Mongolia: Technical Assistance Report-Central Bank Communications

Author: International Monetary Fund. Monetary and Capital Markets Department

Volume/Issue: Volume 2023 Issue 183

Publication date: May 2023

ISBN: 9798400244117

$20.00

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Topics covered in this book

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Finance , Inflation , Money and Monetary Policy , International - Economics , BOM staff , cross-authority Financial Stability Council , BOM department , BOM stakeholder , BOM arrangement , policy action , reaction function , BOM communications , flagship publication , BOM monetary policy communication , communications effort , BOM's view , Financial sector stability , Financial sector , Monetary policy communication , Inflation targeting , Inflation , Global

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Summary

The report reviews the existing communication framework of Bank of Mongolia and identifies several areas where Bank of Mongolia could enhance the effectiveness of its communications. The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the Bank of Mongolia’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank.