Capacity building in aggregate liquidity management and monetary policy implementation

Overview
Project Summary Document

TCRS 9640

Status Approved

Location

Regional

Business Sector

Financial Institutions

Notice Type

State

PSD Disclosed

18 Mar 2026

Project Description

Enquiries

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

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Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

TCRS 9640

Status Approved

Location

Regional

Business Sector

Financial Institutions

Notice Type

State

PSD Disclosed

18 Mar 2026

Project Description

To support the reform agendas of Central Banks (CBs) across the European Bank for Reconstruction and Development (the EBRD) countries of operation (CoOs), the EBRD’s Treasury has developed the Central Bank Reform Technical Cooperation Framework (also referred to as the CB Reform Policy Framework or CB Framework). This CB Framework is designed to assist central banks in improving their policy and operational frameworks, and building institutional capacity, recognising the significant variation in development levels across the region.

The CB Framework offers a comprehensive set of technical assistance tailored to each country’s specific needs, reform appetite, and taking into consideration the existing support from other International Financial Institutions (IFIs). These activities aim to lay the groundwork for sustainable development of local currency money markets, which are essential for broader capital and derivatives market development and for implementing robust monetary policy regimes such as inflation targeting.

Individual assignments under the Framework provide hands-on advisory support, including gap analyses and diagnostic reports, and focus on improving or establishing CB processes aligned with international best practices. Assistance is structured around four key areas:

1. Inflation Targeting (IT) Regime Support and Decision-Making Processes: Support includes formulating a monetary policy framework with clear mandates and goals (e.g. price stability) and developing strategies to guide policy implementation.

2. IT-Compatible Monetary and Foreign Exchange Operations: Central banks are supported in defining operational targets (e.g. short-term interest rates or monetary aggregates) and designing market-based instruments such as open market operations and reserve requirements to manage liquidity and achieve policy objectives.

3. Capacity Building in Forecasting and Modelling: Assistance focuses on strengthening forward-looking policy capabilities through enhanced forecasting and modelling, evaluating domestic and external economic trends, and assessing the impact of policy changes. Legal infrastructure improvements for derivatives and other instruments are also considered to support market development.

4. Central Bank Governance and Communications: Emphasis is placed on ensuring central bank independence and enhancing transparency and accountability through effective communication strategies, which are critical for successful inflation targeting regimes.

The ultimate objective of the Central Bank Reform TC Framework is to empower central banks to independently and effectively steer their monetary policy, fostering resilient financial systems across our countries of operation.

At this stage the EBRD will be providing support to the National Bank of Kazakhstan (NBK) and National Bank of Ukraine (NBU) on capacity building in aggregate liquidity management and monetary policy implementation. In particular, to improve NBK’s and NBU’s capacity to affect money market activity and improve transmission and signaling of its policy intentions more effectively.

Procurement Enquiries

Any competitive selections for business opportunities relating to this project will be published on the EBRD's website: Consultancy Procurement Opportunities.

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2025. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the Information Request form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy 2024 or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism page to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

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Capacity building in aggregate liquidity management and monetary policy implementation

Project Description

Enquiries

Business opportunities

General enquiries

Project Description

Procurement Enquiries

General enquiries

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)