IMF paper on Reserve Bank of Zimbabwe's losses

The IMF Working Paper 'Central bank quasi-fiscal losses and high inflation in Zimbabwe: A note' says Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe.

Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit

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