Prepared by Monique Newiak.
-3.6 - (-2.7) = -0.9. The assumed elasticity of the current account to movements in the real exchange rate is -0.13.
Given the commitment of France to back the convertibility of the CFA franc this metric does not fully apply for the WAEMU. For details on the metric, see Dabla-Norris, Kim and Shorono (2011): “Optimal Precautionary Reserves for Low-Income Countries: A Cost-Benefit Analysis,” International Monetary Fund, Working Paper WP/11/249.
Doing Business indicators should be interpreted with caution because of the limited number of respondents, a limited geographical coverage, and standardized assumptions on business constraints and information availability.
These benchmarks include Ghana, Kenya, Lesotho, Rwanda, Tanzania, Uganda, and Zambia.