Monetary Policy Frameworks and Communication in the Caucasus and Central Asia

Download or read book Monetary Policy Frameworks and Communication in the Caucasus and Central Asia written by Omer Faruk Akbal and published by International Monetary Fund. This book was released on 2023-12-08 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.