Narrow Your Choices

Refine By Countries

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Business and Economics > Banks and Banking

You are looking at 1 - 10 of 1,888 items for :

  • Type: Journal Issue x
  • Monetary Policy x
Clear All Modify Search
Cover Technical Assistance Reports
Republic of Azerbaijan: Technical Assistance Report-Modernizing Central Bank Communication
International Monetary Fund. Monetary and Capital Markets Department
This report presents an analysis of the Central Bank of the Republic of Azerbaijan's (CBA) communication framework and offers recommendations for enhancement. The technical assistance mission, led by the IMF Monetary and Capital Markets Department, aimed to modernize the CBA's communication strategies to align with international best practices. The findings indicate that while the CBA has made significant progress in external communications, there are areas for improvement, particularly in formalizing communication processes and enhancing message clarity. Recommendations include strengthening the role of the Communications Division, adopting a proactive communication policy, and improving the monetary policy communication cycle. These changes are expected to elevate the CBA's communication to a policy tool that supports its objectives of price and financial stability.
Keywords:
Central Bank; Communication; Monetary Policy; Transparency; Inflation Targeting; Stakeholders; Capacity Building; Policy Framework; Institutional Strategy; Communication Division; Azerbaijan.; CBA monetary policy press release; C. communications management; monetary policy department; B. Communication cycle; communication framework; CBA flagship policy publication; Monetary policy communication; Social networks; Financial sector stability; Central bank policy rate; Monetary policy frameworks; Global
Cover IMF Staff Country Reports
Bolivia: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Bolivia
International Monetary Fund. Western Hemisphere Dept.
Economic activity has slowed reflecting falling natural gas production, lower public investment execution, financial volatility, and disruptions due to socio-political tensions. Bolivia’s inflation rate remains one of the lowest in the region, sustained by price controls and costly subsidies. The combination of sizable fiscal imbalances, declining natural gas exports, a loss of access to international markets, and the ongoing monetization of the deficit in the context of an exchange rate peg have eroded competitiveness, depleted reserves, and left Bolivia in a precarious position.
Keywords:
market exchange rate volatility; authorities' action; U.S. dollar; Bolivian authorities; government's measure; Public sector; International reserves; Inflation; Global; Caribbean
Cover IMF How To Notes
How to Measure the Monetary Stance
Olamide Harrison
and
Vina Nguyen
This note provides a conceptual framework to organize discussions of the appropriateness of the monetary policy stance and presents tools that country teams can employ to measure, report, and evaluate the stance of monetary policy. The note focuses exclusively on aggregate demand considerations—on whether the stance is tight or loose—without considering whether such a stance is appropriate for achieving policy objectives. The latter requires considering aggregate supply and Phillips Curve trade-offs. The note does not cover other macroeconomic policies, such as macroprudential or fiscal measures, which could also have a considerable impact on the effectiveness of monetary policy.
Keywords:
Monetary policy stance; natural interest rate; neutral interest rate; yield curve; data IMF Library; ante real interest rates; publication order; inflation expectation; Real interest rates; Central bank policy rate; Inflation; Monetary stance; Global
Cover IMF Staff Country Reports
Haiti: Staff-Monitored Program-Press Release and Staff Report
International Monetary Fund. Western Hemisphere Dept.
Recent developments. Haiti is facing exceptionally challenging circumstances. The deteriorating security environment, which reached crisis proportions in the first few months of 2024, has continued to worsen, disrupting supply chains (particularly energy and basic services) and feeding inflationary pressures. In November 2024, Haiti's transitional Presidential Council designated Prime Minister Alix Didier Fils-Aimé to form a new government with a time-bound mandate through next elections. The government has a narrow but important window of opportunity to implement reforms that could help restore the country’s potential over the medium term.
Keywords:
governance Diagnostic Report; SMP lapse; government priority; transparency policy; management of the International Monetary Fund; PROGRAM monitoring; SMP commitment; Credit; International reserves; Global
Cover IMF Working Papers
Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission
Alessia De Stefani
and
Rui Mano
We study the two-way relationship between fixed-rate mortgages (FRMs) and monetary policy in a panel of up to 35 countries over the last two decades. The dataset includes quarterly information on the composition of mortgage flows and stock by type of rate-fixation and monetary policy shocks cleaned of information effects. Using instrumental-variablel local projections, we find both path- and state-dependency in monetary transmission. Monetary policy shapes mortgage choice, increasing (decreasing) the share of FRMs during easing (tightening) cycles. Over time, this mechanism alters the composition of the outstanding mortgage stock which, in turn, affects the central bank's ability to stabilize the economy ex-post. A greater (lower) prevalence of FRMs weakens (strengthens) monetary policy transmission to key macro-variables.
