不丹_技术援助报告——利率走廊框架的开发_42页_2mb

Summary of IMF Technical Assistance Report on Developing Bhutan's Interest Rate Corridor Framework

The report addresses Bhutan's efforts to introduce an Interest Rate Corridor (IRC) framework to manage domestic liquidity and stabilize short-term interest rates under a pegged exchange rate system with the Indian Rupee. Key background includes Bhutan's economic reliance on India and the need to address low international reserves and inefficiencies in the current liquidity management system, which relies heavily on administrative tools like the cash reserve ratio (CRR) rather than market-based mechanisms.

Main recommendations focus on developing five building blocks: comprehensive arrangements, collateral frameworks, liquidity monitoring and forecasting, money market development, and liquidity operations and tools. The phased implementation is suggested, starting with simple open market operations (OMOs) at the policy rate and progressing to variable-rate operations, accepting government securities as collateral, and enhancing market infrastructure. Challenges include resolving technical issues with collateral valuation and overcoming political economy barriers through effective communication with stakeholders.

The SARTTAC follow-up plan involves technical assistance tasks, such as workshops on liquidity forecasting, collateral framework development, and financial market infrastructure improvements, over a defined timeline. The report includes detailed attachments on the domestic liquidity management framework and scopes for committees like the Liquidity Committee and Monetary Market Contact Group to ensure policy implementation.

This framework aims to limit arbitrage opportunities, promote macroeconomic stability, and support the growth of the domestic and capital markets, with minimal disruption to banking operations through careful phasing and stakeholder engagement.