Central African Economic and Monetary Community: Staff Report on Common Policies of Member Countries;
IMF Staff Country Reports, August 22, 2006
Source details
- Canonical URL
- Central African Economic and Monetary Community: Staff Report on Common Policies of Member Countries;
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Bibliographic details
- Published: August 22, 2006
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451951684.002
Macroeconomic developments and oil windfalls
- Fiscal and external balances improved in the Central African Economic and Monetary Community (CEMAC) because of the surge in oil prices and better fiscal management.
- Oil-related reserve inflows helped accelerate regional broad money.
- The acceleration of broad money contributed to somewhat higher inflation and a small further appreciation of the real effective exchange rate (REER).
- Macroeconomic prospects for 2006 are described as positive, despite persistent structural challenges.
- Higher oil income offers CEMAC members economic opportunities but also challenges.
Structural constraints and non-oil growth
- Structural problems continue to impede non-oil growth across CEMAC member countries.
- Persistent structural challenges temper the positive macroeconomic outlook tied to oil windfalls.
Thematic coverage (subjects and keywords)
- Subjects: Banking, Exports, Financial Sector Assessment Program, Financial sector policy and analysis, Fiscal policy, Fiscal stance, Foreign exchange, International trade, Monetary base, Money, Real effective exchange rates
- Keywords: basis point increase, CEMAC authorities, CEMAC country, Central Africa, CR, Exports, Financial Sector Assessment Program, Fiscal stance, ISCR, Monetary base, Real effective exchange rates, remuneration of government deposit, staff appraisal