INTERNATIONAL MONETARY FUND | --- | --- | |-------|---------------------------| | | | | | Currencies in Turbulence: | Exchange Rates Anh Thi Ngoc Nguyen, Ha Minh Nguyen WP/24/186 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 9A9 2024 AUG © 2024 International Monetar ...

INTERNATIONAL MONETARY FUND Changing Climate in Brazil Key Vulnerabilities and Opportunities Chen Chen, Koralai Kirabaeva, Christina Kolerus, Ian Parry, and Nate Vernon WP/24/185 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2024 AUG 9A9 © 2024 International Monetar ...

Cyber Resilience of the Central Bank Digital Currency Ecosystem Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch NOTE/2024/003 FINTECH NOTE Cyber Resilience of the Central Bank Digital Currency Ecosystem Prepared by Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch August 2024 ©2024 International Monetary Fund Cyber Resilience of the Central Bank Digital Currency Ecosystem Note 2024/003 Prepared by Arvinder Bharath, Anca Paduraru, and Tamas Gaidosch* DISCLAIMER: Fintech Notes offer practical advice fro ...

Central Bank Digital Currency Data Use and Privacy Protection Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani NOTE/2024/004 FINTECH NOTE Central Bank Digital Currency Data Use and Privacy Protection Prepared by Kieran Murphy, Sun Tao, Yong Sarah Zhou, Natsuki Tsuda, Nicolas Zhang, Victor Budau, Frankosiligi Solomon, Kathleen Kao, Morana Vucinic, and Kristina Miggiani1 August 2024 1 With contributio ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Republic of Armenia (RoA) has committed to adopting the OECD Crypto-Asset Reporting Framework (CARF) and aims to initiate the first automatic exchange of information by 2027, necessitating domestic legislation [12][20] - Currently, there are no specific provisions for crypto assets in the RoA's tax code, leading to uncertainty in tax treatment and valuation of crypto asset transactions [13][21] - The mission team provided a structured risk assessment template to the State Revenue Committee (SRC) to identify gaps in tax compliance related to crypto assets [14][39] Summary by Sections Executive Summary - The RoA's commitment to CARF requires the enactment of domestic legislation to facilitate automatic information exchange by 2027 [12] Recommendations - Finalize and document the Risk Assessment on Crypto Assets by July 2024 [19] - Review the draft law to ensure comprehensive coverage of crypto-asset-related activities by December 2024 [19][48] - Implement a step-by-step roadmap for the new laws once passed [19] Background - The RoA has committed to CARF and must enact domestic legislation to fulfill its obligations [20] - The SRC has drafted amendments to the tax code, which are under peer review by OECD experts [20][24] Key Issues - The lack of clarity in the current tax code leads to inappropriate tax outcomes for crypto asset transactions [33] - The SRC has identified gaps in the current tax framework and the need for reliable data to enforce tax compliance [41] Proposed Legal Framework - The SRC's draft amendments include provisions for tax obligations, rates, and reporting requirements, aligning with the forthcoming "RoA Law on Crypto-assets" [43][44] - Close coordination between the SRC and the Central Bank of Armenia (CBA) is essential for effective implementation [44] Next Steps - The SRC aims to close identified gaps to enhance the effectiveness of the RoA's tax framework and ensure compliance with CARF [26] - The mission team emphasized the importance of understanding the technical aspects of crypto asset transactions for effective law design [22][40]

财政 R - Star ： 财政货币紧张局势及其对政策的影响 Marijn A. Bolhuis, Jakree Koosakul, Neil ShenaiWP / 24 / 174 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 AUG 2024 © 2024 国际货币基金组织 WP / 24 / XX IMF 工作文件 战略、政策和审查部 财政 R - Star ： 财政货币紧张局势及其对政策的影响 ， 由 Marijn A. Bolhuis ， Jakree Koosakul 和 Neil Shenai 制定 * 授权由 Ceyla Pazarbasioglu 发行 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩论。基金组织工作文件中表达的观 点是作者的观点 ， 不一定代表基金组织、其执行董事会或基金组织管理层的观点。 摘要 ：自全球金融危机以来 ， 发达经济体的财政政策变得更加 "积 ...

蒂尔基耶的劳动力市场性别差距 ： 鸟瞰 S í lvia Domit 和 Damla Kesimal WP / 24 / 171 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 AUG 2024 © 2024 国际货币基金组织 WP / 24 / 171 IMF 工作文件 欧洲部 蒂尔基耶的劳动力市场性别差距 ： 鸟瞰 由 S í lvia Domit 和 Damla Kesimal 编写 * 由 Donal McGettigan 和 James Walsh 授权发行 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩论。基金组织工作文件中表达的观 点是作者的观点 ， 不一定代表基金组织、其执行董事会或基金组织管理层的观点。 摘要 ：尽管最近有所改善 ， 但 T ü rkiye 的女性劳动力参与率低 ， 非正式女工比例高 ， 在国际上脱颖而出。缩小这些性别差距将促进 中期增长并使其更具包容性。本 ...

