📋 Tender Overview
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
