瓦努阿图：技术援助报告货币篮子框架和外汇市场运作

VANUATU Currency Basket Framework and FX MarketOperations April2026 Meryem Rhouzlane (Mission Chief, MCM),Kei Moriya (ITD),and Sylvain Choquette (Short-term Expert) AuthoringDepartment Monetary and Capital MarketsDepartment The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of the Reserve Bank of Vanuatu (the "CD recipient") in response to theirrequest for technical assistance. Unless the CD recipient specifically objects to such disclosure, thisdocument (in whole or in part) or summaries thereof may be disclosed by the IMF to the IMF ExecutiveDirector for Vanuatu, to other IMF Executive Directors and members of their staff, as well as to otheragencies or instrumentalities of the CD recipient, and upon their request, to World Bank staff, and othertechnical assistance providers and donors with legitimate interest members of the Steering Committee ofPFTAC (see Staff Operational Guidance on the Dissemination of Capacity Development Information).Publication or Disclosure of this report (in whole or in part) to parties outside the IMF other than agenciesor instrumentalities of the CD recipient, World Bank staff, other technical assistance providers and donorswith legitimate interest members of the Steering Committee of PFTAC shall require the explicit consent ofthe CD recipient and the IMF’sMonetary and Capital Markets Department. The analysis and policy considerations expressed in this publication are those of the IMF’s Monetary andCapital Markets Department. Contents Glossary.................................................................................................................................................4Preface...................................................................................................................................................5Executive Summary..............................................................................................................................6Recommendations................................................................................................................................7Introduction...........................................................................................................................................9 I.Currency Basket Peg.........................................................................................................................9A. Currency Basket Objective in Vanuatu...............................................................................................9 B. Currency Dynamics within the Basket..............................................................................................10C. Consumer Price Index......................................................................................................................12D. Change in Import Partners and Trade Invoicing..............................................................................13E. Recommendations............................................................................................................................15 II. Optimal Basket Design for Vanuatu..............................................................................................16A. Framework........................................................................................................................................16 B. Results..............................................................................................................................................17C. Recommendations............................................................................................................................18 A. Market Structure...............................................................................................................................18B. RBV’s FX Market Operations...........................................................................................................19C. Governance......................................................................................................................................23D. Market Regulation...........................................................................................................................23E. Recommendations...........................................................................................................................24 IV. Areas for Capacity Building.........................................................................................................27 Figures 1. Currency Dynamics, 2016–2024......................................................................................................112.Inflation—QoQ Percentage Change................................................................................................133. Vanuatu Import Structure in 2016 and 2023.....................................................................