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Dollarization in Sub-Saharan Africa
Dollarization—the use of foreign currencies as a medium of exchange, store of value, or unit of account—is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been observed in Latin America, parts of Asia, and Eastern Europe. Dollarization is also present, prominently, in sub-Saharan Africa (SSA) where it remains significant and persistent at over 30 percent rates for both bank loans and deposits—although it has not increased significantly since 2001. However, progress in reducing dollarization has lagged behind other regions and, in this regard, it is legitimate to ask whether this phenomenon is an important concern in SSA. This study fills a gap in the literature by analyzing these issues with specific reference to the SSA region on the basis of the evidence for the past decade.
Dollarization in Sub-Saharan Africa
Dollarization—the use of foreign currencies as a medium of exchange, store of value, or unit of account—is a notable feature of financial development under macroeconomically fragile conditions. It has emerged as a key factor explaining vulnerabilities and currency crises, which have long been observed in Latin America, parts of Asia, and Eastern Europe. Dollarization is also present, prominently, in sub-Saharan Africa (SSA) where it remains significant and persistent at over 30 percent rates for both bank loans and deposits—although it has not increased significantly since 2001. However, progress in reducing dollarization has lagged behind other regions and, in this regard, it is legitimate to ask whether this phenomenon is an important concern in SSA. This study fills a gap in the literature by analyzing these issues with specific reference to the SSA region on the basis of the evidence for the past decade.
Guinea-Bissau
This paper discusses Guinea-Bissau’s Request for Disbursement Under the Rapid Credit Facility (RCF). In 2012 and 2013, Guinea-Bissau suffered a severe balance of payments shock as the international price of raw cashew nuts—the main export product—fell by about 20 percent per year. The authorities have requested assistance under the RCF to help address the urgent balance of payments and fiscal financing needs for 2014. The IMF staff supports the authorities’ request for assistance under the RCF in view of their currently limited capacity to implement policies of an upper credit tranche-quality economic program, the large and urgent balance of payments need, and the catalytic effect of IMF support for other external financing.
Democratic Republic of São Tomé and Príncipe
This Information Annex highlights that the World Bank and the IMF are providing complementary support to help São Tomé and Príncipe strengthen public financial management and make progress toward debt sustainability. The World Bank’s work program is guided by an Interim Strategy Note approved in 2011 that focuses on accelerating sustainable and broad-based economic growth and on strengthening governance, public institutions, and human capital. A new Country Assistance Strategy for 2013–16 will be completed in 2014, following the recent completion of a Joint Staff Assessment Note on the country’s second National Poverty Reduction Strategy. Regarding debt sustainability, the World Bank and the IMF teams prepared a Joint IMF–World Bank Debt Sustainability Analysis update in 2012.
Democratic Republic of São Tomé and Príncipe
The Democratic Republic of São Tomé and Príncipe shows prudence in maintaining its fiscal stance assisted by the IMF extended credit facility (ECF). The authorities aim to concentrate on maintaining macroeconomic stability even though debt distress owing to a narrow export base and other issues loom as threats. Focus is on strengthening of existing monetary and public finances policies, banking supervision, and anti-money laundering, which will help in reducing poverty. Revenue from oil production is also expected to help achieve the target by 2015.
Monetary and Financial Statistics Manual and Compilation Guide
This edition of Monetary and Financial Statistics Manual and Compilation Guide (Manual) updates and merges into one volume methodological and practical aspects of the compilation process of monetary statistics. The Manual is aimed at compilers and users of monetary data, offering guidance for the collection and analytical presentation of monetary statistics. The Manual includes standardized report forms, providing countries with a tool for compiling and reporting harmonized data for the central bank, other depository corporations, and other financial corporations.
Haiti
Haiti faces a challenging macroeconomic outlook amid a dire humanitarian crisis. The country has been hit hard by the economic spillovers from Russia's invasion of Ukraine, with food price inflation triggering a hunger crisis. This global shock has been compounded by a highly volatile security situation, which has heightened the economy's fragility, hampered activity, and generated supply-side bottlenecks which have further fueled inflation. The flash floods which hit the country in early June caused loss of life and damage to key infrastructure. Risks to the outlook remain substantial.
Is Mobile Money Part of Money? Understanding the Trends and Measurement
The rapid uptake of mobile money in recent years has generated new data needs and growing interest in understanding its impact on broad money. This paper reviews mobile money trends using mobile money data from the Financial Access Survey (FAS) and examines the statistical treatment of mobile money under the IMF’s Monetary and Financial Statistics (MFS) framework. MFS guidance is straightforward in most cases, as many jurisdictions have adopted regulations which ensure that mobile money is captured in the banking system and thus in the calculation of broad money. However, in cases where mobile network operators (MNOs) act as niche financial intermediaries outside the banking regulatory perimeter and are allowed to invest their customer funds in sovereign securities and other permitted assets, mobile money liabilities may remain outside the banking system as well as monetary statistics. In that case, information on mobile money liabilities need to be collected directly from MNOs to account for mobile money as part of broad money.
MovNat
Do you want to be able to keep up with your children or grandchildren? Do you want to move like you are young again? Do you want to not just look fit, but also be fit? Do you want to move with power, efficiency, and grace? The modern world has become sedentary. Running, crawling, jumping, squatting, kicking, throwing—these are all movements the human body was designed for, and yet we are losing the ability to perform these tasks without injury or great exertion. In MovNat, Erwan Le Corre, a world-renowned expert in evolutionary and natural fitness, lays out a fitness program and philosophy that will allow you to forever reconcile with your body and natural motion. You will learn: - More than 200 natural exercises that can be performed virtually anywhere: the gym, the park, in your living room, while on vacation. -The "ten natural-approach principles" to movement training and conditioning. -How to discover limitless exercises based upon fundamental techniques. -How to boost your fitness progress by making your training scalable, progressive, and safe. -Dozens of exercise combos and circuits, and how to build exercise obstacle courses.
