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This paper discusses migration and remittances trends, and calculates the natural (or benchmark) level of dollarization in Caucasus, Central Asia and others in the region. This natural level of dollarization is conceptually linked to the currency allocation in a portfolio of deposits to maximize welfare, in line with Ize and Levy Yeyati (2003). The fall in remittances due to the economic slowdown since the spread of COVID-19 affects the macroeconomic fundamentals that determine demand for foreign currency deposits. We calculate the natural dollarization level by integrating structural macroeconomic characteristics. We show that despite the reduction in deposit dollarization, there is still a gap with respect to the natural level of dollarization, especially in a scenario of (persistent) lower remittance inflows.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Money and Monetary Policy --- Emigration and Immigration --- Remittances --- International Migration --- International Finance: General --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Aggregate Factor Income Distribution --- International economics --- Monetary economics --- Currency --- Foreign exchange --- Migration, immigration & emigration --- Dollarization --- Currencies --- Exchange rates --- Income --- Balance of payments --- Monetary policy --- Money --- National accounts --- Migration --- Population and demographics --- International finance --- Emigration and immigration --- Russian Federation

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This paper presents High-Level Summary Technical Assistance (TA) report on Mongolia Central Bank Communications. The TA report reviews the existing communication framework of Bank of Mongolia (BOM). The analysis focuses on the assessment of the monetary and financial policy communications as well as the evaluation of the internal organization of the BOM’s communication function. The organizational arrangements are reviewed in terms of structure, resources, and procedures. The report also highlights the importance of establishing several pre-conditions for effective central bank communications, which include the presence of sound legal and normative frameworks particularly in relation to the mandate and independence of the central bank. The report identifies several areas where BOM could enhance the effectiveness of its communications. Creating a dedicated well-staffed department in charge of communications and integrating this department into major BOM’s policy actions and flagship reports would significantly strengthen the BOM’s internal organization of communications.

Money and Monetary Policy --- International Economics --- Monetary Policy --- International Agreements and Observance --- International Organizations --- Institutions and the Macroeconomy --- Central Banks and Their Policies --- Monetary economics --- International institutions --- Monetary policy --- International organization --- International agencies --- Mongolia