I Introduction
Author:
Mr. Saleh M. Nsouli
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Mr. John B. McLenaghan https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Klaus-Walter Riechel
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Language:
English
Print Publication Date:
16 Aug 1982
Keywords:
OP; convertibility; currency; market; monetary union; trade; convertibility agreement; trade liberalization program; ECOWAS secretariat; Community trade; market convertibility; export-import firm; Currencies; Exports; Exchange restrictions; Imports; Monetary unions; West Africa; Europe; Committee of Central Bank Governors of ECOWAS; Trade barriers

Abstract

One of the principal aims of the effort to integrate the economies of the 16 member countries of the Economic Community of West African States (ECOWAS)1 is to expand intra-Community trade. This objective is to be achieved partly through the elimination of quantitative and other restrictions on trade. A customs union is to be established in the region over a period of 15 years dating from the entry into force of the Treaty of Lagos, under which the Community was established in May 1975. The trade liberalization program drawn up under the Treaty provides for gradual elimination of import duties and other tariff and nontariff barriers to intra-Community trade, as well as harmonization of external tariffs, over the period 1981–89. As part of this program, several studies have identified a number of impediments to the development of intraregional trade, one of which is the widespread controls and restrictions on exchange transactions throughout the Community that make inconvertible most of the 11 currencies of the member countries.2 Currency convertibility in the region is therefore an important issue in the Community’s efforts to remove obstacles to intraregional trade.

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Cover Currency Convertibility in the Economic Community of West African States
Currency Convertibility in the Economic Community of West African States
ISBN:
9781557750594
ISSN:
0251-6365
Publication Date:
16 Aug 1982
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557750594.084
Pages:
51

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