## 1djiea2019001 — Sections 1–2

## Source details

**Canonical URL:** [1djiea2019001 — Sections 1–2](https://www.imf.org/-/media/files/publications/cr/2019/1djiea2019001.pdf)

## Other formats

- [Markdown version](/-/media/files/publications/cr/2019/1djiea2019001.pdf.md)
- [Structured JSON version](/-/media/files/publications/cr/2019/1djiea2019001.pdf.json)

---

### Mission objectives and outcomes
- IMF Statistics Department (STA) mission to Djibouti during March 4-11, 2018 provided technical assistance on Financial Soundness Indicators (FSIs).
- Main objectives:
  - Ensure source data adequacy for FSI compilation.
  - Assist CBD in compilation of FSIs per the IMF Financial Soundness Indicators Compilation Guide (FSI Guide).
  - Guide CBD staff in preparing FSI metadata aligned with IMF metadata forms.
  - Agree with Banking Supervision Unit (BSU) an action plan for FSI production and regular reporting to STA.
- Mission achievements:
  - Assisted BSU in preparation of FSI production files (forms FS2 and FSD) and metadata files (FS1 and FSM).
  - FSIs reported to STA for publication in April 2018.
  - Developed 22 FSIs for commercial banks: all 12 core FSIs and 10 additional FSIs out of 13 applicable to commercial banks.
  - FSM and FS1 metadata report forms were prepared.

### Priority recommendations and action plan (high-level)
- Target dates and priority actions:
  - May 2018: Submit completed forms FS1, FS2, FSM and FSD to STA (quarterly data 2014Q4-2017). — Responsible: CBD (Banking Supervision Unit).
  - May 2018: Start reporting the FSIs on a quarterly basis to STA for publication on the IMF’s website within 45 days following the reference quarter. — Responsible: CBD (Banking Supervision Unit).
  - December 2018: Use the FSIs for external and internal purposes, particularly for national publication, to ensure consistency of the FSIs in all publications. — Responsible: CBD (Banking Supervision Unit).

### Coverage, consolidation, and accounting basis
- Institutional coverage and compilation scope:
  - FSIs compiled on a quarterly basis and cover only commercial banks currently.
  - The mission agreed with BSU to include MFIs in the calculation of the FSI population for deposit takers (DTs).
  - Consolidation basis selected: “Domestic Consolidation” (resident entities and branches/subsidiaries resident in the same economy).
- Accounting concepts:
  - Commercial banks follow national accounting principles based on the French chart of accounts.
  - Banks apply accrual accounting.
  - Valuation of domestic shares and securities based on historical cost.
  - Exchange rate and market price revaluation of foreign shares and securities applied to annual financial statements at closing dates; gains are not recorded, provisions made for unrealized losses.

### Source data, report forms, and data quality issues
- Source reporting:
  - Call Report forms used: monthly balance sheets, supplementary annexes 2 and 3 (credit disaggregation by sector), monthly income statement (MOD-1080), and Annex 8 (prudential ratios).
  - Bridge tables linking source data and FS2 report form for years 2016-17 were reviewed and amended where necessary; same approach should be applied for 2013–17.
  - FSD-FSI form and underlying series (numerators and denominators) completed for all producible FSIs for commercial banks.
- Data adequacy and issues:
  - Source data are broadly adequate for compilation, but structure does not facilitate manipulation due to inconsistencies in banks’ reporting.
  - Non-standardization of Call Report forms makes validation very time-consuming; most work currently manual and source data not in time series.
  - Discrepancies identified between aggregated balance sheets used for FSIs and monetary and financial statistics (MFS) compiled from SRF 2SR; consolidation basis for FSIs is “domestic consolidation” and should match MFS aggregation—BSU and Banks and Monetary Statistics Unit (BMSU) should collaborate and share data sources.
- Recommended improvements to Call Report forms (until a web-based tool is operational):
  - Deactivate all cells that should not contain data.
  - Include automatic calculation of subtotals, preventing manual changes.
  - Develop automated validation controls to ensure consistency between monthly statements and sectoral breakdowns.
  - Include automatic verifications to alert banks to inconsistencies before submission.
- Recommended actions to strengthen reporting and capacity:
  - BCD organize regular (at least annual) meetings with reporting institutions to discuss reporting requirements and clarify them if necessary.
  - BSU staff participate regularly in FSI courses organized by the IMF for capacity building.

