Seminar: The Evolving Art of Monetary Policy in Emerging Markets

IMF SEMINAR EVENT

DATE: April 25, 2025

DAY: Friday

12:30 PM - 01:15 PM

LOCATION: IMF HQ1 Atrium

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Overview

Emerging market (EM) central banks bolstered their credibility by tightening policy aggressively in response to the inflation surge and many countries have achieved a high degree of success in bringing inflation close to target. But they now face an external environment of extraordinarily high uncertainty -- with major shifts in global trade policies and heightened geopolitical risks – as well as domestic political pressures to support growth and employment. This panel will consider the near-term outlook and risks facing EM central banks and will cover broader questions about appropriate monetary policy strategies for navigating this more challenging environment, and how EM central banks can use key tools such as foreign exchange intervention.

Seminar: The Evolving Art of Monetary Policy in Emerging Markets

Panelists

Gita Gopinath is the First Deputy Managing Director of the International Monetary Fund (IMF). She oversees the work of staff, represents the Fund at multilateral forums, leads the Fund’s work on surveillance and related policies, and oversees research and flagship publications. Previously, Ms. Gopinath was the Fund's Chief Economist. In that role, she helmed thirteen releases of the World Economic Outlook. She also worked with other Fund departments on a new analytical approach to help countries respond to international capital flows via the Integrated Policy Framework. Prior to joining the IMF, Ms. Gopinath was the John Zwaanstra Professor of International Studies and of Economics at Harvard University and before that she was an assistant professor of economics at the University of Chicago’s Booth School of Business. Her research, which focuses on International Finance and Macroeconomics, is widely cited and has been published in many top economics journals. She has authored numerous articles on exchange rates, trade and investment, international financial crises, monetary policy, debt, and emerging market crises.

Full bio

Lesetja Kganyago was appointed Governor of the South African Reserve Bank (SARB) on November 9, 2014. He was reappointed by the President of South Africa for a second five-year term on November 9, 2019. He is the Chairperson of the Monetary Policy Committee, the Financial Stability Oversight Committee and the Financial Stability Committee. Prior to his appointment as Governor, Mr. Kganyago served as SARB Deputy Governor from May 16, 2011.

Mr. Kganyago chairs the Committee of Central Bank Governors of the Southern African Development Community (SADC) and co-chairs the Financial Stability Board’s Cross-Border Payments Coordination Group (CPC) and Regional Consultative Group for Sub-Saharan Africa (RGGSSA).

Raghuram Rajan is the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago’s Booth School. He was the Governor of the Reserve Bank of India between 2013 and 2016, Vice-Chairman of the Board of the Bank for International Settlements (2015-16) and Chief Economist at the International Monetary Fund (2003-2006). 

Dr. Rajan was the President of the American Finance Association (AFA). He received the AFA’s inaugural Fischer Black Prize in 2003, the Deutsche Bank Prize for financial economics in 2013, Euromoney magazine’s Central Banker of the Year award in 2014, and The Banker magazine's Global Central Banker award in 2016. 

Dr. Rajan is Chairman of the Group of Thirty and the Per Jacobsson Foundation.

Eli M. Remolona Jr. is the Governor of the Bangko Sentral ng Pilipinas (BSP). Before joining the BSP, he already had a long career in central banking. Governor Remolona worked at the Federal Reserve Bank of New York for 14 years and at the Bank for International Settlements (BIS) for 19 years. At the BIS in Basel, Switzerland, he was Head of Financial Markets and Editor of the BIS Quarterly Review. Afterwards, he served as Regional Head for Asia and the Pacific. He has taught at Williams College, Columbia University, New York University, the Asia School of Business and the University of the Philippines. He has published widely in scholarly journals, writing mainly on monetary policy, international finance and financial markets. He has a Ph.D. in economics from Stanford University.

Lisa Abramowicz

Lisa Abramowicz co-hosts “Bloomberg Surveillance” from 6 to 9 a.m. on Bloomberg Television and Bloomberg Radio. She previously co-hosted “Bloomberg Markets” from 10 a.m. to noon EST on Bloomberg Radio and was a member of Bloomberg Television’s on-air markets desk. She also served as a columnist and reporter at Bloomberg focusing on fixed-income markets. Abramowicz graduated from the University of Chicago.

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