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Republic of the Marshall Islands
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ISBN: 1484375815 1484375793 Year: 2018 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

This Selected Issues paper discusses correspondent banking relationships (CBRs) pressures on the Republic of the Marshall Island (RMI). RMI’s two banks currently have access to the US financial system. The Bank of the Marshall Islands is a domestic financial institution providing banking services to a substantial portion of the population and operates five branches throughout RMI, including on the Kwajalein Atoll. RMI, through the Trust Company of the Marshall Islands, provides offshore corporate and maritime registry services. Weak implementation of the anti-money laundering and combating the financing of terrorism (AML/CFT) framework by the authorities contributes to CBR pressures in RMI. The termination of BOMI’s CBR with First Hawaiian Bank would be expected to have significant negative economic repercussions without alternative arrangements. The RMI authorities are strengthening the effectiveness of the AML/CFT framework. Additional steps should be taken to further lower the risk of losing the last US dollar CBR. Once the national risk assessment is completed, an action plan should be developed to address the identified risks.


Book
Republic of the Marshall Islands : 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of the Marshall Islands.
Author:
ISBN: 1484375777 1484375742 Year: 2018 Publisher: Washington, D.C. : International Monetary Fund,

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Abstract

This 2018 Article IV Consultation highlight that growth in the Marshallese economy is estimated to have accelerated to about 3.5 percent in FY2017 (ending September 30) with a strong pick-up in fisheries and construction, with the latter owing to the resumption of infrastructure projects. Consumer prices started to rise again in mid-2017, with annual consumer price index inflation at 1.1 percent in 2017Q4. Growth is expected to remain robust at about 2.5 percent in FY2018 and about 1.5 percent over the medium term, underpinned by further increases in infrastructure spending. Inflation is expected to rise gradually to about 2 percent over the medium term.

Keywords

Marshall Islands --- Republic of the Marshall Islands --- R.M.I. --- RMI --- Aolepān Aorōkin M̧ajeļ --- Pulo-pulo Marshall --- Marshalleilande --- Republiek van die Marshalleilande --- Marshallinsle --- Republik Marshallinsle --- Islas Marshall --- Republica d'as Islas Marshall --- March·al --- Rèpublica des Iles March·al --- Islles Márxal --- República de les Islles Márxal --- Marşall adaları --- Marşall Adaları Respublikası --- Marshall Kûn-tó --- Marshall Kûn-tó Kiōng-hô-kok --- Маршалавы Астравы --- Marshalavy Astravy --- Рэспубліка Маршалавы Астравы --- Rėspublika Marshalavy Astravy --- Maršalska Ostrva --- Republika Maršalska Ostrva --- Inizi Marshall --- Republik Inizi Marshall --- Маршалови острови --- Marshalovi ostrovi --- Република Маршалови острови --- Republika Marshalovi ostrovi --- Illes Marshall --- República de les Illes Marshall --- Kapupud-ang Marshall --- Marshallovy ostrovy --- Republika Marshallovy ostrovy --- Ynysoedd Marshall --- Gweriniaeth Ynysoedd Marshall --- Marshalløerne --- Marshallinseln --- Republik Marshallinseln --- Marshalli Saared --- Marshalli Saarte Vabariik --- Νήσοι Μάρσαλ --- Nēsoi Marsal --- Δημοκρατία των Νήσων Μάρσαλ --- Dēmokratia tōn Nēsōn Marsal --- República de las Islas Marshall --- Marŝala Insularo --- Repúbrica de las Islas Marshall --- Marshall Uharteak --- Marshall Uharteetako Errepublika --- Marshalloyggjar --- Lýðveldið Marshalloyggjar --- Îles Marshall --- République des Îles Marshall --- Marshalleilannen --- Oileáin Marshall --- Ellanyn Varshyl --- Pobblaght ny h-Ellanyn Varshyl --- Eileanan Mharshall --- Illas Marshall --- República das Illas Marshall --- Маршал Арлин Орн --- Marshal Arlin Orn --- Maršalovi Otoci --- Republika Maršalovi Otoci --- Marshall Insuli --- Kepulauan Marshall --- Republik Kepulauan Marshall --- Маршаллы сакъадæхтæ --- Marshally sakʺadækhtæ --- Маршаллы Сакъадæхты Республикæ --- Marshally Sakʺadækhty Respublikæ --- Marshalleyjar --- Isole Marshall --- איי מרשל --- Iye Marshal --- マーシャル諸島 --- Māsharu Shotō --- Marshall Islands District (Pacific Islands) --- Economic policy. --- Exports and Imports --- Public Finance --- Industries: Financial Services --- Natural Disasters --- Criminology --- Climate --- Natural Disasters and Their Management --- Global Warming --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Illegal Behavior and the Enforcement of Law --- International economics --- Natural disasters --- Public finance & taxation --- Corporate crime --- white-collar crime --- Distributed ledgers --- Public debt --- External debt --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Agroindustries --- Environment --- Crime --- Climate change --- Debts, External --- Debts, Public --- Money laundering --- Financial services industry --- Technological innovations --- Marshall Islands, Republic of the

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