Central African Economic and Monetary Community (CEMAC) : 2013 staff report on common policies for member countries.

Central African Economic and Monetary Community (CEMAC) : 2013 staff report on common policies for member countries.

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Bibliographic Details
Imprint:Washington, DC : International Monetary Fund, [2013]
©2013
Description:1 online resource (100 pages) : illustrations.
Language:English
Series:IMF country report ; no. 13/222
IMF country report ; no. 13/222.
Subject:
Communauté économique et monétaire de l'Afrique centrale.
Communauté économique et monétaire de l'Afrique centrale.
Monetary policy -- Africa, Central.
Economic history.
Monetary policy.
Africa, Central -- Economic conditions.
Central Africa.
Electronic books.
Format: E-Resource Book
URL for this record:http://pi.lib.uchicago.edu/1001/cat/bib/11307217
Hidden Bibliographic Details
Other authors / contributors:International Monetary Fund.
ISBN:9781475516531
1475516533
9781475513783
Notes:Includes bibliographical references.
Online resource; title from PDF title page (ebrary, viewed January 6, 2014).
Summary:KEY ISSUES: Context. Strong area-wide economic performance in 2012 was largely driven by public investment financed by high oil revenues. GDP growth is expected to slow down in 2013 due to a decline in oil production, moderation in public investment and the political crisis in Central African Republic. Albeit robust in recent years, economic growth has been insufficient to significantly improve income per capita. While macroeconomic stability has been maintained, with moderate inflation, the region's main challenge is to implement structural policies necessary to help promote sustainable and inclusive growth. The region remains vulnerable to a possible decline in oil prices. Key policy recommendations: Policy mix. The fiscal stance should be more cautious in some countries where policy buffers are insufficient to withstand shocks. The recent easing of monetary policy has been appropriate given the positive inflation outlook. Reserves coverage remains adequate and the real effective exchange rate is broadly in line with fundamentals but the issue of only partial repatriation of foreign exchange reserves by some member states needs be resolved. Fiscal policy coordination. The fiscal surveillance framework should be revised to limit pro-cyclicality and better ensure long-term fiscal sustainability of oil rich countries. Monetary policy framework. In the context of the peg of the CFA Franc to the euro, the operational framework for monetary policy needs to be revised to improve management of systemic liquidity and make it an efficient tool of macroeconomic management. Financial sector. To reduce risks to financial sector stability, strengthening the capacity of the regional regulator, strictly enforcing prudential requirements and expediting the restructuring of unviable institutions are among key priorities. Financial deepening requires structural financial sector reforms related to credit information, security of collaterals, creditor rights and payment system. Growth. More effective regional integration could help boost and sustain diversified and inclusive growth. Reinforcing regional institutions and improving the coordination of national development plans are needed to optimize the region's potential. Regional efforts to boost private sector investment should aim at improving governance and the business climate, one of the most challenging in Africa.
Table of Contents:
  • Cover; CONTENTS; INTRODUCTION; RECENT ECONOMIC DEVELOPMENTS, MEDIUM-TERM OUTLOOK AND RISKS; FIGURES; 1. CEMAC Nominal GDP, 2012; 2. GDP Growth Contribution, 2013; 3. CEMAC Selected Economic Indicators, 2010-12; 4. Recent Economic Developments, 2009-12; 5. Medium-term Outlook, 2013-18; POLICY DISCUSSIONS; A. Adapt Regional Surveillance Framework to Ensure External Viability; 6. CEMAC and WAEMU real and nominal effective exchange rates; 7. Real effective exchange rate of CEMAC countries; B. Enhancing Regional Monetary Policy; 8. CEMAC and ECB Real Policy Rate; 9. CEMAC and ECB Policy Rate.
  • 10. Liquidity operations of BEAC Jan 2007-April 201311. Interbank Money Market Transactions, 1997-Feb. 2013; C. Ensuring Financial Stability and Development; D. Strengthening Regional Integration to Promote Growth; 12. 2013 Doing Business Indicators Ranking; 13. Mo Ibrahim 2012 ranking categories, in Africa; E. Other Issues; STAFF APPRAISAL; TABLES; 1. Selected Economic and Financial Indicators, 2009-18; 2. Millennium Development Goals, 2010; 3. National Accounts, 2009-18; 4. Nominal and Real Effective Exchange Rates, 2005-12; 5. Balance of Payments, 2009-18; 6a. Fiscal Balances, 2009-18.
  • 6b. Fiscal Non-oil Balances, 2009-187. Compliance with Convergence Criteria, 2009-18; 8. Monetary Survey, 2008-12; 9. Summary Accounts of Central Bank, 2008-12; 10. Summary Accounts of Commercial Banks, 2008-12; 11. Summary Medium-Term Projections, 2009-18; 12. Relative Size of CEMAC Economies and Importance of Oil Sector, 2009-18; 13. Violations of Main Prudential Ratios, 2010-12; 14. Bank Ratings, December 2012; 15. Quality of Loan Portfolio, 2010-12; ANNEXES; 1. Risks from Global slowdown for the CEMAC; 2. External Sustainability Assessment.
  • 3. Idiosyncratic shocks and stabilization Mechanisms in the CEMAC4. Possible Options to strengthen the fiscal surveillance framework in the CEMAC; 5. Reducing risks to financial stability and enhancing financial sector Deepening; CONTENTS; RELATIONS OF CEMAC MEMBER COUNTRIES AND THE FUND.

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