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International Monetary Fund

and fiscal positions, liquidity conditions have become more volatile, with a marked tightening in 2015-16. Notwithstanding the steps taken to alleviate these pressures, tighter liquidity led to an increase in interbank interest rate volatility during this period, indicating a need to further develop liquidity instruments and forecasting capacity. This paper supports ongoing efforts to strengthen liquidity management frameworks and offers recommendations . Central banks should stand ready to make use of a full range of liquidity management instruments, including

International Monetary Fund
Effective liquidity management is important to promote macro-financial stability in the GCC countries. Fixed exchange rate regimes provide credible nominal anchors in the GCC countries, but combined with open capital accounts, they also entail limited monetary policy independence. At the same time, high dependence on hydrocarbon revenue has made the region vulnerable to oil price-driven liquidit