Financial Sector Assessment : Republic of Tajikistan

World Bank

dc.creator	World Bank
dc.date	2012-03-19T17:22:34Z
dc.date	2012-03-19T17:22:34Z
dc.date	2009-03
dc.date.accessioned	2023-02-17T20:45:46Z
dc.date.available	2023-02-17T20:45:46Z
dc.identifier	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
dc.identifier	http://hdl.handle.net/10986/3026
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/243370
dc.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.
dc.language	English
dc.publisher	World Bank
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCESS TO BANKS
dc.subject	ACCOUNTING
dc.subject	AGRICULTURAL CREDIT
dc.subject	ARREARS
dc.subject	ASSET CLASSIFICATION
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET MANAGEMENT COMPANY
dc.subject	ASSET SALES
dc.subject	AUCTION
dc.subject	AUDITING
dc.subject	AUDITS
dc.subject	AUTONOMY
dc.subject	BANK ASSETS
dc.subject	BANK BRANCHES
dc.subject	BANK DEPOSITS
dc.subject	BANK LIQUIDITY
dc.subject	BANK OWNERS
dc.subject	BANK SPREADS
dc.subject	BANKING LAW
dc.subject	BANKING REGULATION
dc.subject	BANKING SECTOR
dc.subject	BANKING SECTORS
dc.subject	BANKING SUPERVISION
dc.subject	BANKING SYSTEM
dc.subject	BANKING SYSTEM ASSETS
dc.subject	BANKRUPTCY
dc.subject	BANKRUPTCY LAW
dc.subject	BENEFICIARY
dc.subject	BOND ISSUANCE
dc.subject	BORROWER
dc.subject	BROAD MONEY
dc.subject	CAPITAL ADEQUACY
dc.subject	CAPITAL INVESTMENTS
dc.subject	CAPITAL REQUIREMENT
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANK FACILITIES
dc.subject	CHECKS
dc.subject	COLLATERAL
dc.subject	COMMERCIAL BANKS
dc.subject	COMPETITIVE MARKET
dc.subject	CONSOLIDATED SUPERVISION
dc.subject	CONTINGENT LIABILITY
dc.subject	CONTRACT LAW
dc.subject	CORPORATE GOVERNANCE
dc.subject	CREDIBILITY
dc.subject	CREDIT BUREAUS
dc.subject	CREDIT GROWTH
dc.subject	CREDIT HISTORY
dc.subject	CREDIT INSTITUTIONS
dc.subject	CREDIT LINES
dc.subject	CREDIT PROVIDERS
dc.subject	CREDIT RISK
dc.subject	CREDIT RISK ASSESSMENT
dc.subject	CREDIT SOCIETIES
dc.subject	CREDIT UNIONS
dc.subject	CREDITOR
dc.subject	CREDITORS
dc.subject	CURRENT ACCOUNT BALANCE
dc.subject	CURRENT ACCOUNT DEFICIT
dc.subject	DEBT
dc.subject	DEBT ACCUMULATION
dc.subject	DEBT BURDEN
dc.subject	DEBT RELIEF
dc.subject	DEBT RESOLUTION
dc.subject	DEBT SERVICE
dc.subject	DEBT STOCK
dc.subject	DEMAND DEPOSITS
dc.subject	DEPENDENT
dc.subject	DEPOSIT
dc.subject	DEPOSIT INSURANCE
dc.subject	DEPOSIT TAKING INSTITUTIONS
dc.subject	DEPOSITS
dc.subject	DISTRESSED ASSETS
dc.subject	DOMESTIC CREDIT
dc.subject	DOMESTIC CREDITS
dc.subject	DOMESTIC CURRENCY
dc.subject	ECONOMIC POLICIES
dc.subject	EMPLOYMENT
dc.subject	EQUIPMENT
dc.subject	EXCESS LIQUIDITY
dc.subject	EXCHANGE RATE
dc.subject	EXPENDITURE
dc.subject	EXTERNAL DEBT
dc.subject	FEE INCOME
dc.subject	FINANCIAL DEEPENING
dc.subject	FINANCIAL DEVELOPMENT
dc.subject	FINANCIAL HEALTH
dc.subject	FINANCIAL INFRASTRUCTURE
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INTERMEDIATION
dc.subject	FINANCIAL POLICY
dc.subject	FINANCIAL POSITION
dc.subject	FINANCIAL REPORTING
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCIAL SYSTEM
dc.subject	FINANCIAL TRANSACTIONS
dc.subject	FINANCING REQUIREMENTS
dc.subject	FORECLOSURE
dc.subject	FOREIGN BANK
dc.subject	FOREIGN BANK ENTRY
dc.subject	FOREIGN BANKS
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN LENDERS
dc.subject	GOOD FAITH
dc.subject	GOOD GOVERNANCE
dc.subject	GOVERNMENT BOND
