FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL HEALTH FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCING REQUIREMENTS FORECLOSURE FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN LENDERS GOOD FAITH GOOD GOVERNANCE GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS SETTLEMENT HOLDINGS IMMOVABLE PROPERTY INCOME DISTRIBUTION INDUSTRIAL LOANS INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INFRASTRUCTURE LOANS INSIDER LENDING INSOLVENCY INSOLVENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE PENETRATION INSURANCE PRODUCTS INSURED DEPOSITS INTEREST RATE INTEREST RATE SPREADS INTERNAL CONTROLS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS JOINT STOCK COMPANY JUDICIAL SYSTEM LAND USE LAWS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROVISIONS LEGAL REQUIREMENT LEGISLATION LEVEL PLAYING FIELD LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN CLASSIFICATION LOAN MATURITY LOAN PORTFOLIO LOAN REPAYMENTS LOAN SIZES LOANS TO INDIVIDUALS LOCAL GOVERNMENTS LOCAL INVESTORS MARKET PARTICIPANTS MARKET PRICING MICROCREDIT MICROFINANCE MINIMUM CAPITAL ADEQUACY RATIO MINIMUM CAPITAL REQUIREMENT MONETARY INSTRUMENTS MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NEGOTIATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS OPEN JOINT STOCK COMPANIES OUTSTANDING STOCK OWNERSHIP LINKS PAYMENT ORDERS PAYMENT SYSTEM PAYMENT SYSTEMS PORTFOLIO PORTFOLIOS PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATIZATION PROPERTY RIGHTS PROVISIONING RULES PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE PUBLIC DISCLOSURE PUBLIC FUNDS REAL INTEREST REAL INTEREST RATES RECAPITALIZATION REGISTRATION PROCESS REGULATORY FRAMEWORK REMITTANCE REMITTANCES REORGANIZATION REPAYMENT RESERVE RESERVE REQUIREMENTS RESERVES RETURNS RISK EXPOSURES RISK MANAGEMENT SECONDARY MARKET SECURITIES SECURITIES MARKETS SEIZURE SETTLEMENT SHAREHOLDERS SUBSTANDARD LOANS SUPERVISORY ACTIONS SUPERVISORY FRAMEWORK TECHNICAL ASSISTANCE TRADE CREDIT TRADING TRANSACTION TRANSITION ECONOMIES TRANSPARENCY YIELD CURVE |
| spellingShingle |
ACCESS TO BANKS ACCOUNTING AGRICULTURAL CREDIT ARREARS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES AUCTION AUDITING AUDITS AUTONOMY BANK ASSETS BANK BRANCHES BANK DEPOSITS BANK LIQUIDITY BANK OWNERS BANK SPREADS BANKING LAW BANKING REGULATION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEM ASSETS BANKRUPTCY BANKRUPTCY LAW BENEFICIARY BOND ISSUANCE BORROWER BROAD MONEY CAPITAL ADEQUACY CAPITAL INVESTMENTS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CHECKS COLLATERAL COMMERCIAL BANKS COMPETITIVE MARKET CONSOLIDATED SUPERVISION CONTINGENT LIABILITY CONTRACT LAW CORPORATE GOVERNANCE CREDIBILITY CREDIT BUREAUS CREDIT GROWTH CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT PROVIDERS CREDIT RISK CREDIT RISK ASSESSMENT CREDIT SOCIETIES CREDIT UNIONS CREDITOR CREDITORS CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT ACCUMULATION DEBT BURDEN DEBT RELIEF DEBT RESOLUTION DEBT SERVICE DEBT STOCK DEMAND DEPOSITS DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT TAKING INSTITUTIONS DEPOSITS DISTRESSED ASSETS DOMESTIC CREDIT DOMESTIC CREDITS DOMESTIC CURRENCY ECONOMIC POLICIES EMPLOYMENT EQUIPMENT EXCESS LIQUIDITY EXCHANGE RATE EXPENDITURE EXTERNAL DEBT FEE INCOME FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL HEALTH FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCING REQUIREMENTS FORECLOSURE FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN LENDERS GOOD FAITH GOOD GOVERNANCE GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS SETTLEMENT HOLDINGS IMMOVABLE PROPERTY INCOME DISTRIBUTION INDUSTRIAL LOANS INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INFRASTRUCTURE LOANS INSIDER LENDING INSOLVENCY INSOLVENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE PENETRATION INSURANCE PRODUCTS INSURED DEPOSITS INTEREST RATE INTEREST RATE SPREADS INTERNAL CONTROLS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS JOINT STOCK COMPANY JUDICIAL SYSTEM LAND USE LAWS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROVISIONS LEGAL REQUIREMENT LEGISLATION LEVEL PLAYING FIELD LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN CLASSIFICATION LOAN MATURITY LOAN PORTFOLIO LOAN REPAYMENTS LOAN SIZES LOANS TO INDIVIDUALS LOCAL GOVERNMENTS LOCAL INVESTORS MARKET PARTICIPANTS MARKET PRICING MICROCREDIT MICROFINANCE MINIMUM CAPITAL ADEQUACY RATIO MINIMUM CAPITAL REQUIREMENT MONETARY INSTRUMENTS MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NEGOTIATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS OPEN JOINT STOCK COMPANIES OUTSTANDING STOCK OWNERSHIP LINKS PAYMENT ORDERS PAYMENT SYSTEM PAYMENT SYSTEMS PORTFOLIO PORTFOLIOS PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATIZATION PROPERTY RIGHTS PROVISIONING RULES PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE PUBLIC DISCLOSURE PUBLIC FUNDS REAL INTEREST REAL INTEREST RATES RECAPITALIZATION REGISTRATION PROCESS REGULATORY FRAMEWORK REMITTANCE REMITTANCES REORGANIZATION REPAYMENT RESERVE RESERVE REQUIREMENTS RESERVES RETURNS RISK EXPOSURES RISK MANAGEMENT SECONDARY MARKET SECURITIES SECURITIES MARKETS SEIZURE SETTLEMENT SHAREHOLDERS SUBSTANDARD LOANS SUPERVISORY ACTIONS SUPERVISORY FRAMEWORK TECHNICAL ASSISTANCE TRADE CREDIT TRADING TRANSACTION TRANSITION ECONOMIES TRANSPARENCY YIELD CURVE World Bank Financial Sector Assessment : Republic of Tajikistan |
| geographic_facet |
Europe and Central Asia Eastern Europe Commonwealth of Independent States Central Asia Asia Tajikistan |
| description |
Financial intermediation in Tajikistan
has deepened in recent years, albeit from a low base. This
is reflected in the overall growth of the financial system,
greater diversification, and the expansion of lending to
previously under-served sectors, such as agriculture and
small- and medium-sized enterprises. Even after the
expansion, however, the financial sector remains small and
cannot serve all the financing needs of the economy. While
banks are generally well capitalized and liquid, their rapid
growth has brought new risk exposures that should be
carefully monitored and appropriately addressed. In
particular, rapid loan growth could lead to a build-up of
unrecognized credit risk and give rise to an increase in
non-performing loans (NPLs). Because of extensive
dollarization, the exposure of banks to exchange-rate
induced credit risk is another significant cause for
concern. Also, the exceptionally rapid growth of nonresident
deposits without clear knowledge of their sources exposes
the banking system to reputational risk. Significant
strengthening of the regulatory and supervisory framework
will be needed to sustain the system's health in the
