Monetary Policy Frameworks and Communication in the Caucasus and Central Asia
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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.
Series:
Working Paper No. 2023/251
Subject:
Financial services Inflation Inflation targeting Market interest rates Monetary policy Monetary policy communication Monetary policy frameworks Prices
Frequency:
regular
English
Publication Date:
December 8, 2023
ISBN/ISSN:
9798400260742/1018-5941
Stock No:
WPIEA2023251
Format:
Paper
Pages:
28
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