### FSI compilation specifics and gaps
- FSI Guide defines 40 FSIs: 12 core (mandatory) and 28 additional (encouraged).
- FSIs produced:
  - Produced 12 core/mandatory FSIs for DTs (commercial banks).
  - Produced 10 additional/encouraged FSIs out of 13 applicable to commercial banks.
- Missing additional FSIs:
  - Two (I016 and I017) cover transactions in derivatives and are not relevant.
  - One (I021 — spread between highest to lowest interbank rates) could not be calculated as there is no interbank market.

### Institutional and market structure indicators and recent trends
- Financial system composition and key figures:
  - Banking sector represents 94 percent of total assets of the financial system.
  - Banking sector holds 80 percent of total loans to the economy.
  - At end-2017, banking system comprised 12 active commercial banks (one domestically-controlled and 11 foreign-controlled) and two commercial banks under liquidation.
  - Other financial corporations (OFC) sector composition: three microfinance institutions, one specialized credit institution, 19 exchange and money transfer bureaus, two insurance companies.
  - Two national social security and pension funds: Caisse Nationale de Sécurité Sociale and Caisse de Retraite Militaire.
- Islamic banking:
  - Islamic banks represented 20 percent of total banking assets in 2017, rising from 1 percent in 2006.
  - CBD created a national Sharia committee to supervise evolution of Islamic financial instruments.
- Microfinance:
  - Microfinance sector modest: less than 1 percent of total assets and loans.
  - MFIs’ deposits are collected from members; MFIs were not included in FSIs calculation during mission due to time constraints (mission agreed to include MFIs in calculations going forward).
- Banking sector growth:
  - Total assets more than tripled between 2006 and 2017, increasing from DF 120 million to DF 438 million.
  - Total lending more than tripled between 2006 and 2016, reaching DF 135 million (approximately US$3.5 million).
  - Deposits more than doubled to DF 358 million (US$93 million).
- Supervision:
  - Banking sector is subject to permanent supervision by the BSU, which reviews risk quality, analyzes financial condition, and assesses internal control arrangements.
  - BSU requested STA assistance to construct FSIs for aggregated banking system per FSI Guide; FSIs will be used in first-time national financial stability report covering 2017.

### Clarifications on specific FSIs and regulatory context
- Indicators clarified during mission include:
  - I001 — Regulatory capital to risk-weighted assets.
  - I004 — Nonperforming loans to total gross loans.
  - I006 — Return on assets.
  - I014 — Large exposures to capital.
- Capital adequacy:
  - FSI Guide recommends three indicators to measure capital adequacy; two require calculation of risk-weighted assets.
  - CBD regulations aligned with Basel I principles; risk weights used are 0, 20, 50 and 100 percent depending on credit risk.
  - CBD aims to adopt Basel III principles; minimum capital adequacy ratio required by the CBD was raised to 8 percent on December 31, 2011 and 12 percent on December 31, 2013.
- Sectoral distribution of loans:
  - Core indicator I015 measures the sectoral distribution of loans to total loans (ratio of sectoral distribution of loans).

### Staffing and capacity
- BSU staffing and skills:
  - BSU has ten professional staff (seven auditors and three economists).
  - Only one official had followed the STA regional training course and was familiar with IMF report forms for FSIs at time of mission.
  - Mission recommended regular participation in STA regional FSI courses (available in French).
  - Note: Two staff authority members participated in an STA workshop on FSIs (IMF and Arab Monetary Fund) in April 2018 in Dubai, United Arab Emirates.

