02158cas a2200277 a 4500 AALejournalIMF016778 230101c9999 xx r poo 0 0eng d 20.00 USD 9781513543031 2616-5333 BD-DhAAL BD-DhAAL Horton, Mark. Exchange Rate Developments and Policies in the Caucasus and Central Asia / Mark Horton, Hossein Samiei, Natan Epstein, Kevin Ross. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (43 pages) Departmental Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Since late 2014, exchange rates (ERs) and ER regimes of the Caucasus and Central Asia (CCA) countries have come under strong pressure. This reflects the decline of oil and other commodity prices, weaker growth in Russia and China, depreciation of the Russian ruble, and appreciation of the U.S. dollar, to which CCA currencies have historically been linked. Weaker fiscal and current account balances and increased dollarization have complicated the picture. CCA countries entered this period with closely managed ER regimes and, in many cases, currencies assessed by IMF staff to be overvalued. CCA central banks have price stability as their main policy objective, and most have relied on ER stability to achieve this objective. Thus, the first policy response involved intervention in local foreign exchange (FX) markets, often with limited communication. In this context, the IMF staff has reviewed ER policy advice and implementation strategies for CCA countries. Mode of access: Internet Epstein, Natan. Ross, Kevin. Samiei, Hossein. Departmental Papers; Departmental Paper ; No. 2016/007 Full text available on IMF http://elibrary.imf.org/view/journals/087/2016/007/087.2016.issue-007-en.xml IMF e-Library