Front Matter

Front Matter

Rattan Bhatia
Published Date:
May 1985
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© 1985 International Monetary Fund

International Standard Serial Number: ISSN 0251-6365

Price: US$7.50

(US$4.50 to university libraries, faculty members, and students)

Address orders to:

External Relations Department, Attention Publications

International Monetary Fund, Washington. D.C. 20431


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., 1979–81 or January-June) to indicate the years or months covered, including the beginning and ending years or months:

/ between years (e.g., 1980/81) to indicate a crop or fiscal (financial) year.

“Billion” means a thousand million.

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

Prefatory Note

The research work connected with this study benefited from the contributions of a number of staff members of the Fund: Mr. Acquah, Mr. Nsouli, Mr. Medhora, and Mr. Khatkhate. Invaluable assistance and encouragement was also provided by Mr. Fadiga, Governor of the Banque Centrale des Etats de l’Afrique de l’Ouest, and his staff. My special thanks go to Miss Earll for the patience and secretarial skills she has invested in the production of this study, and to Mrs. Landell-Mills for the excellent professional assistance which has made this study more presentable.

However, the opinions in the study are personal and in no way reflect those of the International Monetary Fund, where the author is presently employed. He alone bears responsibility for any shortcomings in the work.

It should be noted that the term “country” used in this document does not in all cases refer to a territorial entity that is a state as understood by international law and practice.

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