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Africa > Uganda

You are looking at 1 - 5 of 5 items for :

  • Type: Journal Issue x
  • Foreign Exchange x
  • Central banks x
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Cover IMF Working Papers
Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime
Mr. Andrew Berg
,
Mr. Rafael A Portillo
, and
Luis-Felipe Zanna
We study the role of the exchange rate regime, reserve accumulation, and sterilization policies in the macroeconomics of aid surges. Absent sterilization, a peg allows for almost full aid absorption — an increase in the current account deficit net of aid—delivering the same effects as those of a flexible regime but with a necessary increase in inflation. Regardless of the regime, policies that limit absorption—and result in large accumulation of reserves—are welfare reducing: they help reduce the real appreciation (and inflation under the peg), but at the expense of reducing private consumption and investment, and therefore medium-term growth.
Keywords:
WP; exchange rate; central bank; managed float; Africa; Aid; Exchange Rate Regimes; Reserve Accumulation Policies; Sterilization Policies; Transfer Problem; appreciation pressure; nominal exchange rate; depreciation rate; managed float regime; nominal interest rate; open economy; inflation expectation; real gross domestic product; transmission mechanism; expenditure switching; flexible exchange rate regime; reserve holding; Exchange rate arrangements; Reserves accumulation; Sterilization; Conventional peg; Exchange rate flexibility; Sub-Saharan Africa
Cover Departmental Papers
Foreign Exchange Reserve Adequacy in East African Community Countries
International Monetary Fund
The concomitant external shocks experienced in 2008-09 by the East African Community (EAC) countries of Kenya, Rwanda, Tanzania, and Uganda and stepped-up support by the IMF—including the SDR allocation—and other donors, are likely to arouse renewed interest in the question of the adequate level of international reserves. This paper discusses the evolution of reserve holdings in EAC countries and uses several tools for assessing reserve adequacy in the region. The analysis suggests that reserve levels in most cases seem to include safety buffers, and thus, do not require immediate action. However, the situation could become tighter if export recovery is delayed or export prices do not pick up. Over the medium term, the desirable reserve path should also be adapted to regional and international integration.
Keywords:
DPPP; DP; reserve; special drawing rights; EAC country; exchange rate; SDR allocation; EAC economy; coverage ratio; reserve coverage; IMF resource; Reserve positions; International reserves; Reserves accumulation; Capital flows; Assessing reserve adequacy (ARA); Sub-Saharan Africa; Global
Cover IMF Staff Country Reports
Uganda: Fifth Review Under the Policy Support Instrument and Request for Modification of Assessment Criteria: Staff Report; and Press Release
International Monetary Fund
This paper discusses key findings of the Fifth Review under the policy support instrument for Uganda. Strong fundamentals and prudent economic policies of the past give Uganda scope to implement measured countercyclical policies without undermining macroeconomic stability. Monetary policy has been gradually eased in the face of the dry-up in private external financing. In spite of the slowdown-induced shortfall in tax revenue, the fiscal authorities are committed to accelerate and improve execution of investment spending to provide a positive impulse to growth and remove critical bottlenecks.
Keywords:
ISCR; CR; PSI-supported program; IMF's framework; growth; financial system; Uganda's PSI; core inflation; financial crisis; FAD mission; Budget planning and preparation; International reserves; Credit; Global
Cover Financial Sector Development in Sub-Saharan African Countries
Financial Sector Development in Sub-Saharan African Countries
Jean-Pierre Briffaut
,
Mr. George Iden
,
Mr. Peter C. Hayward
,
Mr. Tonny Lybek
,
Mr. Hassanali Mehran
,
Mr. Piero Ugolini
, and
Mr. Stephen M Swaray

Abstract

This study takes stock of progress made so far in the financial sectors of sub-saharan African countries. It recommends further reforms and specific measures in the areas of supervision, development of monetary operations and financial markets, external sector liberalization, central bank autonomy and accountability, payments system, and central bank accounting and auditing.

Keywords:
OP; central bank; government; market; payment; monetary policy; bank expansion; government bank; exchange policy; bank intermediation; resource utilization; a number of bank; government ownership; Commercial banks; Central bank legislation; Central bank autonomy; Payment systems; Financial sector; Sub-Saharan Africa; Africa; West Africa
Cover Quasi-Fiscal Operations of Public Financial Institutions
Quasi-Fiscal Operations of Public Financial Institutions
Mr. George A Mackenzie
and
Mr. Peter Stella

Abstract

Central banks and other public financial institutions act as agents of fiscal policy in many countries. Their "quasi-fiscal" operations and activities can affect the overall public sector balance without affecting the budget deficit as conventionally measured, may also have important allocative effects, and increase the effective size of the public sector. This paper analyzes the macroeconomic and financial effects of such quasi-fiscal activities, as well as the taxes, subsidies, and other expenditures that such activities introduce outside the budget. Measurement and accounting issues are addressed, and policy recommendations are offered.

Keywords:
OP; QFAs; market; PFIs; central bank; central bank loss; central bank lending; income statement; central bank rescue operations; QFAs of central banks; exchange guarantee; Quasi-fiscal operations; Commercial banks; Loans; Credit; Exchange rates; Eastern Europe; Central Africa; West Africa; Caribbean; net loss; Public sector; Deposit insurance