Foreign exchange (forex) interventions by central banks have become increasingly frequent in emerging markets. While the effects of these interventions on exchange rate volatility are well-documented, their implications for broader country-level outcomes remain underexplored. This study posits...

In recent years, Albania has experienced a sustained appreciation of the domestic currency. This raises the questions of what factors are driving this appreciation and how to calibrate appropriate policy responses. Drawing on insights provided by the IMF's integrated policy framework (IPF), this...