Central African Economic and Monetary Community (CEMAC): 2013 Staff Report on Common Policies for Member Countries
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Summary:
This paper focuses on common policies for member countries of Central African Economic and Monetary Community (CEMAC). It highlights that the fiscal stance should be more cautious in some countries where policy buffers are insufficient to withstand shocks. The recent easing of monetary policy has been appropriate given the positive inflation outlook. Reserves coverage remains adequate and the real effective exchange rate is broadly in line with fundamentals but the issue of only partial repatriation of foreign exchange reserves by some member states needs be resolved. The fiscal surveillance framework should be revised to limit pro-cyclicality and better ensure long-term fiscal sustainability of oil-rich countries.
Series:
Country Report No. 2013/322
Subject:
Banking Credit Expenditure Fiscal policy Fiscal stance Foreign exchange Money Public debt Public investment spending Real effective exchange rates
Notes:
English
Publication Date:
November 6, 2013
ISBN/ISSN:
9781475513783/1934-7685
Stock No:
1CAEEA2013001
Pages:
99
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