Monetary Policy Frameworks and Communication in the Caucasus and Central Asia

By Omer Faruk Akbal, Klakow Akepanidtaworn, Ezequiel Cabezon, Mariarosaria Comunale, Marina Conesa Martinez, Filiz D Unsal

December 8, 2023

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Omer Faruk Akbal, Klakow Akepanidtaworn, Ezequiel Cabezon, Mariarosaria Comunale, Marina Conesa Martinez, and Filiz D Unsal. Monetary Policy Frameworks and Communication in the Caucasus and Central Asia, (USA: International Monetary Fund, 2023) accessed December 4, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

Central banks in Caucasus and Central Asia (CCA) have been enhancing their monetary policy frameworks in the last decade, and are at different stages of the transition to a type of inflation targeting regimes. This paper documents their progress and the current state of their monetary policy framework, utilizing the IAPOC index developed by Unsal and others (2022) covering Independence and Accountability, Policy and Operational Strategy, and Communications, as well as drawing from central banks’ laws and websites. Additionally, an analysis of press releases from CCA central banks is conducted to evaluate their features, content, and tones. The findings highlight the need for further improvements in the areas of Independence and Accountability, as well as Communications, despite some recent advancements in the latter.

Subject: Financial services, Inflation, Inflation targeting, Market interest rates, Monetary policy, Monetary policy communication, Monetary policy frameworks, Prices

Keywords: Caucasus and Central Asia, CCA country, CCA inflation, Central Asia and the Caucasus, Central banks in Caucasus and Central Asia, Communication., IAPOC Index, IMF working paper No. 2023/251, Inflation, Inflation targeting, Market interest rates, Monetary policy communication, Monetary Policy Frameworks

Publication Details

Pages:

28
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2023/251
Stock No:

WPIEA2023251
ISBN:

9798400260742
ISSN:

1018-5941

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