Reserve Requirements on Foreign Currency Deposits in Sub-Saharan Africa--Main Features and Policy Implications
AbstractThis paper reviews the reserve requirement arrangements of sub-Saharan Africa, focusing on the differences between reserve requirements on domestic- and foreign-currency deposits. The reserve requirement systems in sub-Saharan Africa are relatively simple and transparent, but in some countries high unremunerated reserve ratios impose a significant implicit tax on the banks. The currency denomination of the foreign-currency reserve deposits raises concern in countries undergoing large macroeconomic changes or experiencing exchange rate volatility.
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Bibliographic InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 02/65.
Date of creation: 01 Apr 2002
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