West African union must improve monetary transmission, IMF staff say
Reform “sluggish” at national levels, staff report says
Staff at the International Monetary Fund have called on authorities in the West African Economic and Monetary Union (WAEMU) to improve the transmission channels of monetary policy.
Inflation was low, at an average 1% for 2015, the IMF staff report following the latest Article IV consultation said, due largely to falling oil prices. But the effectiveness of monetary policy was "undermined by excess liquidity, low depth and segmentation of the interbank market".
The "highly heterogeneous and
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