Table 13. CBI Countries: Monetary Operations and Financial Market Developments (As of end-December 1998) | |||||||
|
Monetary Instruments |
Financial Market Developments |
|||||
Direct 4/ | Indirect 1/ | Interest Rate Determination | Primary | Secondary | Inter-Bank | Stock Exchange | |
Burundi |
n.a |
omo/r.r/l.r/s.f |
n.a |
n.a |
n.a |
n.a |
n.a |
Comoros |
Yes |
None |
Controlled |
No |
No |
No |
No |
Kenya |
No |
omo/r.r/l.r/s.f |
No controls |
Active |
Active |
Yes |
Active |
Madagascar |
No |
omo/r.r./s.f. |
No controls |
Active |
Active 2/ |
Yes 5/ |
No |
Malawi |
No |
omo/r.r./s.f/r.f |
No controls |
Active |
Active |
Yes |
Yes |
Mauritius |
No |
omo/r.r./l.r/s.f |
No controls |
Active |
Active 2/ |
Yes |
Yes |
Namibia 7/ |
No |
omo/r.r/s.f |
Market |
Active |
No |
Yes |
Active |
Rwanda |
No |
r.r/s.f/r.f |
No controls |
No |
No |
Yes 3/ |
No |
Seychelles |
No |
rr/l.r |
Controlled 8/ |
Active |
No |
No |
No |
Swaziland 7/ |
No |
omo/rr/l.r/s.f |
Market |
Active |
Active 2/ |
Yes 3/ |
Yes |
Tanzania |
No |
omo/rr/l.r/s.f |
No controls |
Active |
No |
Yes 3/ |
Yes 3/ |
Uganda |
No |
omo/rr/l.r/s.f |
No controls |
Active |
Active 3/ |
Yes 3/ |
Yes 3/ |
Zambia |
No |
omo/rr/l.r/s.f |
No controls |
Active |
Active |
Yes |
Active |
Zimbabwe |
No |
omo/rr/l.r/s.f |
No controls |
Active |
Active |
Yes |
Active |
Source: IMF Staff Reports; and data provided by the authorities.
1/ omo = Open Market operations |
Table 14. CBI Countries: Structure of The Banking System (As of end-December 1998) | ||||||||||||
Supervisory Framework | Infrastructure 2/ | Prudential Regulations | ||||||||||
|
Number of Banks 1/ |
Banking Law Year |
Revi- sions Planned |
Central Bank Autonomy |
Complete Financial Sector Reform Program |
Develop Foreign Trade Instru- ments |
Payment System Efficiency |
Capital Adequacy 5/ |
Borro- wing Limits 4/ |
Reserve require- ment |
Mini- mum Liquid asset require- ment |
Foreign exchange exposure limits |
1. Burundi |
N/A |
N/A |
N/A |
N/A |
- |
- |
N/A |
N/A |
N/A |
N/A |
N/A |
No |
2. Comoros |
1 |
Yes |
No |
Partial |
4 |
2 |
Average |
Yes |
Yes |
No |
No |
No |
3. Kenya |
50 |
Yes |
Yes |
Partial |
1 |
1 3/ |
Average |
Yes |
Yes |
Yes |
Yes |
Yes |
4. Madagascar |
5 |
Yes |
No |
Full |
2 |
2 |
Average |
Yes |
Yes |
N/A |
Yes |
N/A |
5. Malawi |
4 |
Yes |
No |
Full |
1 |
2 |
Average |
Yes |
Yes |
Yes |
Yes |
No |
6. Mauritius |
10 |
Yes |
Yes |
Full |
1 |
1 |
Good |
Yes |
Yes |
Yes |
No |
Yes |
7. Namibia |
5 |
Yes |
No |
Full |
4 |
4 |
Good |
Yes |
No |
Yes |
Yes |
Yes |
8. Rwanda |
5 |
Pending |
Yes |
Full |
N/A |
N/A |
Low |
Yes |
Yes |
Yes |
N/A |
Yes |
9. Seychelles |
5 |
Yes |
No |
Full |
1 |
1 |
N/A |
N/A |
N/A |
Yes |
Yes |
N/A |
10. Swaziland |
5 |
Pending |
Yes |
Full |
3 |
1 |
Good |
Yes |
Yes |
Yes |
Yes |
Yes |
11. Tanzania |
18 |
Yes |
No |
Partial |
2 |
2 |
Low |
Yes |
Yes |
Yes |
N/A |
Yes |
12. Uganda |
20 |
Yes |
Yes |
Full |
2 |
1 |
Average |
Yes |
Yes |
Yes |
Yes |
Yes |
13. Zambia |
21 |
Yes |
Yes |
Partial |
1 |
2 |
Average |
Yes |
Yes |
Yes |
Yes |
Yes |
14. Zimbabwe |
7 |
Yes |
Yes |
Full 6/ |
2 |
2 |
Average |
Yes |
Yes |
Yes |
Yes |
Yes |
Source: IMF Staff Reports; and data provided by the authorities.
1/ Branches and subsidiaries of foreign banks in parenthesis. |
Table 15. CBI Countries: Implementation of Investment Deregulation, |
|||||||||
Country |
Investment Deregulation |
|
|
Labor Market Issues |
|||||
|
Liberalize Approval Procedures 1/ |
Publish Investment |
45-60 days' Statute of Limitation on Inv. Applications |
Ratify/ Implement MIE Charter |
Double Taxation Agreements |
Cross Listing of Stocks |
Implement COMESA Visa Protocol |
Improve Processing of Residence/ Work Permits |
Short Term Entry Permits for Border Residents |
1. Burundi |
Full |
Full |
Partial |
Pending |
Pending |
Pending |
Partial |
Partial |
Pending |
2. Comoros |
Pending 2/ |
Full |
Full |
Full |
Pending |
-- |
Pending |
Pending |
Full |
3. Kenya |
Full |
Pending |
Full |
Pending |
Partial |
Partial |
Partial |
Partial |
Full |
4. Madagascar |
Full |
Full 3/ |
Partial |
Pending |
Partial |
-- |
Pending |
Partial |
n.a. |
5. Malawi |
Full |
Full |
Partial |
Pending |
Partial |
Partial |
Full |
Pending |
Full |
6. Mauritius |
Full |
Full 4/ |
Pending |
Pending |
Partial |
Pending |
Pending |
Pending |
n.a. |
7. Namibia |
Full |
Full |
Full |
n.a. |
Partial |
Partial |
Partial |
Full |
Full |
8. Rwanda |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
n.a. |
9. Seychelles |
Full |
Full |
Full |
Pending |
Partial |
Pending |
Full |
Partial |
n.a. |
10. Swaziland |
Full |
Full |
Full |
Pending |
Partial |
Partial |
Pending |
Pending |
Full |
11. Tanzania |
Full |
Full |
Full |
Partial |
Partial |
Pending |
Full |
Full |
Full |
12. Uganda |
Full |
Full |
Full |
Partial |
Partial |
Pending |
Full |
Full |
Full |
13. Zambia |
Partial |
Full |
Pending |
Partial |
Partial |
Partial |
Full |
Pending |
Full |
14. Zimbabwe |
Full |
Partial |
Partial |
Pending |
Partial |
Partial |
Partial |
Partial |
Partial |
Source: Implementation updates provided by Technical Working Groups. Note: The category, Pending runs a wide range, from administrative/legislative arrangements in preparation to not yet identified.
1/ Includes creation of a one-stop approval authority. |
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