佛得角：实施宏观审慎政策的技术援助报告

CABO VERDE Operationalizing Macroprudential Policy April 2026 Prepared ByVina Nguyen (Mission Chief) and Martin O’Brien (MCM Short Term-Expert) Authoring Departments:Monetary and Capital MarketsDepartment DISCLAIMER The contents of this report constitute technical advice provided by the staff of the International MonetaryFund (IMF) to the authorities Cabo Verde (the “CD recipient”) in response to their request for capacitydevelopment. This report (in whole or in part) or summaries thereof may be disclosed by the IMF to IMFExecutive Directors and members of their staff, as well as to other agencies or instrumentalities of the CDrecipient, and upon their request, to World Bank staff, and other capacity development providers anddonors with legitimate interest, , unless the CD recipient specifically objects to such disclosure (seeOperational Guidelines for the Dissemination of Technical Assistance Information). Publication orDisclosure of this report (in whole or in part) or summaries thereof to parties outside the IMF other thanagencies or instrumentalities of the CD recipient, World Bank staff, other capacity development providersand donors with legitimate interest, including members of the Steering Committee of AFRITAC West 2,shall require the explicit consent of the CD recipient and the IMF’s Monetary and Capital MarketsDepartment. The analysis and policy considerations expressed in this publication are those of the IMF’s Monetary andCapital Markets Department. Contents Preface_________________________________________________________________________5 Executive Summary______________________________________________________________6 Recommendations________________________________________________________________8 I.Background___________________________________________________________________ 11 II.The Macroprudential Framework in Cabo Verde____________________________________13 A.Institutional Framework__________________________________________________________13B.Macroprudential Communication and Policy Strategy___________________________________ 20 III.Main Vulnerabilities in the Financial System_______________________________________26 IV.Systemic Risk Monitoring and Data Gaps_________________________________________30 A.Broad-Based Measures__________________________________________________________33B.Sectoral Measures_____________________________________________________________34C.Liquidity Measures_____________________________________________________________35D.Next Steps___________________________________________________________________ 36 Figures 1.Bank Assets and Credit to GDP ___________________________________________________ 11 2.Cross-Country Experiences with Macroprudential Authorities _____________________________ 133.Governance Structure of the BCV Under the Current and New Organic Law _________________ 174. Financial Stability Committee _____________________________________________________ 175.Example of Layering Messages____________________________________________________ 236.Credit Gap Estimates____________________________________________________________ 267.Credit Allocation in 2023 _________________________________________________________ 278.Demand and Term Deposit Breakdown______________________________________________ 289.Mapping Vulnerabilities to Macroprudential Tools ______________________________________ 29 Tables 1.Key Recommendations ___________________________________________________________ 82.Classification of Systemically Important Banks ________________________________________ 18 Annexes I.Previous Recommendations from 2022. FSSR and the Latest Update on Implementation _______ 37II.Peer Comparison_______________________________________________________________ 38III.Linking Indicators, Objectives and Policy ____________________________________________ 40 Glossary Preface In response to a request from the Central Bank of Cabo Verde (BCV), a team from the InternationalMonetary Fund (IMF) Monetary and Capital Markets (MCM) Department conducted a hybrid1missionfrom March 19 to 28, 2025, to provide assistance in operationalizing macroprudential policy andenhancing capacity for monitoring vulnerabilities. The mission met with Mr. Óscar Santos (Governor, BCV), Ms. Maria Tereza Henriques (ExecutiveDirector, BCV), Ms. Vania Cardoso Marta (Coordinator of the Macroprudential Supervision andResolution Office), Mr. Gilson Pina (Director of National Planning, Ministry of Finance (MOF)), Ms. SoeliSantos (Director of Treasury, MOF), staff from Macroprudential Supervision and Resolution Office,Microprudential Supervision Department, Economics and Statistics Department, Markets and ReserveManagement Department, Insurance and Pension Fund Supervision Office, Legal Department, Board ofNational Institute of Social Security (INPS), and executives of domestic and foreign banks. The mission extends its gratitude to the Governor, senior officials, and staff of the BCV and the