### Asset quality, provisioning, and sector allocation
- Loans should include nonperforming loans before deduction of specific provisions (FSI Guide).
- Djibouti’s banking regulations do not provide a mechanism for reporting the allocation of provisions by sector by commercial banks.
- Given data gaps on sectorization of provisions, the entire amount of provisions was allocated to the largest borrower sector: the private nonfinancial corporations’ sector.
- Large exposures to capital (FSI I014):
  - The ratio covers all loans included in the “large exposures” category on the basis of the directives of the national supervisory authorities, divided by total regulatory capital.
  - In Djibouti, banks are required to ensure that the amount, for all currencies, of individual risk does not exceed a ceiling of 25 percent of capital.
  - The ratio has been calculated by dividing the total “large exposures” of individual banks by their regulatory capital.
  - The mission noted that, from one commercial bank to another, the largest exposures do not necessarily concern the same institutional units.
  - For macroeconomic or sectoral purposes, it is preferable to identify the largest borrowers from all commercial banks rather than aggregating the individual declarations of banks.

### Action plan: improving monetary and financial statistics and FSIs
- Outcome 1: Source data are adequate for the production of the Monetary and Financial Statistics.
  - Priority: The source data are adequate for the production of the FSIs for DTs.
  - Actions and targets:
    - 1/ To ensure data consistency and reliability, use automatic verification and validation mechanisms on the report forms. Target completion: End-December 2018.
    - 2/ Clearly communicate the definition of the account headings to the banks. Target completion: End-December 2018.
- Outcome 2: A new database is compiled for internal/external publication.
  - Priority: FSIs for DTs in compliance with the Monetary and Financial Statistics Manual are available.
  - Verifiable indicator: Transmission to STA of completed forms FS1, FS2, FSD and FSM for Djibouti (quarterly data 2012–16).
  - Target: May 2018 — Actual Completion: Completed.
- Outcome 3: Human resources are adequate for the compilation and dissemination of the monetary and financial statistics.
  - Priority: Train additional officials in the FSIs.
  - Verifiable indicator: The CBD agent contributes efficiently to the production of the FSIs.
  - Target completion: December 2018 — Actual Completion: Completed.

### Financial Soundness Indicators (FSIs) list provided
- Annex I — A - Core Indicators (mandatory) (12 FSIs)
  - DT00 Core FSIs for Deposit Takers (12 FSIs):
    - I001 Regulatory capital to risk-weighted assets
    - I002 Regulatory Tier 1 capital to risk-weighted assets
    - I003 Nonperforming loans net of provisions to capital
    - I004 Nonperforming loans to total gross loans
    - I005 Sectoral distribution of loans to total loans
    - I006 Return on assets
    - I007 Return on equity
    - I008 Interest margin to gross income
    - I009 Noninterest expenses to gross income
    - I010 Liquid assets to total assets (liquid asset ratio)
    - I011 Liquid assets to short-term liabilities
    - I012 Net open position in foreign exchange to capital
- Annex I — B - Additional Indicators (encouraged) (28 FSIs)
  - DT00 Additional FSIs for Deposit Takers (13 FSIs):
    - I013 Capital to assets
    - I014 Large exposures to capital
    - I015 Geographic distribution of loans to total loans
    - I016 Gross asset position in financial derivatives to capital
    - I017 Gross liability position in financial derivatives to capital
    - I018 Trading income to total income
    - I019 Personnel expenses to noninterest expenses
    - I020 Spread between reference lending and deposit rates (basis points)
    - I021 Spread between highest to lowest interbank rates (basis points)
    - I022 Customer deposits to total (non-interbank) loans
    - I023 Foreign-currency-denominated loans to total loans
    - I024 Foreign-currency-denominated liabilities to total liabilities
    - I025 Net open position in equities to capital
  - OF00 Other Financial Corporations (OFC) (2 FSIs):
    - I026 Assets to total financial system assets
    - I027 Assets to gross domestic product (GDP)
  - NF00 Nonfinancial corporations (5 FSIs):
    - I028 Total debt to equity
    - I029 Return on equity
    - I030 Earnings to interest and principal expenses
    - I031 Net foreign exchange exposure to equity
    - I032 Number of bankruptcy proceedings initiated / Number of applications for protection from creditors
  - HH00 Households (2 FSIs):
    - I033 Household debt to gross domestic product (GDP)
    - I034 Household debt service and principal payments to income
  - ML00 Market Liquidity (2 FSIs):
    - I035 Average bid-ask spread in the securities market
    - I036 Average daily turnover ratio in the securities market
  - RE00 Real Estate Markets (4 FSIs):
    - I037 Residential real estate prices (Percentage change/last 12 months)
    - I038 Commercial real estate prices (Percentage change/last 12 months)
    - I039 Residential real estate loans to total gross loans
    - I040 Commercial real estate loans to total gross loans

