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Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe: A Note

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  • Sònia Muñoz
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    Abstract

    Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 07/98.

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    Length: 39
    Date of creation: 01 Apr 2007
    Date of revision:
    Handle: RePEc:imf:imfwpa:07/98

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    Keywords: Deficit financing;

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    1. Pierre-Richard Agenor & E. Murat Ucer, 1999. "Exchange market reform, inflation, and fiscal deficits," Journal of Policy Reform, Taylor and Francis Journals, vol. 3(1), pages 81-96.
    2. G. A. Mackenzie & Peter Stella, 1996. "Quasi-Fiscal Operations of Public Financial Institutions," IMF Occasional Papers 142, International Monetary Fund.
    3. Teijeiro, Mario O., 1989. "Central bank losses : origins, conceptual issues, and measurement problems," Policy Research Working Paper Series 293, The World Bank.
    4. Claudia Helene Dziobek & John W. Dalton, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund.
    5. Peter Stella, 2005. "Central Bank Financial Strength, Transparency, and Policy Credibility," IMF Staff Papers, Palgrave Macmillan, vol. 52(2), pages 335-365, September.
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    Cited by:
    1. Manoel Bittencourt, 2008. "Macroeconomic Performance and Inequality: Brazil 1983-1994," Working Papers 101, Economic Research Southern Africa.
    2. Jens R. Clausen & Sharmini Coorey & Bakar Ould-Abdallah & Sònia Muñoz & Norbert Funke, 2007. "Lessons from High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe," IMF Working Papers 07/99, International Monetary Fund.
    3. Osama Sweidan, 2010. "Central bank inability and Taylor rule in developing countries," International Review of Economics, Springer, vol. 57(4), pages 395-409, December.

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