High-Level Regional Seminar on Inflation Targeting

International Monetary Fund and Bank Al Maghreb

Rabat, Morocco
Wednesday, April 4 2007

This high-level seminar aimed to provide a venue for discussions on inflation targeting policies between, on the one hand, Maghreb countries and other emerging market economies in the Middle Eastern region and, on the other, high-level officials with hands-on experience in implementing these policies, or in the conduct of monetary policy more generally. Participants included the central bank governors, or their representatives, from Algeria, Egypt, Jordan, Lebanon, Libya, Mauritania, Morocco, and Tunisia. From other regions and institutions, participants included Mr. Carstens, Mexico's Finance Minister, Mr. Vieira da Cunha, Deputy Governor of Banco Central do Brasil, Mr. Knight, Managing Director of the Bank for International Settlements, and Mr. Hrncir, Adviser to the Governor of the Czech National Bank.

The seminar focused on the experience of emerging countries in implementing inflation targeting frameworks. In particular, the cases of Brazil, Mexico, and the Czech Republic were discussed in depth. These discussions helped identify the basic requirements that need to be met in order to ensure the success of the transition to inflation targeting. These include: an operationally autonomous central bank with a clear mandate and policy objectives supported by the government; the existence of effective monetary policy instruments; and reasonable analytical capacities at the central bank. The seminar was followed by a very successful three-day technical workshop attended by experts from the eight countries from the region and IMF staff.

The seminar was organized jointly by the IMF's Monetary and Capital Markets [and Middle Eastern and Central Asia] Department[s], and Morocco's central bank, Bank Al-Maghrib.

The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.


Wednesday, April 4 2007

9:00 a.m.

Welcoming Addresses by Governor Jouahri and Minister Oualalou

9:30 a.m.

Presentation by Mr. Portugal (Toward the Adoption of Inflation Targeting)

10:00 a.m.


10:30 a.m. Coffee/Tea Break

11:00 a.m.

Presentation by Mr. Carstens (Latin American Experience)

11:30 a.m.


12:30 p.m. LUNCH

2:30 p.m.

Presentation by the Deputy Governor of Brazil (Brazil's Experience)

3:00 p.m.


3:30 p.m.

Presentation by the Advisor to the Governor of the Czech Republic (The Czech Experience)

4:00 p.m.


4:30 p.m. Coffee/Tea Break

5:00 p.m.

Presentation by Mr. Knight (BIS) (Role of Central Banks)

5:30 p.m.


6:00-6:15 p.m.

Concluding Remarks by Mr. Portugal (Key Lessons)