### Officials met during the mission
- Mr. Ahmed Osman — Governor of the Central Bank of Djibouti
- Mr. Malik Garad — Chief of the Banking Supervision Unit
- Mr. Omar Ibrahim — Banking Supervision Inspector
- Mrs. Naima Abdi — Banking Supervision Inspector
- Mr. Kadra Idriss — Banking Supervision Inspector
- Mr. Doualeh Djama — Banking Supervision Inspector
- Mr. Kadar Daoud — Banking Supervision Inspector
- Mrs. Fathia Mohamed — Banking Supervision Inspector
- Mr. Abdirahman Robleh — Chief of the Banks and Monetary Statistics Unit

*Source: IMF Technical Assistance Report—Financial Soundness Indicators Mission, October 2018.*

### Section 1

### 1djiea2019001 - Section 1

### Mission objectives and outcomes
- IMF Statistics Department (STA) mission to Djibouti during March 4-11, 2018 provided technical assistance on Financial Soundness Indicators (FSIs).
- Main objectives:
  - Ensure source data adequacy for FSI compilation.
  - Assist CBD in compilation of FSIs per the IMF Financial Soundness Indicators Compilation Guide (FSI Guide).
  - Guide CBD staff in preparing FSI metadata aligned with IMF metadata forms.
  - Agree with Banking Supervision Unit (BSU) an action plan for FSI production and regular reporting to STA.
- Mission achievements:
  - Assisted BSU in preparation of FSI production files (forms FS2 and FSD) and metadata files (FS1 and FSM).
  - FSIs reported to STA for publication in April 2018.
  - Developed 22 FSIs for commercial banks: all 12 core FSIs and 10 additional FSIs out of 13 applicable to commercial banks.
  - FSM and FS1 metadata report forms were prepared.

### Priority recommendations and action plan (high-level)
- Target dates and priority actions:
  - May 2018: Submit completed forms FS1, FS2, FSM and FSD to STA (quarterly data 2014Q4-2017). — Responsible: CBD (Banking Supervision Unit).
  - May 2018: Start reporting the FSIs on a quarterly basis to STA for publication on the IMF’s website within 45 days following the reference quarter. — Responsible: CBD (Banking Supervision Unit).
  - December 2018: Use the FSIs for external and internal purposes, particularly for national publication, to ensure consistency of the FSIs in all publications. — Responsible: CBD (Banking Supervision Unit).

### Coverage, consolidation, and accounting basis
- Institutional coverage and compilation scope:
  - FSIs compiled on a quarterly basis and cover only commercial banks currently.
  - The mission agreed with BSU to include MFIs in the calculation of the FSI population for deposit takers (DTs).
  - Consolidation basis selected: “Domestic Consolidation” (resident entities and branches/subsidiaries resident in the same economy).
- Accounting concepts:
  - Commercial banks follow national accounting principles based on the French chart of accounts.
  - Banks apply accrual accounting.
  - Valuation of domestic shares and securities based on historical cost.
  - Exchange rate and market price revaluation of foreign shares and securities applied to annual financial statements at closing dates; gains are not recorded, provisions made for unrealized losses.

