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International Monetary Fund
The loss of trade preferences in textiles in 2005, the reform to the European Union’s sugar protocol for 2006–10, and higher international oil prices have brought about a permanent deterioration in Mauritius’s terms of trade. This 2007 Article IV Consultation highlights that the authorities have initiated broad-based reforms to address recent economic setbacks and to raise growth to levels of the previous two decades. Executive Directors have welcomed the authorities’ efforts to tighten monetary policy. This should help to reduce inflation and avoid entrenching inflation expectations.
International Monetary Fund. African Dept.
This Selected Issues paper analyzes Kenya’s success in boosting financial inclusion. Kenya has become a regional and global leader in mobilizing new technologies to advance financial inclusion, poverty reduction, and growth. The rapid progress of financial inclusion in Kenya has been a result of a friendly environment for the absorption of information technology, dynamic local banks, and open and stable regulations. Advances in financial inclusion over the past 10 years have allowed Kenyans to reap many of the benefits of financial access at a much faster pace than the typical cycle of financial deepening in low- and middle-income countries. Mobile financial services have lowered the transaction cost of remittances, allowing Kenyan households to smooth consumption in the face of shocks and significantly reducing poverty.
International Monetary Fund. External Relations Dept.
La inflación, Programa de trabajo del FMI, El precio de las materias primas, Impacto en África, Qué empuja el petróleo al alza, Reunión petrolera de Yeddah, Entrevista sobre Haití, El fondo soberano de Noruega, México, La política monetaria de Suiza, Mauricio, Notas breves
International Monetary Fund. External Relations Dept.
L'inflation, Programme du FMI, Envolée des prix des produits de base, impact sur les économies africaines, Causes de la flambée du pétrole, Réunion de Djeddah sur le pétrole, Haïti, Fonds souverain norvégien, Mexique, Suisse: politique monétaire, Maurice, l'actualité en bref
International Monetary Fund. External Relations Dept.
Inflation, IMF work agenda, Food and fuel prices, Commodity price surge, Oil price surge, Jeddah meeting, Haiti interview, Norway's sovereign wealth fund, Mexico, Switzerland's monetary policy, Mauritius, News briefs.
Chiara Fratto, Brendan Harnoys Vannier, David de Padua, and Ms. Helene Poirson Ward
The COVID-19 crisis induced an unprecedented launch of unconventional monetary policy through asset purchase programs (APPs) by emerging market and developing economies. This paper presents a new dataset of APP announcements and implementation from March until August 2020 for 27 emerging markets and 8 small advanced economies. APPs’ effects on bond yields, exchange rates, equities, and debt spreads are estimated using different methodologies. The results confirm that APPs were successful in significantly reducing bond yields in EMDEs, and these effects were stronger than those of policy rate cuts, suggesting that such UMP could be important tools for EMDEs during financial market stress.
Mr. Charalambos G Tsangarides
Applying commonly used vector autoregression (VAR) techniques, this paper investigates the transmission mechanism of monetary policy on output and prices for Mauritius, using data for 1999-2009. The results show that (i) an unexpected monetary policy tightening-an increase in the Bank of Mauritius policy interest rate-leads to a decline in prices and output but the effect on output is weaker; (ii) an unexpected decrease in the money supply or an unexpected increase in the nominal effective exchange rate result in a decrease in prices; and (iii) variations of the policy variables account for small a percentage of the fluctuations in output and prices. Taken together, these results suggest a rather weak monetary policy transmission mechanism. Finally, we find some differences in the transmission mechanism depending on whether core or headline consumer price index is used in the estimations.
International Monetary Fund
This paper develops a new macrofinance model for small open economies, allowing the investigation of Mauritius's experience with 'inflation targeting lite' as described in Stone (2003). It finds that this monetary policy regime has been associated with a general reduction in inflation, principally through a reduction in inflation expectations. The credibility the Bank of Mauritius has established with its 'inflation targeting lite' regime has allowed it to shift from an emphasis on exchange rate targeting towards inflation targeting. By estimating a model in which the yield curve is modeled explicitly we are able to obtain estimates of inflation expectations.