Market development leadership meeting market realities

Evaluation of EBRD’s local currency operations (2016-23)

This evaluation assessed EBRD's three-pillar approach to local currency operations over the period 2016-2023, covering 19 countries that participated in or were eligible for the SME Local Currency Programme. The evaluation examined whether the intended synergies between policy dialogue, funding operations and lending activities have materialised to deliver transition outcomes. Using a theory-based mixed-methods approach with three in-depth case studies and sixteen country reviews, the evaluation tested whether policy results enabled onshore funding and liquidity management at lower costs to enable more flexible EBRD lending offer in local currencies.