IMF research lends support to exchange rate liberalisation

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A working paper, published by the International Monetary Fund on January 31, finds significant benefits resulted from efforts by sub-Saharan African countries to liberalise their exchange rate regimes in the 1980s and 1990s.

Nils Maehle, Haimanot Teferra and Armine Khachatryan examine the cases of Ghana, Kenya, Malawi, Tanzania, Uganda and Zambia, finding that where reforms were implemented and sustained, per capita income has increased rapidly and crises caused by foreign exchange shortages

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