Training Program

Mid-level officials in central banks, ministries, or other supervisory authorities working on foreign exchange regulation and supervision, systemic risk assessments related to capital flows, and the management and liberalization of capital flow more broadly or interested in learning about the conceptual and operational issues related to the use of capital flow management measures.

Participants are expected to have experience with implementing foreign exchange regulation or supervision and/or be familiar with capital controls.

This course, presented by the Capital Flows Unit in the Monetary and Capital Markets Department (MCMAICF) [jointly with LEG] discusses the benefits and risks associated with capital flows, the design of foreign exchange (FX) regulatory frameworks, the IMF approach to capital flow liberalization, and the recently revised Fund policies on current and capital account openness. The course also presents the IMF's macroeconomic policy framework on managing capital inflow surges and disruptive outflows as set out in the Fund's Institutional View (IV), as well as the Fund's macroprudential policy framework and how systemic risk stemming from capital flows may be mitigated.
Throughout the course, there will be a focus on actual country examples of using CFMs and CFM/MPMs to manage capital flows, measures affecting current transactions, and on country experiences with capital account liberalization. The course concludes with a panel discussion where participants exchange knowledge and share country experiences.