European Parliament Library

Central Bank Quasi-Fiscal Losses and High Inflation in Zimbabwe :, A Note, Sònia Muñoz

Zimbabwe's failure to address continuing central bank quasi-fiscal losses has interfered with both monetary management and the independence and credibility of the Reserve Bank of Zimbabwe (RBZ). Realized quasi-fiscal losses are estimated to have amounted to about 75 percent of GDP in 2006. Because they were financed by creating money creation or issuing RBZ securities, they contributed to the four-digit inflation reached in 2006. The remedy for the current situation is clearly to eliminate the causes of losses by implementing measures to improve the cash-flow of the bank and restore its financial position
Table Of Contents
Contents; I. Introduction; II. Central Bank Quasi-fiscal Losses; Tables; 1. Selected RBZ's Balance Sheet Items; Figures; 1. Seigniorage; A. Subsidies; 2. Central Bank Quasi-fiscal Losses; 2. Contributions to Changes in Reserve Money; 3. Statutory Reserve Requirements; B. Realized Exchange Losses; C. Interest Cost of Sterilization Operations; D. Unrealized Losses on Foreign Exchange Holdings; III. Macroeconomic Impact of Quasi-fiscal Losses; 3. Reserve Money Growth and Annual Official Inflation; 4. Adjusted Financing Requirement; 5. Real Ex-Post Interest Rates
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (22 p.)
Specific Material Designation
Form Of Item

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