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

Author

Listed:
  • Mr. Simon T Gray
  • Mr. Philippe D Karam

Abstract

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.

Suggested Citation

  • Mr. Simon T Gray & Mr. Philippe D Karam, 2013. "Monetary Issues in the Middle East and North Africa Region: A Policy Implementation Handbook for Central Bankers," IMF Departmental Papers / Policy Papers 2013/010, International Monetary Fund.
    • Handle: RePEc:imf:imfdps:2013/010
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    Citations

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    Cited by:

    1. Chopra, Parvesh K., 2015. "Country Risk: A Theoretical and Empirical Analysis with Special Reference to Northern African Economies - Il rischio paese: un’analisi teorica e empirica con particolare riferimento ai paesi del Nord ," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 68(1), pages 81-137.
    2. Mariam El Hamiani Khatat, 2016. "Monetary Policy in the Presence of Islamic Banking," IMF Working Papers 2016/072, International Monetary Fund.
    3. Mr. Simon T Gray & Ms. Runchana Pongsaparn, 2015. "Issuance of Central Bank Securities: International Experiences and Guidelines," IMF Working Papers 2015/106, International Monetary Fund.
    4. Mr. Nils O Maehle, 2020. "Monetary Policy Implementation: Operational Issues for Countries with Evolving Monetary Policy Frameworks," IMF Working Papers 2020/026, International Monetary Fund.

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