Monetary Issues in the Middle East and North Africa Region: A Policy Implementation Handbook for Central Bankers

Author/Editor:

Simon T Gray ; Philippe D Karam

Publication Date:

May 15, 2013

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.

Series:

Departmental Paper No. 2013/010

Subject:

English

Publication Date:

May 15, 2013

ISBN/ISSN:

9781475590562/2616-5333

Stock No:

MIMENAEA

Pages:

176

Please address any questions about this title to publications@imf.org