Connect with IMF Institute

Monetary Policy Implementation Tools

Apply online by August 4, 2024

Session No.: CE 24.22

Location: Kuwait City, Kuwait

Date: October 20-24, 2024 (1 week)

Delivery Method: In-person Training

Primary Language: English

Interpretation Language: Arabic

Apply Now

    Target Audience

    Mid-level to senior central bank officials interested in market operations and monetary policy strategy.

    Back to top


    Participants with experience in central bank operations, financial markets, and basic knowledge of quantitative methods.

    Back to top

    Course Description

    The course presents:

    • How to use advanced forecasting techniques to estimate autonomous factors of the central bank balance sheet. The objective is to improve the calibration of the monetary policy liquidity operations, rightsizing the reserve requirement, and/or publishing liquidity information for the market. The course will incorporate recent advances in forecasting literature and international best practices, back-test different forecasting models with various degrees of complexity and provide guidance to implement the most suitable model. The faculty will deliver the software infrastructure (open source) so that the authorities can easily apply the model to their day-to-day work.
    • How to estimate and implement foreign exchange intervention rules based on a risk approach. The course covers techniques suitable for: i) central banks operating a flexible exchange rate arrangement, intervening on the foreign exchange market with financial and price stability objectives; ii) central banks transitioning from a fixed exchange rate arrangement to a floating exchange rate arrangement. The course covers the theoretical background for risk-based FX interventions, as explained in the IMF Working Paper No. 21/32 (Lafarguette and Veyrune 2021).
    Back to top

    Course Objectives

    Upon completion of the course, participants should be able to:

    • Use the advanced models for domestic liquidity forecasting in their day-to-day work.
    • Implement an FX risk model that can be used for intervening on the FX markets via a risk-optimal approach.
    Back to top

    Apply Now - Application deadline approaching:

    IMF offers online training to government officials and the public. Click Learn more to find our current offerings.

    Financial Programming and Policies (FPP)

    English | November 11-22, 2024 | In-person Training | Singapore, Singapore

    Apply online by July 26, 2024

    Model-Based Monetary Policy Analysis and Forecasting (MPAF)

    English | October 28, 2024 - November 8, 2024 | Blended Training | Vienna, Austria

    Apply online by July 28, 2024

    Macro-Stress Testing (MST)

    English | October 6-10, 2024 | In-person Training | Kuwait City, Kuwait

    Apply online by July 28, 2024