Cape Verde:Background Issues and Statistical Update

Author: International Monetary Fund

Background Issues and Statistical Update

Volume/Issue: Volume 1995 Issue 009

Publication date: February 1995

ISBN: 9781451809220

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Labor , Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , ISCR , CR , central government , private sector , foreign exchange , U , S , dollar , balance of payments , exchange rate , autonomous expenditure , nonfinancial public enterprises , state enterprise sector , C , V , Esc , capital enterprise , cape Verdean authorities , Portuguese escudo , government establishment , liquidated enterprise , gross income , state enterprise reform , Public enterprises , Income , Credit , Civil service , Public sector , Global , Africa

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Summary

This Background Issues paper analyzes the financial sector reform in Cape Verde. The paper highlights that monetary policy in Cape Verde is conducted within the framework of a simple financial program elaborated annually by the Bank of Cape Verde (BCV) on the basis of conservative projections of the demand for broad money and an international reserves target. Credit to the government is statutorily limited to 10 percent of the previous year’s revenue collections. In implementing monetary policy, the BCV relies primarily on bank-specific annual credit ceilings, which are derived from its financial program.