## Mongolia: Technical Assistance Report-Central Bank Communications

_IMF Staff Country Reports, May 26, 2023_

## Source details

**Canonical URL:** [Mongolia: Technical Assistance Report-Central Bank Communications](https://www.imf.org/en/publications/cr/issues/2023/05/25/mongolia-technical-assistance-report-central-bank-communications-533836)

## Other formats

- [Markdown version](/en/publications/cr/issues/2023/05/25/mongolia-technical-assistance-report-central-bank-communications-533836/index.md)
- [Structured JSON version](/en/publications/cr/issues/2023/05/25/mongolia-technical-assistance-report-central-bank-communications-533836/index.json)
- [Bundle manifest](/en/publications/cr/issues/2023/05/25/mongolia-technical-assistance-report-central-bank-communications-533836/bundle-manifest.json)

## Bibliographic details
- Published: May 26, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400244117.002

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### 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

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## Content in this bundle

- **Preface and Executive Summary — Mongolia Central Bank Communications**
  - [Preface and Executive Summary — Mongolia Central Bank Communications (Markdown version)](/-/media/files/publications/cr/2023/english/1mngea2023001.pdf.md){rel="alternate" type="text/markdown"}
  - [Preface and Executive Summary — Mongolia Central Bank Communications (PDF)](/-/media/files/publications/cr/2023/english/1mngea2023001.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2023/05/25/mongolia-technical-assistance-report-central-bank-communications-533836_