Exchange Rate Policy

Training Program

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Exchange Rate Policy (ERP)

Invitation

Session No.: OT 26.23

Location: Dar Es Salaam, United Republic of Tanzania

Date: August 17-28, 2026 (2 weeks) New dates

Delivery Method: In-person Training

Primary Language: English

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Target Audience

Junior to mid-level officials who work with exchange rate policy and analysis.

Qualifications

Participants are expected to have an advanced degree in economics or equivalent professional experience and be comfortable with Microsoft Excel and Excel-based applications. Participants are expected to also have a working knowledge of EViews.

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Course Description

This course gives a comprehensive overview of exchange rate analysis and policy. It explores key exchange rate concepts (real, nominal, bilateral, multilateral, spot, forward) and arbitrage conditions (UIP, law of one price, PPP, relative PPP); its role in achieving internal and external balance (adjustment to overall equilibrium under floating and fixed exchange rate regimes); its role in economic growth (undervaluation, Washington Consensus, the Balassa-Samuelson effect). The course also examines exchange rate policy regimes (taxonomy, impossible trinity) and associated policy mix (monetary policy independence, financial stability, fiscal policy, capital controls). Participants learn practical problems of exchange rate policy in developing and emerging market economies (concerns of excessive volatility; de jure vs. de facto regimes; competitiveness, price stability; exchange-rate pass-through; targets and instruments), transitions from rigid to flexible exchange rates regimes (motives; speed of transition; deep and liquid domestic FX markets, derivatives markets, coherent intervention policy, nominal anchor; transition sequence), and FX interventions (sterilized or non-sterilized; motivations, channels, effectiveness, instruments, tactics, policy communication). Additionally, the course discusses the causes of currency crises and the roles of macroeconomic and prudential policies. Finally, participants learn to assess reserve adequacy (ARA) and conduct an External Balance Assessment (EBA), along with utilizing an early warning system to navigate the complexities of exchange rate policy.

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Course Objectives

Upon completion of this course, participants should be able to:Assess reserve adequacy with traditional and the IMF ARA metric. Assess external balance position with EBA and EBA-lite methodologies. Construct systems for early warning of currency crises using data on nominal exchange rates and international reserves.Describe the exchange rate regime choice and how country-specific features could influence the choice.

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Training Program

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Exchange Rate Policy (ERP)

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Target Audience

Qualifications

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Course Description

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Course Objectives

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IMF’s Work

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

Exchange Rate Policy (ERP)

Qualifications

Course Description

Course Objectives

Apply Now - Application deadline approaching:

Browse by course locations