face of rapid growth. Governance in the financial sector
needs significant strengthening. Improvements are needed to
ensure the integrity of the regulatory bodies and to
guarantee that all financial transactions are conducted at
arms' length and priced on a market basis. Fair and
transparent resolution of the large stock of distressed
cotton debt would demonstrate the government's
commitment to market principles and good governance. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Financial Sector Assessment : Republic of Tajikistan |
| title_short |
Financial Sector Assessment : Republic of Tajikistan |
| title_full |
Financial Sector Assessment : Republic of Tajikistan |
| title_fullStr |
Financial Sector Assessment : Republic of Tajikistan |
| title_full_unstemmed |
Financial Sector Assessment : Republic of Tajikistan |
| title_sort |
financial sector assessment : republic of tajikistan |
| publisher |
World Bank |
| publishDate |
2012 |
| url |
http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20090312034347 http://hdl.handle.net/10986/3026 |
| _version_ |
1764386358547185664 |
| spelling |
okr-10986-30262021-04-23T14:02:06Z Financial Sector Assessment : Republic of Tajikistan World Bank ACCESS TO BANKS ACCOUNTING AGRICULTURAL CREDIT ARREARS ASSET CLASSIFICATION ASSET MANAGEMENT ASSET MANAGEMENT COMPANY ASSET SALES AUCTION AUDITING AUDITS AUTONOMY BANK ASSETS BANK BRANCHES BANK DEPOSITS BANK LIQUIDITY BANK OWNERS BANK SPREADS BANKING LAW BANKING REGULATION BANKING SECTOR BANKING SECTORS BANKING SUPERVISION BANKING SYSTEM BANKING SYSTEM ASSETS BANKRUPTCY BANKRUPTCY LAW BENEFICIARY BOND ISSUANCE BORROWER BROAD MONEY CAPITAL ADEQUACY CAPITAL INVESTMENTS CAPITAL REQUIREMENT CAPITAL REQUIREMENTS CENTRAL BANK CENTRAL BANK FACILITIES CHECKS COLLATERAL COMMERCIAL BANKS COMPETITIVE MARKET CONSOLIDATED SUPERVISION CONTINGENT LIABILITY CONTRACT LAW CORPORATE GOVERNANCE CREDIBILITY CREDIT BUREAUS CREDIT GROWTH CREDIT HISTORY CREDIT INSTITUTIONS CREDIT LINES CREDIT PROVIDERS CREDIT RISK CREDIT RISK ASSESSMENT CREDIT SOCIETIES CREDIT UNIONS CREDITOR CREDITORS CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICIT DEBT DEBT ACCUMULATION DEBT BURDEN DEBT RELIEF DEBT RESOLUTION DEBT SERVICE DEBT STOCK DEMAND DEPOSITS DEPENDENT DEPOSIT DEPOSIT INSURANCE DEPOSIT TAKING INSTITUTIONS DEPOSITS DISTRESSED ASSETS DOMESTIC CREDIT DOMESTIC CREDITS DOMESTIC CURRENCY ECONOMIC POLICIES EMPLOYMENT EQUIPMENT EXCESS LIQUIDITY EXCHANGE RATE EXPENDITURE EXTERNAL DEBT FEE INCOME FINANCIAL DEEPENING FINANCIAL DEVELOPMENT FINANCIAL HEALTH FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL INTERMEDIATION FINANCIAL POLICY FINANCIAL POSITION FINANCIAL REPORTING FINANCIAL SERVICES FINANCIAL STATEMENTS FINANCIAL SYSTEM FINANCIAL TRANSACTIONS FINANCING REQUIREMENTS FORECLOSURE FOREIGN BANK FOREIGN BANK ENTRY FOREIGN BANKS FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN LENDERS GOOD FAITH GOOD GOVERNANCE GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT GUARANTEES GOVERNMENT SECURITIES GROSS SETTLEMENT HOLDINGS IMMOVABLE PROPERTY INCOME DISTRIBUTION INDUSTRIAL LOANS INFLATION INFORMATION SYSTEM INFORMATION SYSTEMS INFRASTRUCTURE LOANS INSIDER LENDING INSOLVENCY INSOLVENT INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE INDUSTRY INSURANCE PENETRATION INSURANCE PRODUCTS INSURED DEPOSITS INTEREST RATE INTEREST RATE