IMF Course on Exchange Rate Policy

September 03, 2018

We asked Ms. Irina Cebotari of the National Bank of Moldova about her experience with the IMF course on Exchange Rate Policy and what impact it has had on her work

Ms. Irina Cebotari, National Bank of Moldova

What have you found to be particularly useful from the joint JVI-IMF Exchange Rate Policy (ERP) course that you would like to emphasize? What do you expect to get from the course for your work and professional development?

Before applying to this training course, I was specifically interested in how the IMF assesses exchange rate misalignment with its equilibrium level—the external balance assessment (EBA). Currently, my country has an adjustment program with the IMF and IMF missions refer to this assessment when discussing monetary and exchange rate policy with the central bank during each program evaluation. At the National Bank, I am involved in exchange rate analysis, so it was useful for me to find out more about this exercise so that I could try to apply it to my work—although I realize it is quite a complex process that takes time to apply.

Will the knowledge and skills learned during the course be helpful for your job and contribute to your professional development?

The EBA exercise was just one day of the training course; the seminar covered many other interesting topics. It was great to go through exchange rate theories again, the real effective exchange rate and the Balassa-Samuelson effect, exchange rate regimes, global FX market developments, the effectiveness of FX interventions, and different metrics of assessing reserve adequacy, including IMF’s ARA metric. Besides many other assignments during the seminar, a revelation as part of the course was to participate in a debate over exchange rate regimes; the participants had to think of advantages and disadvantages of applying floating or fixed exchange rate regimes to countries with a completely different economy (at least that was the case for my group’s scenario). All these topics are linked directly to my job duties, so my work performance might improve.

You have taken courses at the JVI in the past. How have they helped you in your work?

Training courses at the JVI do not specifically target one’s area of work; the subjects discussed are much broader, and participants are challenged to brainstorm over global issues, which for many is not a regular thing as part of their daily duties. Accordingly, “the box” opens up a bit. Because the training format is designed to improve participants’ abilities to diagnose the economy and macroeconomic and financial policies promoted by authorities, it ensures an enhancement of one’s understanding about interrelations in the economy as a whole. It also helps reading and summarizing economic and financial data and swiftly drawing conclusions about the state of the economy and the risks it faces. As a consequence, critical thinking and analytical skills are definitely boosted. At the Bank, my activities require a good command of these abilities, so since the training at the JVI, the quality of the analysis my unit delivers has considerably advanced.


Prepared by Luka Zupancic
Receptionist/Program Officer, JVI

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