Central African Economic and Monetary Community: Staff Report on Common Policies of Member Countries;

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 317

Publication date: August 2006

ISBN: 9781451951684

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Topics covered in this book

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Banks and Banking , Exports and Imports , Finance , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , staff appraisal , remuneration of government deposit , CEMAC authorities , CEMAC country , basis point increase , Financial Sector Assessment Program , Real effective exchange rates , Exports , Fiscal stance , Monetary base , Central Africa

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Summary

Macroeconomic developments benefited from oil windfalls, but structural problems still impede non-oil growth. 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 also helped accelerate regional broad money, leading to somewhat higher inflation and a small further appreciation of the real effective exchange rate (REER). Macroeconomic prospects for 2006 are positive, despite persistent structural challenges. Higher oil income offers CEMAC members economic opportunities but also challenges.