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Moving towards Domestic Monetary Policy Anchors — Are Financial Markets Ready in the Mediterranean Region?

In: Inflation Targeting in MENA Countries

Author

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  • Thierry Bracke

Abstract

Most central banks in the MENA region have over recent years and decades pursued monetary policy strategies based on external anchors. The exchange rate acts as a nominal anchor for monetary policy across most of the Mediterranean region and in all of the Gulf countries. That said, some central banks are gradually abandoning their exchange rate targets and moving towards — or considering a move towards — domestic monetary policy anchors. The central banks of Israel and Turkey follow an inflation targeting (IT) approach already, while the central banks of Egypt, Morocco and Tunisia have taken steps to prepare for the gradual adoption of such an approach.

Suggested Citation

  • Thierry Bracke, 2011. "Moving towards Domestic Monetary Policy Anchors — Are Financial Markets Ready in the Mediterranean Region?," Palgrave Macmillan Books, in: Mongi Boughzala & David Cobham (ed.), Inflation Targeting in MENA Countries, chapter 2, pages 17-36, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-31656-0_2
    DOI: 10.1057/9780230316560_2
    as

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