2017年-IMF国际货币组织全球_Saudi_Arabia_Financial_System_Stability_Assessment_36页_1mb

报告摘要

Saudi Arabia Financial System Stability Assessment Summary

Core Content

This report is a Financial System Stability Assessment (FSSA) conducted by the International Monetary Fund (IMF) and the World Bank on Saudi Arabia, based on data up to July 17, 2017. It outlines the financial system resilience, policy frameworks, key recommendations, and developmental priorities for the country's financial sector.

Main Points

1. Economic and Financial Context

Saudi Arabia experienced a major economic shock in 2015–16 due to declining oil prices, which reduced government revenues and led to a sharp fiscal deficit.
The current account deficit reached 8% of GDP in 2015, and government oil revenue nearly halved.
In response, the government initiated fiscal consolidation and non-oil growth initiatives, including the Vision 2030 and National Transformation Program (NTP).
Despite these challenges, banks remained resilient and liquid, with strong capital buffers and minimal nonperforming loans (NPLs).

2. Financial System Structure

The financial sector consists of 24 commercial banks (51% of total assets), pension funds (26%), specialized credit institutions (SCIs) (19%), investment funds (2%), and insurance companies (2%).
Domestic capital markets are relatively small, with stock market capitalization at ~54% of GDP and bond market at ~1%.
Banks are domestically oriented, with limited cross-border exposures (~15% of system assets).
Banks' business model is centered around intermediating private sector deposits (73% of liabilities) for corporate and household lending (43% and 19% of assets, respectively).
Mortgage loans account for only ~25% of household loans, with the remainder being consumer and credit card loans.

3. Resilience of the Banking System

Solvency tests were conducted under two scenarios: baseline and adverse.
- In the baseline, all banks' capital adequacy ratios (CARs) remained above minimum requirements.
- In the adverse scenario, the CAR declined by ~2 percentage points, but 10 out of 12 banks still met the requirements, including all six systemically important banks.
Liquidity tests showed that banks could withstand additional adverse shocks, even with sharp declines in deposits and increased loan-to-deposit ratios.
Liquidity management was supported by SAMA through repo facilities, reverse repos, and SAMA bills.

4. Policy Framework and Reforms

Macroprudential policy is coordinated by the National Financial Stability Committee (NFSC), with SAMA as the central authority.
Basel III was implemented in 2013, and SAMA has been strengthening prudential oversight.
Key reforms include:
- Introduction of deposit insurance.
- Establishment of the Draft Resolution Law (DRL) to support bank resolution.
- Creation of the Financial Stability Committee within SAMA.
- Strengthening data collection and reporting standards.
- Modernization of the legal framework for financial services.

5. Developmental Issues and Recommendations

SME financing is a priority, with the Small and Medium-size Enterprise Authority (SMEA) tasked with improving access to finance.
Specialized credit institutions (SCIs) need better governance, performance monitoring, and adoption of IFRS.
Domestic capital markets require a modern legal framework for debt management, bond and Sukuk issuance, and collateral and dispute resolution mechanisms.
Cross-border cooperation should be strengthened through Memoranda of Understanding (MoUs) with foreign regulators.

Key Recommendations

Recommendation	Authority Responsible	Timeframe
Update Banking Charter and Banking Control Law	Government; SAMA	Medium Term (MT)
Codify and publish all bank legislative circulars	SAMA	Short Term (ST)
Refine risk and control ratings and align supervisory planning with risk profiles	SAMA	Short Term (ST)
Develop and publish bank licensing criteria	SAMA	Short Term (ST)
Provide guidance on mapping Islamic products to Basel framework	SAMA	Short Term (ST)
Adopt loan classification regulation and report rescheduled loans	SAMA	Short Term (ST)
Establish formal policies for loan rescheduling and submit prudential returns	SAMA	Short Term (ST)
Strengthen cross-border cooperation via MoUs	SAMA	Short Term (ST)
Establish a liquidity forecasting framework	SAMA	Medium Term (MT)
Adopt and implement the Draft Resolution Law (DRL)	Government; SAMA	Short Term (ST)
Establish an Emergency Liquidity Assistance (ELA) framework	SAMA	Short Term (ST)
Define a timeframe for DPF deposit payouts and ensure a back-up funding line	MoF; SAMA	Short Term (ST)
Broaden the definition of debt service to income	SAMA	Short Term (ST)
Strengthen data collection for household, corporate, and real estate sectors	Government; SAMA	Medium Term (MT)

Key Risks and Resilience

Oil price volatility is the main vulnerability of the Saudi financial system.
Geopolitical risks could lead to sharp liquidity tightening.
Long-term risks include the capacity to implement the NTP and reduce oil dependence.

Conclusion

The report highlights the resilience of the Saudi banking system despite recent economic shocks and ongoing structural reforms. It emphasizes the need for modernization of the financial sector policy framework, enhanced macroprudential tools, and improved developmental interventions to support non-oil growth and financial stability.

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