移民和汇款对拉丁美洲和加勒比地区经济 增长和劳动力参与的联合影响 Alina Carare 、 Alejandro Fiorito Baratas 、 Metodij Hadzi - Vaskov 、 Jessie Nabulambo Kilembe 和张文章 WP / 24 / 175 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 2024 AUG © 2024 国际货币基金组织 WP / 24 / 175 IMF 工作文件 西半球部 移民和汇款对移民的联合影响 拉丁美洲和加勒比地区的经济增长和劳动力参与 由 Alina Carare 、 Alejandro Fiorito Baratas 、 Metodij Hadzi - Vaskov 、 Jessie Nabulambo Kilembe 和张文章编写 * Bas Bakker 授权分发 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩 ...

欧洲央行对新兴欧洲的溢出 效应 ： 过去和当前的经验 Philipp Engler, Gianluigi Ferrucci, Pawel Zabczyk, and Tianxiao Zheng WP / 24 / 170 货币基金组织工作文件描述了作者正在进行的研究 ， 并发 表了这些论文 ， 以引起评论并鼓励辩论。 基金组织工作文件中表达的观点是作者的观点 ， 不一定代表 基金组织、其执行董事会或基金组织管理层的观点。 2024 AUG © 2024 国际货币基金组织 WP / 24 / 170 IMF 工作文件 欧洲部 欧洲央行对新兴欧洲的溢出效应 ： 菲利普 · 恩格勒、吉安 · 路易吉 · 费鲁奇、帕维尔 · 扎 abczyk 和天晓 · 郑 * 编写的过去和现在的经验 Romain Duval 授权发行 2024 年 8 月 货币基金组织工作文件描述了作者正在进行的研究 ， 并发表了这些论文 ， 以引起评论并鼓励辩论。基金组织工作文件中表达 的观点是作者的观点 ， 不一定代表基金组织、其执行董事会或基金组织管理层的观点。 摘要 ：我们采用实证方法和基于模型的模拟相结合的方法，重点关注欧洲央行实施的利 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or the Solomon Islands Central Bank [1]. Core Insights - The Solomon Islands Central Bank (CBSI) is seeking assistance from the International Monetary Fund (IMF) to strengthen its enterprise risk management (ERM) framework, which is crucial for enhancing risk governance and management practices [6][9]. - Significant progress has been made in implementing specific recommendations, including the establishment of a Risk Management Committee (RMC) and the revision of the Board Audit and Risk Committee (BARC) terms of reference to include risk management oversight [6][11]. - However, broader risk management recommendations, such as the development of a Risk Appetite Statement (RAS) and the integration of a comprehensive risk reporting system, have seen slower progress and need to be prioritized [6][11]. Summary by Sections I. Introduction - CBSI aims to enhance its ERM framework and cultivate a supportive risk management culture, with the Board responsible for assessing risks and developing contingency plans [9]. II. Implementation of Recommendations - The report evaluates CBSI's progress on previous recommendations, noting that while some high-priority suggestions have been implemented, others remain incomplete, particularly regarding the RAS and comprehensive risk reporting [11][13]. III. Risk Governance - Improvements in risk governance have been noted, including the establishment of the RMC and the formalization of BARC's responsibilities in risk oversight [18]. - The report emphasizes the need for comprehensive risk reporting to support effective decision-making and risk culture within CBSI [18]. IV. Three Lines Model and Risk Culture - The Three Lines Model is identified as a key driver for effective risk management, promoting risk ownership and enhancing risk mitigation efficiency [20]. - Initial steps have been taken to foster a risk culture within CBSI, with senior leadership recognizing the importance of embedding effective risk management practices [22]. V. Business Continuity/Critical Incident Management - The approach to business continuity management (BCM) is still maturing, with recommendations for establishing a structured framework and a critical incident management team [24]. - The report highlights the need for a formalized BCM process to ensure effective responses to business continuity events [24]. VI. Other Observations - Opportunities for departments to present their risk status to the RMC are encouraged to strengthen risk ownership and integrate risk management into daily responsibilities [26]. - The report suggests enhancing communication from senior management to reinforce the importance of risk management across the organization [27]. VII. Concluding Remarks - CBSI is making strides in embedding ERM practices, but further work is needed, particularly in implementing the RAS and comprehensive risk reporting, which are critical for enhancing governance [28].