Exchange Rate Developments and Policies in the Caucasus and Central Asia

Business & Finance, Economics, Money & Monetary Policy
Cover of the book Exchange Rate Developments and Policies in the Caucasus and Central Asia by INTERNATIONAL MONETARY FUND, , , , , , , INTERNATIONAL MONETARY FUND
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Author: INTERNATIONAL MONETARY FUND, , , , , , ISBN: 9781484343869
Publisher: INTERNATIONAL MONETARY FUND Publication: May 16, 2016
Imprint: Language: English
Author: INTERNATIONAL MONETARY FUND, , , , , ,
ISBN: 9781484343869
Publisher: INTERNATIONAL MONETARY FUND
Publication: May 16, 2016
Imprint:
Language: English
Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries.

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