Keywords:
Monetary Policy; Mortgage Markets; monetary policy shock; monetary policy transmission; mortgage choice; prevalence of FRMs; ARM rate; Mortgages; Central bank policy rate; Stocks; Housing prices; Private consumption; Global
Cover IMF Staff Country Reports
Suriname: 2024 Article IV Consultation and the Eighth Review Under the Extended Arrangement Under the Extended Fund Facility, Requests for Modification of Performance Criteria, Waivers of Nonobservance of Performance Criteria, and Financing Assurances Review-Press Release; Staff Report; and Statement by the Executive Director for Suriname
International Monetary Fund. Western Hemisphere Dept.
The authorities’ commitment to a range of policy reforms continues to strengthen macroeconomic stability. The economy is growing, inflation is receding, donor support is increasing, the public debt is declining, and international bond spreads are at historic lows. The Final Investment Decision (FID) to develop a large offshore oil field was announced on October 1. Moody’s has upgraded Suriname’s sovereign debt rating and changed the outlook to positive.
Keywords:
Surinamese authorities; tax authorities; debt sustainability outlook; recapitalization plan; B. data standard; governance reform agenda; policy priority; management framework; government procurement; Monetary base; International reserves; Exchange rates; Arrears; Caribbean
Cover Selected Issues Papers
ECB Monetary Policy Passthrough to Bank Interest Rates During Tightening: Republic of Kosovo
Ezgi O. Ozturk
This paper analyzes the transmission of ECB policy rate changes to bank interest rates in Kosovo during the 2022-23 tightening cycle. While both lending and deposit rates increased, the passthrough was more limited compared to the euro area and regional peers. Three key factors explain this limited transmission: Kosovo's stage of financial development, high banking sector liquidity, and significant bank concentration.
Keywords:
Monetary policy transmission; interest rates; banking sector; euroization; financial development; Kosovo; ECB monetary policy Passthrough; ECB policy rate change; ECB policy rate Passthrough; ECB Policy rate pass-through; Central bank policy rate; Deposit rates; Financial sector development; Inflation; Financial inclusion; Europe
Cover Selected Issues Papers
Financial Buffers in a Euroized Economy: Republic of Kosovo
Javier Kapsoli
and
Ezgi O. Ozturk
This paper analyzes reserve adequacy measurement in Kosovo, where euro serves as the legal tender. The study adapts the IMF's Assessing Reserve Adequacy framework to Kosovo's unique monetary context, focusing on precautionary motives for holding reserves. The analysis reveals limited readily available reserves at the Central Bank of Kosovo and recommends additional government deposits of 1.75-5.75 percent of GDP. Given the significant opportunity costs of maintaining such deposits, the paper suggests alternative solutions, including exploring a private lender of last resort model and maintaining ECB repo lines.
Keywords:
Reserve adequacy; euroization; central bank reserves; liquidity buffers; foreign exchange reserves; bank deposits; monetary policy; Kosovo; Euroized economy; ECB repo line; lender of last resort model; government deposit; Currencies; Lender of last resort; International reserves; Global
Cover IMF Staff Country Reports
Argentina: Ex-post Evaluation of Exceptional Access under the 2022 Extended Fund Facility Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Argentina
International Monetary Fund. Western Hemisphere Dept.
On March 25, 2022, the IMF Executive Board approved a 30-month arrangement for Argentina supported by the Extended Fund Facility (2022 EFF). Amounting to US$44 billion (1,001 percent of quota), it was the second largest non-precautionary arrangement in the Fund’s history after the 2018 Stand-by Arrangement for Argentina (2018 SBA). Of the planned 10 reviews, eight were completed. The arrangement is set to expire at end-2024.
Keywords:
program ownership; IMF view; disinflation process; Policy strategy; lending decision; risk tolerance; Fiscal consolidation; International reserves; Inflation; Reserves accumulation; Global
Cover IMF Staff Country Reports
Democratic Republic of São Tomé and Príncipe: Request for an Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Democratic Republic of São Tomé and Príncipe
International Monetary Fund. African Dept.
The people of São Tomé and Príncipe (STP), a small fragile island state, have faced extraordinary challenges. STP continues to struggle with high fuel import needs, limited export potential, and depleted international reserves, and faced a massive balance of payments (BOP) shock in early 2023, which opened a large external financing gap. Inflation was stubbornly high in 2023 and the economy barely grew, dragged down by foreign exchange and energy shortages, as well as a large fiscal adjustment. Growth is projected to remain sluggish in 2024, while inflation has started to decline.
Keywords:
tariff structure; staff appraisal; fuel price adjustment mechanism; electricity tariff; ECF arrangement; Arrears; Debt sustainability; Imports; Global; West Africa; Europe