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Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 91
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Book Description
Kingdom of Lesotho: Selected Issues
Author: International Monetary
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 91
Get Book
Book Description
Kingdom of Lesotho: Selected Issues
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484344944
Category : Business & Economics
Languages : en
Pages : 13
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Book Description
This Selected Issues paper provides further background on the macrofinancial sector analysis that informed Lesotho’s 2017 Article IV consultation. Lesotho’s financial sector is small, concentrated, and lacks financial inclusion, although mobile banking services and financial cooperatives offer some encouraging potential. Lesotho’s most important vulnerabilities are exposure to developments in South Africa and dependence on revenues from the Southern African Customs Union (SACU). Shocks to SACU revenues can become a source of systemic risk by affecting the fiscal position and the balance of payments. The financial system will be affected by both channels, with substantial implications if the shock is permanent. This paper focuses on two potential consequences of a severe SACU revenue shock for the financial system: A decline in reserves that may threaten the sustainability of the hard currency peg with the South African rand, and the impact of a forced fiscal consolidation on household income and the quality of credit to households, affecting both bank and nonbank lenders. It turns out that financial shallowness and lack of inclusion may be a defining feature of the formal banking system; thereby raising questions about potential trade-offs between inclusiveness and financial stability.
Author: International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451823837
Category :
Languages : en
Pages : 75
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Book Description
This Selected Issues paper on the Kingdom of Lesotho reviews the broad objectives and key institutional features of the Common Monetary Area (CMA) relating to currency arrangements. The CMA Agreement provides for the three small member countries to have access to South African capital and money markets, but only through prescribed investments or approved securities that can be held by financial institutions in South Africa. Lesotho's exchange rate arrangement under the CMA shares certain characteristics of a currency board.
Author: Mr. Yibin Mu
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 16
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Book Description
Lesotho’s fiscal situation is challenging. This paper assesses the pressure points of main components of revenues, current spending, and capital spending, and then proposes a growth-friendly consolidation plan while protecting the vulnerable.
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 43
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Book Description
Kingdom of Lesotho: Selected Issues
Author: International Monetary Fund. African Dept.
Publisher: International Monetary Fund
ISBN: 1484344952
Category : Business & Economics
Languages : en
Pages : 13
Get Book
Book Description
This Selected Issues paper provides further background on the macrofinancial sector analysis that informed Lesotho’s 2017 Article IV consultation. Lesotho’s financial sector is small, concentrated, and lacks financial inclusion, although mobile banking services and financial cooperatives offer some encouraging potential. Lesotho’s most important vulnerabilities are exposure to developments in South Africa and dependence on revenues from the Southern African Customs Union (SACU). Shocks to SACU revenues can become a source of systemic risk by affecting the fiscal position and the balance of payments. The financial system will be affected by both channels, with substantial implications if the shock is permanent. This paper focuses on two potential consequences of a severe SACU revenue shock for the financial system: A decline in reserves that may threaten the sustainability of the hard currency peg with the South African rand, and the impact of a forced fiscal consolidation on household income and the quality of credit to households, affecting both bank and nonbank lenders. It turns out that financial shallowness and lack of inclusion may be a defining feature of the formal banking system; thereby raising questions about potential trade-offs between inclusiveness and financial stability.
Author: Mr. Yibin Mu
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 14
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Book Description
In a country such as Lesotho with high capital mobility and leakages abroad, the relationship between both fiscal, monetary, and exchange rate policy is intertwined, such that public spending and reserves are strongly linked. The paper offers an overview of the economic institutions and arrangements in Lesotho, discusses a short primer on macroeconomic policies under a fixed exchange rate, stresses a vital role for macro policy coordination in Lesotho, and proposes a macro policy framework. While the paper is developed in context of Lesotho, the analysis should also be applicable to small open economies under the fixed exchange rate arrangement.
Author: Encyclopaedia Britannica, Inc.
Publisher: Encyclopaedia Britannica, Inc.
ISBN: 1615355006
Category : Juvenile Nonfiction
Languages : en
Pages : 882
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Book Description
The Britannica Book fo the Year 2011 provides a valuable viewpoint on the people and events that shaped the year. In addition to keeping the Encyclopaedia Britannica updated, it serves as a great reference source for the latest news on the ever-changing populations, governments, and economies throughout the world.
Author: Encyclopaedia Britannica, Inc.
Publisher: Encyclopaedia Britannica, Inc.
ISBN: 1625131038
Category : Juvenile Nonfiction
Languages : en
Pages : 882
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Book Description
The Britannica Book of the Year 2013 provides a valuable viewpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.
Author: Encyclopaedia Britannica, Inc.
Publisher: Encyclopedia Britannica, Inc.
ISBN: 1625131712
Category : Juvenile Nonfiction
Languages : en
Pages : 883
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Book Description
The Britannica Book of the Year 2014 provides a valuable viewpoint of the people and events that shaped the year and serves as a great reference source for the latest news on the ever changing populations, governments, and economies throughout the world. It is an accurate and comprehensive reference that you will reach for again and again.