IMF calls for reform at Madagascar central bank


The Central Bank of Madagascar needs greater independence and stronger oversight mechanisms so it can take a "more active" approach to setting policy, the IMF believes.

In its latest staff report on the country, published January 30, the Fund argues the central bank's financial autonomy "has been compromised" by its relationship with the government.

The government's cost of borrowing has soared as the exchange rate has weakened, and it has leant on "statutory advances" from the central bank as a

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