West African Economic and Monetary Union: Selected Issues

April 13, 2015

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Format: Chicago

West African Economic and Monetary Union: Selected Issues, (USA: International Monetary Fund, 2015) accessed November 19, 2024

Also available in: français

Summary

This Selected Issues paper on West African Economic and Monetary Union presents external stability assessment report. The current account deficit declined in 2014. Although gross international reserve coverage has increased slightly, part of the current account deficit has been financed by a decline in commercial banks’ net foreign assets. Contingent on the implementation of government’s consolidation plans, and helped by a favorable oil price outlook, the current account deficit would further gradually decline and be matched by enough financial inflows in the medium term. According to various metrics, the real exchange rate appears to be broadly aligned with fundamentals. International reserve coverage should increase to provide stronger buffers against immediate short-term risks. Structural competitiveness and investment efficiency improvements will be essential to ensure that the planned large investment programs translate into growth and export gains as well as increased private inflows into the region.

Subject: Commercial banks, Financial institutions, Imports, International trade, Mobile banking, Population and demographics, Tariffs, Taxes, Technology

Keywords: Commercial banks, CR, Credit-to GDP ratio, Dynamics well, ECOWAS country, GDP, Imports, ISCR, Liquidity provision, Mobile banking, Payment service, Tariffs, WAEMU, West Africa

Publication Details

Pages:

70
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/101
Stock No:

1WAUEA2015002
ISBN:

9781475567595
ISSN:

1934-7685

Notes

Also available in French

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