Mongolia: Technical Assistance Report-Central Bank Communications

IMF Staff Country Reports, May 26, 2023

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Mongolia: Technical Assistance Report-Central Bank Communications

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Bibliographic details

• Published: May 26, 2023
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9798400244117.002

Overview

• Purpose of the mission: assist the Bank of Mongolia (BOM) in enhancing its existing communication framework and suggest a roadmap for eventual follow-up technical assistance (TA) missions.
• Specific TA request from BOM: better understand global trends in central bank communications and established international practices.
• Analytical focus: assessment of monetary and financial policy communications and evaluation of the internal organization of BOM’s communication function (structure, resources, procedures).
• Report length: 32 pages.

Assessment of monetary and financial policy communications

• Analysis covers both monetary policy communications and financial policy communications.
• Emphasis on improving coverage, clarity, consistency, and effectiveness of communications.

Organizational review of BOM’s communication function

• Organizational arrangements reviewed in terms of:
  • Structure
  • Resources
  • Procedures
• Evaluation includes internal organization of the BOM’s communication function and its ability to deliver clear and consistent messaging.

Preconditions for effective central bank communications

• The report highlights the importance of establishing several pre-conditions, including:
  • Presence of sound legal and normative frameworks
  • Clear mandate of the central bank
  • Independence of the central bank

Areas identified for enhancement

• Several areas where BOM could enhance the effectiveness of its communications are identified (areas not enumerated in the source text are summarized at a high level as identified enhancements to coverage, clarity, consistency, and effectiveness).

Prioritized recommendations

• The report presents a set of specific prioritized recommendations aimed at:
  • Improving coverage of communications
  • Improving clarity of messaging
  • Improving consistency across communications
  • Improving overall effectiveness of communications
• Recommendations are intended to form the basis for follow-up TA missions and reforms to BOM’s communication framework.

Subject tags and keywords (as provided)

• Subject: Economic sectors, Financial sector, Financial sector policy and analysis, Financial sector stability, Inflation, Inflation targeting, International organization, Monetary policy, Monetary policy communication, Prices
• Keywords: BOM arrangement, BOM communications, BOM department, BOM monetary policy communication, BOM staff, BOM stakeholder, BOM's view, communications effort, cross-authority Financial Stability Council, Financial sector, Financial sector stability, flagship publication, Global, Inflation, Inflation targeting, Monetary policy communication, policy action, reaction function

Content in this bundle

• Preface and Executive Summary — Mongolia Central Bank Communications
  • Preface and Executive Summary — Mongolia Central Bank Communications (Markdown version)
  • Preface and Executive Summary — Mongolia Central Bank Communications (PDF)