Vtyurina, Svetlana; Alturki, Fahad - International Monetary Fund (IMF) - 2010
benefit from enhancing its monetary instruments toolkit, including by developing the interest rate channel, to improve its … demonstrates that the exchange rate and international inflation have a strong impact on local prices. Available monetary … instruments, such as the refinancing rate, have proven to be ineffective. Therefore, the Tajik monetary authority could greatly …