### Source data, report forms, and data quality issues
- Source reporting:
  - Call Report forms used: monthly balance sheets, supplementary annexes 2 and 3 (credit disaggregation by sector), monthly income statement (MOD-1080), and Annex 8 (prudential ratios).
  - Bridge tables linking source data and FS2 report form for years 2016-17 were reviewed and amended where necessary; same approach should be applied for 2013–17.
  - FSD-FSI form and underlying series (numerators and denominators) completed for all producible FSIs for commercial banks.
- Data adequacy and issues:
  - Source data are broadly adequate for compilation, but structure does not facilitate manipulation due to inconsistencies in banks’ reporting.
  - Non-standardization of Call Report forms makes validation very time-consuming; most work currently manual and source data not in time series.
  - Discrepancies identified between aggregated balance sheets used for FSIs and monetary and financial statistics (MFS) compiled from SRF 2SR; consolidation basis for FSIs is “domestic consolidation” and should match MFS aggregation—BSU and Banks and Monetary Statistics Unit (BMSU) should collaborate and share data sources.
- Recommended improvements to Call Report forms (until a web-based tool is operational):
  - Deactivate all cells that should not contain data.
  - Include automatic calculation of subtotals, preventing manual changes.
  - Develop automated validation controls to ensure consistency between monthly statements and sectoral breakdowns.
  - Include automatic verifications to alert banks to inconsistencies before submission.
- Recommended actions to strengthen reporting and capacity:
  - BCD organize regular (at least annual) meetings with reporting institutions to discuss reporting requirements and clarify them if necessary.
  - BSU staff participate regularly in FSI courses organized by the IMF for capacity building.

### FSI compilation specifics and gaps
- FSIs defined and reporting framework:
  - FSI Guide defines 40 FSIs: 12 core (mandatory) and 28 additional (encouraged).
  - Core FSIs cover deposit takers (DTs); additional FSIs concern DTs (13), OFCs (2), nonfinancial corporations (5), households (2), liquidity of securities market (2), real estate markets (4).
- FSIs produced:
  - Produced 12 core/mandatory FSIs for DTs (commercial banks).
  - Produced 10 additional/encouraged FSIs out of 13 applicable to commercial banks.
  - Missing additional FSIs:
    - Two (I016 and I017) cover transactions in derivatives and are not relevant.
    - One (I021 — spread between highest to lowest interbank rates) could not be calculated as there is no interbank market.

### Institutional and market structure indicators and recent trends
- Financial system composition:
  - Banking sector represents 94 percent of total assets of the financial system and holds 80 percent of total loans to the economy.
  - At end-2017, banking system comprised 12 active commercial banks (one domestically-controlled and 11 foreign-controlled) and two commercial banks under liquidation.
  - Foreign-controlled banks include two Islamic banks (three Islamic banks noted elsewhere; see Islamic banks share below).
  - Other financial corporations (OFC) sector composition: three microfinance institutions, one specialized credit institution, 19 exchange and money transfer bureaus, two insurance companies.
  - Two national social security and pension funds: Caisse Nationale de Sécurité Sociale and Caisse de Retraite Militaire.
- Islamic banking:
  - Islamic banks represented 20 percent of total banking assets in 2017, rising from 1 percent in 2006.
  - CBD created a national Sharia committee to supervise evolution of Islamic financial instruments.
- Microfinance:
  - Microfinance sector modest: less than 1 percent of total assets and loans.
  - MFIs’ deposits are collected from members; MFIs were not included in FSIs calculation during mission due to time constraints (mission agreed to include MFIs in calculations going forward).
- Banking sector growth and key figures:
  - Total assets more than tripled between 2006 and 2017, increasing from DF 120 million to DF 438 million.
  - Total lending more than tripled between 2006 and 2016, reaching DF 135 million (approximately US$3.5 million).
  - Deposits more than doubled to DF 358 million (US$93 million).
- Supervision:
  - Banking sector is subject to permanent supervision by the BSU, which reviews risk quality, analyzes financial condition, and assesses internal control arrangements.
  - BSU requested STA assistance to construct FSIs for aggregated banking system per FSI Guide; FSIs will be used in first-time national financial stability report covering 2017.

