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 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.

Bibliographic Details

Main Author:	World Bank
Language:	English en_US
Published:	Washington, DC 2004-03
Subjects:	ACCESS TO CREDIT, ACCOUNTABILITY, ACCOUNTING, ACCOUNTING STANDARDS, ANTI-MONEY LAUNDERING, ASSETS, AUCTIONS, AUDITING, BALANCE SHEETS, BANK OPERATIONS, BANK REGULATION, BANKING LAW, BANKING PRACTICES, BANKING SUPERVISION, BANKING SYSTEM, BUSINESS CLIMATE, CAPACITY BUILDING, CAPITAL MARKETS, CAPITALIZATION, CENTRAL BANK, CENTRAL BANK BILL, CENTRAL BANK FACILITY, CODE OF CONDUCT, COLLATERAL, COMMERCIAL BANK, COMMERCIAL BANKS, CONFIDENTIALITY, CONTRACT ENFORCEMENT, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, CORPORATE INVESTORS, CORRECTIVE ACTIONS, CORRUPTION, COURT SYSTEM, CREDIT DEFAULTS, CREDIT FACILITY, CREDIT FLOWS, CREDIT QUALITY, CREDIT RISK, CREDIT RISKS, CRIMINAL LAW, CURRENCY, DEBT, DEBT LEVELS, DEBT MANAGEMENT, DEFICITS, DEPOSIT, DEPOSIT INSURANCE, DEPOSIT INSURANCE FUND, DEPOSIT INTEREST, DEPOSIT INTEREST RATES, DEPOSIT RATES, DEPOSITOR, DEPOSITORY, DEPOSITORY FINANCIAL INSTITUTIONS, DEPOSITS, DEVALUATION, DISCRETIONARY POWER, DOMESTIC BORROWINGS, ECONOMIC DEVELOPMENT, ELIGIBLE INSTRUMENTS, EMERGENCY CREDIT, EMERGENCY LENDING, ENFORCEMENT OF LAWS, EQUITY MARKET, EQUITY MARKET DEVELOPMENT, EQUITY MARKETS, EXCHANGE COMMISSION, EXCHANGE RATE, EXCHANGE RATE INSTABILITY, FINANCIAL DEEPENING, FINANCIAL FLOWS, FINANCIAL INSTITUTIONS, FINANCIAL INSTRUMENTS, FINANCIAL INTERMEDIATION, FINANCIAL MARKET, FINANCIAL MARKET DEVELOPMENT, FINANCIAL POLICIES, FINANCIAL REPORTING, FINANCIAL RETURN, FINANCIAL SAFETY NETS, FINANCIAL SECTOR, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SERVICES, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FINANCING REQUIREMENT, FISCAL DEFICIT, FISCAL POLICIES, FOREIGN CURRENCY, FOREIGN DIRECT INVESTMENTS, FOREIGN EXCHANGE, FOREIGN INVESTORS, FRAMEWORK FOR SECURITIES, GOVERNANCE ISSUES, GOVERNANCE PRACTICES, GOVERNANCE STANDARDS, GOVERNMENT BOND, GOVERNMENT BOND MARKET, GOVERNMENT SECURITIES, GOVERNMENT SECURITIES MARKET, HUMAN RESOURCES, INSTITUTIONAL FRAMEWORK, INSURANCE, INSURANCE COMPANIES, INSURANCE MARKET, INSURANCE SUPERVISION, INTEREST RATE, INTEREST RATE SHOCK, INTEREST RATES, INTERNAL CONTROLS, INTERNATIONAL STANDARDS, INVESTMENT CLIMATE, JUDGES, JUDICIAL SECTOR, JUDICIAL SYSTEM, LACK OF COMPETITION, LARGE BANK, LAW ENFORCEMENT, LAWS, LEGAL AUTHORITY, LEGAL ENVIRONMENT, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL PROVISIONS, LEGAL REQUIREMENT, LEGAL RISKS, LEGISLATION, LENDER, LENDER OF LAST RESORT, LIABILITY, LIQUIDITY, LIQUIDITY MANAGEMENT, LIQUIDITY RISKS, LIQUIDITY SUPPORT, LOAN, LOAN RECOVERY, MACROECONOMIC ENVIRONMENT, MACROECONOMIC RISK, MACROECONOMIC STABILITY, MACROECONOMIC VULNERABILITIES, MARKET DEVELOPMENT, MARKET ECONOMY, MONETARY POLICY, MONEY LAUNDERING, NATIONAL BANK, PAYMENT GUARANTEES, PAYMENT SYSTEM, PAYMENTS SYSTEMS, PENSION, PENSION FUNDS, PENSION REFORM, PENSION SYSTEM, POLITICAL UPHEAVALS, PORTFOLIO, PRIVATE INVESTMENT, PRIVATIZATION, REGULATORS, REGULATORY FRAMEWORK, REMEDY, REPAYMENT, RESERVE, RESERVE BANK, RESERVE BANK OF AUSTRALIA, RESERVE FUND, RETURN, RETURNS, RISK MANAGEMENT, RULE OF LAW, SAFETY NET, SAFETY NETS, SAVINGS, SECONDARY MARKET, SECONDARY MARKET DEVELOPMENT, SECURITIES MARKETS, SECURITIES REGULATION, SETTLEMENT, SETTLEMENT SYSTEMS, SHAREHOLDER, SHAREHOLDER RIGHTS, STRATEGIC INVESTORS, SUPERVISORY AGENCIES, SUPERVISORY AUTHORITY, SUPERVISORY FRAMEWORK, SUPPORT TO BANKS, SYSTEMIC RISK, TECHNICAL ASSISTANCE, TRANSPARENCY, TRANSPARENCY CODE, WEAK CORPORATE GOVERNANCE,
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 https://hdl.handle.net/10986/16081
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