{
  "title": "Democratic Republic of São Tomé and Príncipe: Selected Issues",
  "publication": "IMF Staff Country Reports, September 19, 2008",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366",
  "overlayPath": "/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/index.md",
  "summary": "This Selected Issues paper for the Democratic Republic of São Tomé and Príncipe (STP) underlies the recent upward trend in inflation that was heavily influenced by external factors. The policy mix to achieve price stability requires effective control of money supply and fiscal restraint.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- This Selected Issues paper for the Democratic Republic of São Tomé and Príncipe (STP) underlies the recent upward trend in inflation that was heavily influenced by external factors.\n- Subject: Central Banks, Expenditure, Inflation, Monetary base, Money, Prices, Revenue administration, Sterilization\n- Keywords: Banco Central de São Tomé and Príncipe, CR, development partner, Europe, Inflation, ISCR, Monetary base, São Tomé and Príncipe, Sterilization, Sub-Saharan Africa, tax, tax performance, tax rate, tax system, tax-to-GDP ratio"
    },
    {
      "heading": "Findings on inflation and drivers",
      "content": "- Recent upward trend in inflation was heavily influenced by external factors.\n- Effective control of money supply and fiscal restraint are required to achieve price stability."
    },
    {
      "heading": "Monetary policy operational targets and constraints",
      "content": "- Operational targets for monetary policy need to be considered, taking into account STP’s specific circumstances.\n- Weak financial intermediation limits the effectiveness of some monetary instruments such as short-term interest rates."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Pursue a policy mix focused on:\n  - Effective control of money supply.\n  - Fiscal restraint.\n- Tailor operational monetary policy targets to STP’s institutional and market circumstances, acknowledging limitations from weak financial intermediation.\n\nDemocratic Republic of São Tomé and Príncipe: Selected Issues (IMF Staff Country Reports 2008, Issue 306)."
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/bundle-manifest.json)",
    "Published: September 19, 2008",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451835175.002",
    "This Selected Issues paper for the Democratic Republic of São Tomé and Príncipe (STP) underlies the recent upward trend in inflation that was heavily influenced by external factors.",
    "Subject: Central Banks, Expenditure, Inflation, Monetary base, Money, Prices, Revenue administration, Sterilization",
    "Keywords: Banco Central de São Tomé and Príncipe, CR, development partner, Europe, Inflation, ISCR, Monetary base, São Tomé and Príncipe, Sterilization, Sub-Saharan Africa, tax, tax performance, tax rate, tax system, tax-to-GDP ratio",
    "Recent upward trend in inflation was heavily influenced by external factors.",
    "Effective control of money supply and fiscal restraint are required to achieve price stability.",
    "Operational targets for monetary policy need to be considered, taking into account STP’s specific circumstances.",
    "Weak financial intermediation limits the effectiveness of some monetary instruments such as short-term interest rates.",
    "Pursue a policy mix focused on:",
    "Tailor operational monetary policy targets to STP’s institutional and market circumstances, acknowledging limitations from weak financial intermediation."
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/index.md",
    "json": "/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/index.json",
    "bundleManifest": "/en/publications/cr/issues/2016/12/31/democratic-republic-of-s%c3%a3o-tom%c3%a9-and-pr%c3%adncipe-selected-issues-22366/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-14T02:36:08.771Z"
}