### Clarifications on specific FSIs and regulatory context
- Indicators clarified during mission include:
  - I001 — Regulatory capital to risk-weighted assets.
  - I004 — Nonperforming loans to total gross loans.
  - I006 — Return on assets.
  - I014 — Large exposures to capital.
- Capital adequacy:
  - FSI Guide recommends three indicators to measure capital adequacy; two require calculation of risk-weighted assets.
  - CBD regulations aligned with Basel I principles; risk weights used are 0, 20, 50 and 100 percent depending on credit risk.
  - CBD aims to adopt Basel III principles; minimum capital adequacy ratio required by the CBD was raised to 8 percent on December 31, 2011 and 12 percent on December 31, 2013.
- Sectoral distribution of loans:
  - Core indicator I015 measures the sectoral distribution of loans to total loans (ratio of sectoral distribution of loans).

### Staffing and capacity
- BSU staffing and skills:
  - BSU has ten professional staff (seven auditors and three economists).
  - Only one official had followed the STA regional training course and was familiar with IMF report forms for FSIs at time of mission.
  - Mission recommended regular participation in STA regional FSI courses (available in French).
  - Note: Two staff authority members participated in an STA workshop on FSIs (IMF and Arab Monetary Fund) in April 2018 in Dubai, United Arab Emirates.

*Source: IMF Technical Assistance Report—Financial Soundness Indicators Mission, October 2018.*

### Section 2

### 1djiea2019001 - Section 2

### Asset quality, provisioning, and sector allocation
- Loans should include nonperforming loans before deduction of specific provisions (FSI Guide).
- Djibouti’s banking regulations do not provide a mechanism for reporting the allocation of provisions by sector by commercial banks.
- Given data gaps on sectorization of provisions, the entire amount of provisions was allocated to the largest borrower sector: the private nonfinancial corporations’ sector.
- Large exposures to capital (FSI I014):
  - The asset quality indicators to which Djibouti banks are subject include the ratio of “large exposures to capital”.
  - According to the FSI Guide, this ratio covers all loans included in the “large exposures” category on the basis of the directives of the national supervisory authorities, divided by total regulatory capital.
  - In Djibouti, banks are required to ensure that the amount, for all currencies, of individual risk does not exceed a ceiling of 25 percent of capital.
  - The ratio has been calculated by dividing the total “large exposures” of individual banks by their regulatory capital.
  - The mission noted that, from one commercial bank to another, the largest exposures do not necessarily concern the same institutional units.
  - Given that the purpose of FSI I014 is macroeconomic or sectoral in nature, covering all commercial banks, it is preferable to identify the largest borrowers from all commercial banks rather than aggregating the individual declarations of banks.

### Action plan: improving monetary and financial statistics and FSIs
- Outcome 1: Source data are adequate for the production of the Monetary and Financial Statistics.
  - Priority: The source data are adequate for the production of the FSIs for DTs.
  - Actions and targets:
    - 1/ To ensure data consistency and reliability, use automatic verification and validation mechanisms on the report forms. Target completion: End-December 2018.
    - 2/ Clearly communicate the definition of the account headings to the banks. Target completion: End-December 2018.
- Outcome 2: A new database is compiled for internal/external publication.
  - Priority: FSIs for DTs in compliance with the Monetary and Financial Statistics Manual are available.
  - Verifiable indicator: Transmission to STA of completed forms FS1, FS2, FSD and FSM for Djibouti (quarterly data 2012–16).
  - Target: May 2018 — Actual Completion: Completed.
- Outcome 3: Human resources are adequate for the compilation and dissemination of the monetary and financial statistics.
  - Priority: Train additional officials in the FSIs.
  - Verifiable indicator: The CBD agent contributes efficiently to the production of the FSIs.
  - Target completion: December 2018 — Actual Completion: Completed.

