Front Matter

Front Matter

Stéphane Cossé, Johannes Mueller, Jean Le Dem, and Jean Clément
Published Date:
June 1996
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    Aftermath of the CFA Franc Devaluation

    by Jean A.P. Clement, with Johannes Mueller, Stéphane Cossé, and Jean Le Dem


    Washington, D.C.

    May 1996

    © 1996 International Monetary Fund

    Library of Congress Cataloging-in-Publication Data

    Aftermath of the CFA franc devaluation / Jean A.P. Clément … [et al.].

    p. cm.—(Occasional Paper; 138)

    Includes bibliographical references

    ISBN 1-55775-561-2

    1. French franc area. 2. Devaluation of Currency—Africa, French-speaking West. 3. Devaluation of Currency—Africa, French-speaking Equatorial. 4. Monetary policy—Africa, French-speaking West. 4. Monetary policy—Africa, French-speaking Equatorial. I. Clément, Jean A. P. II. Series: Occasional paper (International Monetary Fund); no. 138.

    HG3897.4.A34 199696-19859


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    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    —to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    - between years or months (e.g., 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    ”Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.


    This Occasional Paper reviews developments in the countries of the CFA franc zone in the aftermath of the January 1994 CFA franc devaluation and discusses the challenges that lie ahead in securing a sustainable rate of growth in an environment of financial stability.

    The paper draws largely on the report on “CFA Franc Countries—Recent Adjustment Experience and Policy Issues in the CFA Franc Countries” that was circulated for information to the Executive Board of the IMF in October 1995.

    The authors are indebted to numerous colleagues throughout the IMF—particularly in the African Department—and the World Bank for comments on the paper. The authors wish especially to thank Evangelos A. Calamitsis and Christian Brachet for comments, guidance, and support. Thanks are also due to Paul Acquah, Anupam Basu, Pierre Dhonte, Christian François, Louis Goreux, Pierre Ewenczyk, Michel Galy, and Amor Tahari for insightful views, Ngoc Tuyêt Lê and Diep Nuven for research assistance, and Leslie Lefever for secretarial assistance. David Driscoll of the External Relations Department edited the paper for publication and coordinated production.

    The opinions expressed in the paper are those of the authors and should not be construed as representing the views of the IMF or of its Executive Directors.

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