Front Matter

Front Matter

Author(s):
Simon Gray, and Philippe Karam
Published Date:
May 2013
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    © 2013 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Monetary Issues in the Middle East and North Africa: A Policy Implementation Handbook for Central Bankers / Simon Gray … [et al.]. – Washington, D.C. : International Monetary Fund, c2013.

    p. : col. ill. ; cm. – (Departmental paper (International Monetary Fund. Monetary and Capital Markets Dept.))

    Includes bibliographical references.

    1. Monetary policy – Middle East. 2. Monetary policy – North Africa. 3. Banks and banking, Central – Middle East. 4. Banks and banking, Central – North Africa. I. Gray, Simon (Simon Thorburn), 1957–. II. International Monetary Fund.

    HG1206.M66

    ISBN: 9781475590562

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    Departmental Paper

    Institute for Capacity Development and Monetary and Capital Markets Department

    Monetary Issues in the Middle East and North Africa Region: A policy implementation handbook for central bankers

    Prepared by Simon Gray, Philippe Karam, Vilada Meeyam, and Michel Stubbe1 Authorized for distribution by Ghiath Shabsigh and Abdelhadi Yousef

    April 2013

    This Departmental Paper should not be reported as representing the views of the IMF.

    The views expressed in this Departmental Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Departmental Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

    Abstract

    This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of MENA central banks shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.

    JEL Classification Numbers: E43, E44, E52, E58, G1

    Keywords: Monetary policy, monetary operations, liquidity management, central bank

    Authors’ e-mail address: sgray@imf.org; pkaram@imf.org; vmeeyam@imf.org; Michel.stubbe@ecb.int

    Contents

    Glossary

    AE

    Advanced Economy

    ALG

    Algeria

    AREAER

    Annual Report on Exchange Arrangements and Exchange Restrictions

    BAM

    Bank Al-Maghrib

    BCBS

    Basel Committee on Banking Supervision

    BDL

    The Banque du Liban

    BHR

    Bahrain

    BIS

    Bank for International Settlement

    BOK

    Bank of Korea

    BOT

    Bank of Thailand

    CAEMC

    Central African Economic and Monetary Community

    CB

    Central Bank

    CBC

    Central Bank of Comoros

    CBD

    Central Bank of Djibouti

    CBE

    Central Bank of Egypt

    CBI

    Central Bank of Iraq

    CBJ

    Central Bank of Jordan

    CBM

    Central Bank of Mauritania

    CBR

    Central Bank of Russia

    CBT

    Central Bank of Tunisia

    CBY

    Central Bank of Yemen

    CCP

    Central Counterparty

    CD

    Certificate of Deposit

    CDS

    Credit Default Swap

    CE

    Credit Easing

    CEF

    IMF Middle East Center for Economics and Finance

    CIC

    Currency in Circulation

    COM

    Comoros

    CPSS

    Committee for Payment and Settlement Systems

    DIJ

    Djibouti

    ECB

    European Central Bank

    EGY

    Egypt

    ELA

    Emergency Lending Assistance

    EM

    Emerging Market

    EUR

    Euro

    EWS

    Early Warning System

    FDI

    Foreign Direct Investment

    FX

    Foreign Exchange

    GCC

    Gulf Cooperation Council

    HKMA

    Hong Kong Monetary Authority

    HQLA

    High Quality Liquid Asset

    IFBR

    Inflation Forecast Targeting Based-Rule

    IOSCO

    International Organization of Securities Commissions

    IRQ

    Iraq

    ISIMP

    Information System for Instruments of Monetary Policy

    IT

    Inflation Targeting

    JOR

    Jordan

    KWT

    Kuwait

    LBN

    Lebanon

    LBY

    Libya

    LCR

    Liquidity Coverage Ratio

    LOLR

    Lender of Last Resort

    LTD

    Loan-to-Deposit Ratio

    LTV

    Loan-to-Value

    MAR

    Morocco

    MCD

    Middle East and Central Asia Department

    MCM

    Monetary and Capital Markets Department

    MENA

    Middle East and North Africa Countries

    MIACR

    Moscow Interbank Average Credit Rate

    MPC

    Monetary Policy Committee

    MRT

    Mauritania

    MTM

    Monetary policy transmission mechanism

    NPL

    Non-Performing Loans

    NSFR

    Net Stable Funding Ratio

    OM

    Oil-importing Country

    OMO

    Open Market Operations

    OMN

    Oman

    OX

    Oil-Exporting Country

    PCF

    Primary Credit Facility

    PMA

    Palestine Monetary Authority

    QAT

    Qatar

    QCB

    Qatar Central Bank

    QE

    Quantitative Easing

    REO

    Regional Economic Outlook

    RMP

    Reserve maintenance period

    RR

    Reserve requirements

    SAMA

    Saudi Arabian Monetary Agency

    SAU

    Saudi Arabia

    SCF

    Standing Credit Facility

    SDF

    Standing Deposit Facility

    SDN

    Sudan

    SF

    Standing Facility

    SIFI

    Systemically Important Financial Institutions

    SLR

    Statutory Liquidity Requirements

    SME

    Small and Medium-Sized Enterprises

    SYR

    Syria

    TUN

    Tunisia

    UAE

    United Arab Emirates

    UAECB

    United Arab Emirates Central Bank

    YMN

    Yemen

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