“…22 The slowdown in the global gross domestic product (GDP) growth by 4.4%, and for the Middle East and Central Asian countries by 4.1% in 2020 (IMF, 2020), undoubtedly impacts the financial system. In particular, according to Alves et al (2021), there was a deterioration in the creditworthiness of borrowers, especially in the small and medium business sector, a decrease in investment projects, etc. The increase in inflation caused a tightening of monetary policy and an increase in interest rates, capital outflow from the markets, currency depreciation, and other threats to the macroeconomic stability of countries (Belhaj et al, 2022).…”