Foreign Exchange Reserve Adequacy in East African Community Countries

Business & Finance, Economics, International Economics, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Foreign Exchange Reserve Adequacy in East African Community Countries by International Monetary Fund, INTERNATIONAL MONETARY FUND
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Author: International Monetary Fund ISBN: 9781452762463
Publisher: INTERNATIONAL MONETARY FUND Publication: December 15, 2009
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: International Monetary Fund
ISBN: 9781452762463
Publisher: INTERNATIONAL MONETARY FUND
Publication: December 15, 2009
Imprint: INTERNATIONAL MONETARY FUND
Language: English

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.

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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.

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