Monetary Policy Frameworks and Communication in the Caucasus and Central Asia

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

No 2023/251, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: Caucasus and Central Asia; Monetary Policy Frameworks; Communication.; CCA inflation; central banks in Caucasus and Central Asia; IMF working paper No. 2023/251; IAPOC Index; CCA country; Monetary policy communication; Inflation targeting; Inflation; Market interest rates; Central Asia and the Caucasus (search for similar items in EconPapers)
Pages: 28
Date: 2023-12-08
New Economics Papers: this item is included in nep-ban, nep-cba, nep-cis and nep-mon
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