OGResearch

Check out our newsletter where we summarize the key findings from our recent forecasts. Discover the latest insights on Laos and Madagascar. Stay informed about these developments and more by checking out our newsletter on our portal at https://www.ogresearch.com/news/ogresearch-macro-portal-newsletter----january-2026

As the year comes to an end, we wanted to take a moment to look back at our year at OGResearch.

This year, we analyzed over 50 countries, covering macroeconomic forecasting, yield curve construction, money market analysis, macroprudential modeling, and more.
Almost two-thirds of these countries were in Asia and Africa, reflecting our global reach and diverse projects. We also visited 28 countries for technical assistance projects, conferences, and business meetings. We decided not to add up the total hours spent in transit.
Our most visited country was Tajikistan, where we carried out 9 separate visits across multiple projects. We promise, we weren’t just coming back for the plov!

Thank you to all our clients and collaborators for your engagement this year, and we look forward to continuing our work together in the year ahead.

In November, the Central Bank of Uzbekistan hosted a high-level conference on the role of the exchange rate within the country’s evolving monetary policy framework. Representatives from OGResearch, David Vavra, Karel Bauer, and Réka Doma participated in the event alongside experts from the IMF, the Central Bank of Armenia, the World Bank, and TCX.

Managing Partner David Vavra moderated the panel session, guiding an in-depth discussion on how exchange rate flexibility can support Uzbekistan’s transition toward a more resilient and market-driven monetary policy framework. Karel Bauer addressed one of the conference’s central questions: to what extent exchange rate volatility can be considered acceptable or even beneficial for Uzbekistan’s economy, and how it should be managed to balance efficiency, competitiveness, and stability.

Participants emphasized that, under a clear and credible policy regime, measured volatility can enhance price discovery, strengthen risk management, and allow the economy to adjust more effectively to external shocks. At the same time, the discussion highlighted the importance of strong market infrastructure, transparent communication, and well-designed policy tools to mitigate risks.

The Bank of Mozambique participated in a workshop on macroeconomic modeling and forecasting, delivered by OGR Consultant Csaba Köber. The training focused on Dynamic Stochastic General Equilibrium (DSGE) modeling, strengthening participants' technical skills in macroeconomic analysis. The workshop was organized and funded by the Macroeconomic & Financial Management Institute of Eastern and Southern Africa (MEFMI) and was conducted on-site in Maputo.