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

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

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Length: 20 pages
Date of creation: 27 Apr 2007
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Handle: RePEc:imf:imfwpa:07/98

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This paper has been announced in the following NEP Reports: References listed on IDEAS
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.:
  1. G. A. Mackenzie & Peter Stella, 1996. "Quasi-Fiscal Operations of Public Financial Institutions," IMF Occasional Papers 142, International Monetary Fund.
  2. Teijeiro, Mario O., 1989. "Central bank losses : origins, conceptual issues, and measurement problems," Policy Research Working Paper Series 293, The World Bank. [Downloadable!]
  3. John W. Dalton & Claudia Helene Dziobek, 2005. "Central Bank Losses and Experiences in Selected Countries," IMF Working Papers 05/72, International Monetary Fund. [Downloadable!]
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(explanations, 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.)

  1. Manoel Bittencourt, 2007. "Macroeconomic Performance and Inequality: Brazil 1983-1994," Ibero America Institute for Econ. Research (IAI) Discussion Papers 163, Ibero-America Institute for Economic Research. [Downloadable!]
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  2. Norbert Funke & Jens R. Clausen & Bakar Ould-Abdallah & Sharmini Coorey & Sònia Muñoz, 2007. "Lessons from High Inflation Epidsodes for Stabilizing the Economy in Zimbabwe," IMF Working Papers 07/99, International Monetary Fund. [Downloadable!]
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