IMF’s Selassie calls for ‘pragmatism’ on exchange rates
Official challenges idea that resisting depreciation is always the best policy
Some African central banks should consider allowing their exchange rates to depreciate, the International Monetary Fund’s Abebe Aemro Selassie said on August 3.
The IMF African Department chief acknowledged he was wading into a “minefield of a topic” that often provokes fierce debate between the fund and its members. But he said many economies were being held back by their exchange rate policies.
Africa’s share of global exports has remained “meagre”, Selassie said, and countries have suffered
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