Foreign exchange reserves in Africa: benefits, costs and ...
2019-10-31u2002·u20024, left-hand panel).6 Countries with a high pass-through, in turn, tend to emphasise price stability as an important objective for FX reserve accumulation (Graph 4, right-hand panel). Other objectives also matter. Export competitiveness, and, in some countries, financial stability feature prominently (Graph 2). For some countries, smoothing the
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