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Reserve Requirementson Foreign Currency Deposits in Sub-Saharan Africa

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  • Arto Kovanen
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    Abstract

    This 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 Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 02/65.

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    Length: 19
    Date of creation: 01 Apr 2002
    Date of revision:
    Handle: RePEc:imf:imfwpa:02/65

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    Related research

    Keywords: Reserve requirements; Liquidity management; central bank; reserve requirement; monetary policy; inflation; monetary control; monetary target; bonds; reserve ratios; consolidated bonds; money market; monetary authorities; financial markets; financial market; monetary fund; monetary aggregate; international financial statistics; financial systems; monetary targets; monetary policy instruments; monetary instruments; monetary arrangements; financial intermediation; independent monetary policy; monetary authority; open market operations; flexible exchange rate; money market interest rates; mandatory reserve requirements; monetary management; government securities; monetary liabilities; monetary program; deposit money banks; monetary transmission; monetary regimes; money market interest; deposit money; financial stability; monetary policy instrument; financial liberalization; money market funds; monetary policy independence; inflation-targeting; interest rate targeting; monetary policy implications; high reserve requirements; monetary policy operating procedures; monetary community; monetary policy framework; monetary aggregates; currency of denomination; flexible exchange rate regimes; monetary base; monetary systems; financial instruments; monetary union; monetary transmission mechanism; domestic monetary policy; intermediate monetary target;

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Tomás J. T. Baliño & Charles Enoch & William E. Alexander, 1995. "The Adoption of Indirect Instruments of Monetary Policy," IMF Occasional Papers 126, International Monetary Fund.
    2. Akira Ariyoshi & Andrei Kirilenko & Inci Ötker & Bernard Laurens & Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier, 2000. "Capital Controls," IMF Occasional Papers 190, International Monetary Fund.
    3. Di Giorgio, Giorgio, 1999. "Financial development and reserve requirements," Journal of Banking & Finance, Elsevier, vol. 23(7), pages 1031-1041, July.
    4. Michael Mussa & Giovanni Dell'Ariccia & Barry J. Eichengreen & Enrica Detragiache, 1998. "Capital Account Liberalization," IMF Occasional Papers 172, International Monetary Fund.
    5. Patrick Honohan & Stephen A. O'Connell, 1997. "Contrasting Monetary Regimes in Africa," IMF Working Papers 97/64, International Monetary Fund.
    6. Miguel A. Savastano & Paul R. Masson & Sunil Sharma, 1997. "The Scope for Inflation Targeting in Developing Countries," IMF Working Papers 97/130, International Monetary Fund.
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