### Financial Soundness Indicators (FSIs) list provided
- Annex I — A - Core Indicators (mandatory) (12 FSIs)
  - DT00 Core FSIs for Deposit Takers (12 FSIs):
    - I001 Regulatory capital to risk-weighted assets
    - I002 Regulatory Tier 1 capital to risk-weighted assets
    - I003 Nonperforming loans net of provisions to capital
    - I004 Nonperforming loans to total gross loans
    - I005 Sectoral distribution of loans to total loans
    - I006 Return on assets
    - I007 Return on equity
    - I008 Interest margin to gross income
    - I009 Noninterest expenses to gross income
    - I010 Liquid assets to total assets (liquid asset ratio)
    - I011 Liquid assets to short-term liabilities
    - I012 Net open position in foreign exchange to capital
- Annex I — B - Additional Indicators (encouraged) (28 FSIs)
  - DT00 Additional FSIs for Deposit Takers (13 FSIs):
    - I013 Capital to assets
    - I014 Large exposures to capital
    - I015 Geographic distribution of loans to total loans
    - I016 Gross asset position in financial derivatives to capital
    - I017 Gross liability position in financial derivatives to capital
    - I018 Trading income to total income
    - I019 Personnel expenses to noninterest expenses
    - I020 Spread between reference lending and deposit rates (basis points)
    - I021 Spread between highest to lowest interbank rates (basis points)
    - I022 Customer deposits to total (non-interbank) loans
    - I023 Foreign-currency-denominated loans to total loans
    - I024 Foreign-currency-denominated liabilities to total liabilities
    - I025 Net open position in equities to capital
- OF00 Other Financial Corporations (OFC) (2 FSIs):
  - I026 Assets to total financial system assets
  - I027 Assets to gross domestic product (GDP)
- NF00 Nonfinancial corporations (5 FSIs):
  - I028 Total debt to equity
  - I029 Return on equity
  - I030 Earnings to interest and principal expenses
  - I031 Net foreign exchange exposure to equity
  - I032 Number of bankruptcy proceedings initiated / Number of applications for protection from creditors
- HH00 Households (2 FSIs):
  - I033 Household debt to gross domestic product (GDP)
  - I034 Household debt service and principal payments to income
- ML00 Market Liquidity (2 FSIs):
  - I035 Average bid-ask spread in the securities market
  - I036 Average daily turnover ratio in the securities market
- RE00 Real Estate Markets (4 FSIs):
  - I037 Residential real estate prices (Percentage change/last 12 months)
  - I038 Commercial real estate prices (Percentage change/last 12 months)
  - I039 Residential real estate loans to total gross loans
  - I040 Commercial real estate loans to total gross loans

### Officials met during the mission
- Mr. Ahmed Osman — Governor of the Central Bank of Djibouti
- Mr. Malik Garad — Chief of the Banking Supervision Unit
- Mr. Omar Ibrahim — Banking Supervision Inspector
- Mrs. Naima Abdi — Banking Supervision Inspector
- Mr. Kadra Idriss — Banking Supervision Inspector
- Mr. Doualeh Djama — Banking Supervision Inspector
- Mr. Kadar Daoud — Banking Supervision Inspector
- Mrs. Fathia Mohamed — Banking Supervision Inspector
- Mr. Abdirahman Robleh — Chief of the Banks and Monetary Statistics Unit

*Source: 1djiea2019001 - Section 2.*

---


_Source: https://www.imf.org/-/media/files/publications/cr/2019/1djiea2019001.pdf_