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT GUARANTEES
dc.subject	GOVERNMENT SECURITIES
dc.subject	GROSS SETTLEMENT
dc.subject	HOLDINGS
dc.subject	IMMOVABLE PROPERTY
dc.subject	INCOME DISTRIBUTION
dc.subject	INDUSTRIAL LOANS
dc.subject	INFLATION
dc.subject	INFORMATION SYSTEM
dc.subject	INFORMATION SYSTEMS
dc.subject	INFRASTRUCTURE LOANS
dc.subject	INSIDER LENDING
dc.subject	INSOLVENCY
dc.subject	INSOLVENT
dc.subject	INSTRUMENT
dc.subject	INSURANCE
dc.subject	INSURANCE COMPANIES
dc.subject	INSURANCE INDUSTRY
dc.subject	INSURANCE PENETRATION
dc.subject	INSURANCE PRODUCTS
dc.subject	INSURED DEPOSITS
dc.subject	INTEREST RATE
dc.subject	INTEREST RATE SPREADS
dc.subject	INTERNAL CONTROLS
dc.subject	INTERNATIONAL RESERVES
dc.subject	INTERNATIONAL STANDARDS
dc.subject	JOINT STOCK COMPANY
dc.subject	JUDICIAL SYSTEM
dc.subject	LAND USE
dc.subject	LAWS
dc.subject	LEGAL FRAMEWORK
dc.subject	LEGAL FRAMEWORK FOR BANKRUPTCY
dc.subject	LEGAL MECHANISMS
dc.subject	LEGAL PROTECTION
dc.subject	LEGAL PROVISIONS
dc.subject	LEGAL REQUIREMENT
dc.subject	LEGISLATION
dc.subject	LEVEL PLAYING FIELD
dc.subject	LIQUIDITY
dc.subject	LIQUIDITY MANAGEMENT
dc.subject	LOAN
dc.subject	LOAN CLASSIFICATION
dc.subject	LOAN MATURITY
dc.subject	LOAN PORTFOLIO
dc.subject	LOAN REPAYMENTS
dc.subject	LOAN SIZES
dc.subject	LOANS TO INDIVIDUALS
dc.subject	LOCAL GOVERNMENTS
dc.subject	LOCAL INVESTORS
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET PRICING
dc.subject	MICROCREDIT
dc.subject	MICROFINANCE
dc.subject	MINIMUM CAPITAL ADEQUACY RATIO
dc.subject	MINIMUM CAPITAL REQUIREMENT
dc.subject	MONETARY INSTRUMENTS
dc.subject	MONETARY POLICY
dc.subject	MONEY MARKET
dc.subject	MORTGAGE
dc.subject	NATIONAL BANK
dc.subject	NEGOTIATION
dc.subject	NONBANK FINANCIAL INSTITUTIONS
dc.subject	NONPERFORMING LOANS
dc.subject	OPEN JOINT STOCK COMPANIES
dc.subject	OUTSTANDING STOCK
dc.subject	OWNERSHIP LINKS
dc.subject	PAYMENT ORDERS
dc.subject	PAYMENT SYSTEM
dc.subject	PAYMENT SYSTEMS
dc.subject	PORTFOLIO
dc.subject	PORTFOLIOS
dc.subject	PRIVATE BANKS
dc.subject	PRIVATE CREDIT
dc.subject	PRIVATE CREDIT BUREAU
dc.subject	PRIVATIZATION
dc.subject	PROPERTY RIGHTS
dc.subject	PROVISIONING RULES
dc.subject	PRUDENTIAL REQUIREMENTS
dc.subject	PUBLIC CONFIDENCE
dc.subject	PUBLIC DISCLOSURE
dc.subject	PUBLIC FUNDS
dc.subject	REAL INTEREST
dc.subject	REAL INTEREST RATES
dc.subject	RECAPITALIZATION
dc.subject	REGISTRATION PROCESS
dc.subject	REGULATORY FRAMEWORK
dc.subject	REMITTANCE
dc.subject	REMITTANCES
dc.subject	REORGANIZATION
dc.subject	REPAYMENT
dc.subject	RESERVE
dc.subject	RESERVE REQUIREMENTS
dc.subject	RESERVES
dc.subject	RETURNS
dc.subject	RISK EXPOSURES
dc.subject	RISK MANAGEMENT
dc.subject	SECONDARY MARKET
dc.subject	SECURITIES
dc.subject	SECURITIES MARKETS
dc.subject	SEIZURE
dc.subject	SETTLEMENT
dc.subject	SHAREHOLDERS
dc.subject	SUBSTANDARD LOANS
dc.subject	SUPERVISORY ACTIONS
dc.subject	SUPERVISORY FRAMEWORK
dc.subject	TECHNICAL ASSISTANCE
dc.subject	TRADE CREDIT
dc.subject	TRADING
dc.subject	TRANSACTION
dc.subject	TRANSITION ECONOMIES
dc.subject	TRANSPARENCY
dc.subject	YIELD CURVE
dc.title	Financial Sector Assessment : Republic of Tajikistan
dc.type	Economic & Sector Work :: Financial Sector Assessment Program (FSAP)
dc.coverage	Europe and Central Asia
dc.coverage	Eastern Europe
dc.coverage	Commonwealth of Independent States
dc.coverage	Central Asia
dc.coverage	Asia
dc.coverage	Tajikistan