Integrated Policy Framework—Principles for the Use of Foreign Exchange Intervention

Author: International Monetary Fund. Monetary and Capital Markets Department, International Monetary Fund. Research Dept., International Monetary Fund. Institute for Capacity Development, and International Monetary Fund. Strategy, Policy, & Review Department

Volume/Issue: Volume 2023 Issue 061

Publication date: December 2023

ISBN: 9798400263842

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Political Economy , Capital flows , Exchange rates , Foreign exchange intervention , Macroprudential Policy , Inflation , Monetary Policy , Integrated Policy Framework , FX mismatch , policy discussion , staff advice , IPF friction , IPF policy , Currency markets , Exchange rate adjustments , Global

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Summary

This note guides policy advice on the use of foreign exchange intervention (FXI) as part of the Integrated Policy Framework (IPF) in Fund surveillance. The note provides general principles for the advice in countries with flexible exchange rates and sets out three use cases for FXI that are tied to specific frictions. It explores the use of FXI as part of an overall policy response, allowing the advice to differ with shocks, frictions, and country-specific circumstances.