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Implications of Oil Inflows for Savings and Reserve Management in the Cemac

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  • International Monetary Fund

Abstract

This paper argues that as part of their fiscal optimization strategies CEMAC countries should be given the opportunity to invest into longer-term assets that generate market-based returns. The BEAC has created a framework of longer-term savings funds but due to low remuneration and other factors usage has remained limited. The paper also argues that regional savings in the form of reserve accumulation must be sufficient to ensure the stability of the common currency. While the current level of common foreign reserves may now be appropriate, maintaining an adequate level calls for a link between country-specific savings decisions and the setting of a regional reserve target. Strengthening and diversifying reserve management will also be desirable, a process the BEAC has embarked upon.

Suggested Citation

  • International Monetary Fund, 2007. "Implications of Oil Inflows for Savings and Reserve Management in the Cemac," IMF Working Papers 2007/243, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2007/243
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    1. Uwe Böwer & André Geis & Adalbert Winkler, 2007. "Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa," Occasional Paper Series 60, European Central Bank.
    2. Andrew Berg & Eduardo Borensztein & Catherine Pattillo, 2005. "Assessing Early Warning Systems: How Have They Worked in Practice?," IMF Staff Papers, Palgrave Macmillan, vol. 52(3), pages 1-5.
    3. Mr. Romain Ranciere & Mr. Olivier D Jeanne, 2006. "The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications," IMF Working Papers 2006/229, International Monetary Fund.
    4. International Monetary Fund, 2004. "Chile: Selected Issues," IMF Staff Country Reports 2004/292, International Monetary Fund.
    5. Mr. Michel Galy & Mr. Michael T. Hadjimichael, 1997. "The CFA Franc Zone and the EMU," IMF Working Papers 1997/156, International Monetary Fund.
    6. International Monetary Fund, 2005. "Gabon: Selected Issues and Statistical Appendix," IMF Staff Country Reports 2005/147, International Monetary Fund.
    7. Mr. David Hauner, 2005. "A Fiscal Price Tag for International Reserves," IMF Working Papers 2005/081, International Monetary Fund.
    8. Winkler, Adalbert & Geis, André & Böwer, Uwe, 2007. "Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa," Occasional Paper Series 60, European Central Bank.
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    1. KAMGNA, Severin Yves & Ndambendia, Houdou, 2008. "Excès de liquidité systémique et effectivité de la politique monétaire : cas des pays de la CEMAC [Excess liquidity and monetary policy effectiveness: The case of CEMAC countries]," MPRA Paper 9599, University Library of Munich, Germany.

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