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Colombia: Financial Sector Assessment Program-Technical Note on Macroprudential Framework Policy and Tools

International Monetary Fund

No 2022/157, IMF Staff Country Reports from International Monetary Fund

Abstract: There has been little change in the institutional framework for macroprudential policy oversight since the last FSAP. Macroprudential policy for the banking sector is a shared competency of the Financial Superintendency of Colombia (SFC), the Banco de la República (BR), and the Ministry of Finance (MHCP), although the SFC and the MHCP play dominant roles. The Financial Sector Coordination and Monitoring Committee (CCSSF), which consists of the three institutions and the Financial Institutions Guarantee Fund (Fogafin), is the main platform for information sharing and cooperation, but it does not have a macroprudential mandate or any formal powers. The SFC supervises asset managers and insurance companies, but there is no formal macroprudential oversight framework for those types of financial institutions.

Keywords: IMF-World Bank Financial Sector Assessment Program; FX risk; risk monitoring; staff team of the International Monetary Fund; FSAP program; Macroprudential policy; Systemic risk assessment; Financial sector stability; Financial sector risk; Liquidity requirements; Global; Central America (search for similar items in EconPapers)
Pages: 22
Date: 2022-06-03
New Economics Papers: this item is included in nep-ias and nep-mac
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Handle: RePEc:imf:imfscr:2022/157