SPREADS INTERNAL CONTROLS INTERNATIONAL RESERVES INTERNATIONAL STANDARDS JOINT STOCK COMPANY JUDICIAL SYSTEM LAND USE LAWS LEGAL FRAMEWORK LEGAL FRAMEWORK FOR BANKRUPTCY LEGAL MECHANISMS LEGAL PROTECTION LEGAL PROVISIONS LEGAL REQUIREMENT LEGISLATION LEVEL PLAYING FIELD LIQUIDITY LIQUIDITY MANAGEMENT LOAN LOAN CLASSIFICATION LOAN MATURITY LOAN PORTFOLIO LOAN REPAYMENTS LOAN SIZES LOANS TO INDIVIDUALS LOCAL GOVERNMENTS LOCAL INVESTORS MARKET PARTICIPANTS MARKET PRICING MICROCREDIT MICROFINANCE MINIMUM CAPITAL ADEQUACY RATIO MINIMUM CAPITAL REQUIREMENT MONETARY INSTRUMENTS MONETARY POLICY MONEY MARKET MORTGAGE NATIONAL BANK NEGOTIATION NONBANK FINANCIAL INSTITUTIONS NONPERFORMING LOANS OPEN JOINT STOCK COMPANIES OUTSTANDING STOCK OWNERSHIP LINKS PAYMENT ORDERS PAYMENT SYSTEM PAYMENT SYSTEMS PORTFOLIO PORTFOLIOS PRIVATE BANKS PRIVATE CREDIT PRIVATE CREDIT BUREAU PRIVATIZATION PROPERTY RIGHTS PROVISIONING RULES PRUDENTIAL REQUIREMENTS PUBLIC CONFIDENCE PUBLIC DISCLOSURE PUBLIC FUNDS REAL INTEREST REAL INTEREST RATES RECAPITALIZATION REGISTRATION PROCESS REGULATORY FRAMEWORK REMITTANCE REMITTANCES REORGANIZATION REPAYMENT RESERVE RESERVE REQUIREMENTS RESERVES RETURNS RISK EXPOSURES RISK MANAGEMENT SECONDARY MARKET SECURITIES SECURITIES MARKETS SEIZURE SETTLEMENT SHAREHOLDERS SUBSTANDARD LOANS SUPERVISORY ACTIONS SUPERVISORY FRAMEWORK TECHNICAL ASSISTANCE TRADE CREDIT TRADING TRANSACTION TRANSITION ECONOMIES TRANSPARENCY YIELD CURVE Financial intermediation in Tajikistan has deepened in recent years, albeit from a low base. This is reflected in the overall growth of the financial system, greater diversification, and the expansion of lending to previously under-served sectors, such as agriculture and small- and medium-sized enterprises. Even after the expansion, however, the financial sector remains small and cannot serve all the financing needs of the economy. While banks are generally well capitalized and liquid, their rapid growth has brought new risk exposures that should be carefully monitored and appropriately addressed. In particular, rapid loan growth could lead to a build-up of unrecognized credit risk and give rise to an increase in non-performing loans (NPLs). Because of extensive dollarization, the exposure of banks to exchange-rate induced credit risk is another significant cause for concern. Also, the exceptionally rapid growth of nonresident deposits without clear knowledge of their sources exposes the banking system to reputational risk. Significant strengthening of the regulatory and supervisory framework will be needed to sustain the system's health in the face of rapid growth. Governance in the financial sector needs significant strengthening. Improvements are needed to ensure the integrity of the regulatory bodies and to guarantee that all financial transactions are conducted at arms' length and priced on a market basis. Fair and transparent resolution of the large stock of distressed cotton debt would demonstrate the government's commitment to market principles and good governance. 2012-03-19T17:22:34Z 2012-03-19T17:22:34Z 2009-03 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000334955_20090312034347 http://hdl.handle.net/10986/3026 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Europe and Central Asia Eastern Europe Commonwealth of Independent States Central Asia Asia Tajikistan |