Примеры использования Franc zone на Английском языке и их переводы на Русский язык
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However, will this be the most desirable exchange rate for the CFA franc zone?
In the case of regional monetary arrangements,such as in the CFA franc zone, regional interbank markets have been established.
A common currency is being created on a gradual basis through the establishment of a secondmonetary zone by July 2005, which is to be merged later with the existing CFA franc zone.
The national public debt committees set up by several countries in the CFA franc Zone appear to be an important step in this direction.34.
All transfers of funds outside the franc zone are subject to foreign exchange controls by means of transfer authorizations issued by the monetary authority.
Indeed, there are indications that something of this sort was feared in some of the franc zone countries in the spring of 1998.
Total appreciation of the REER in the franc zone countries from January 1994 until the end of 1997 varied from 28 per cent in Equatorial Guinea to 52 per cent in Togo as of July 1997.
The 12-month rate of inflation in 1996 was kept under 3.5 per cent because of the prudentmonetary policy followed by the central bank and because the Comoros is part of the franc zone.
As calculated by the International Monetary Fund(IMF), the“real effective exchange rates”(REERs)of the CFA franc zone countries had risen from January 1994 until the end of 1995 by between 17 and 51 per cent.
One could go further, however, and ask whether the resetting of the peg might be an opportunity to further redefine it in order tobetter reflect the trade of the franc zone countries.
France is committed to doing so in working with its partners, andhas recently agreed to a substantial effort to help the franc zone countries overcome the short-term effects of the devaluation of the CFA franc. .
The CFA franc devaluation of January 1994 initially triggered an increase in prices, butwas followed by a decline in the value of food imports from countries outside the franc zone.
This was largely the case in countries with fixed exchange rate regimes,including the CFA Franc Zone countries, the Libyan Arab Jamahiriya and Cape Verde, and those with relatively high inflation rates.
In Africa as well, growth in intraregional trade is becoming discernible, with more widespread trade liberalization and increased competitiveness resulting from currency devaluation,particularly in the CFA franc zone.
Progress in the development of this sector would depend greatly on the provision of national and(as in the case of CFA franc zone countries) regional support to the operations of institutions such as ASCRAS and credit unions and cooperatives.
The devaluation of the CFA(Communauté financière africaine) franc in January 1994,along with the international financial assistance that accompanied it, has triggered additional budgetary and public-sector reforms in the franc zone.
More recently still, the Central African Customs and Economic Union began implementing fiscal andcustoms reforms, while franc zone members agreed- concurrently with their recent devaluation- to intensify regional cooperation.
The two central banks of the 15 countries in the CFA franc zone cut key interest rates and reduced reserve requirements in order to boost domestic credit and mitigate the impact of the global downturn on the CFA franc zone's economic performance.
Equally important is the recent forgiveness by France,in January 1994, of an important share of the stock of the public debt of the 14 countries of the Communauté financière africaine(CFA) franc zone, within the context of the CFA franc devaluation.
It has nofewer than two analogues: CFA Franc Zone(French Colonies of Africa; Colonies francaises dTAfrique) engaging several states of West and Central Africa; and the system of yswapФ agreements between the APT member states(yASEAN Plus ThreeФ) in Pacific Asia.
For example, in response to the inflation challenge, monetary policy was tightened in Ethiopia, Kenya, Nigeria, Uganda and the United Republic of Tanzania in 2012,but eased in franc zone countries, where average inflation, at 3.9 per cent in 2012, was the lowest in Africa.
Existing currency unions, such as the franc zone of subSaharan Africa, the West African Economic and Monetary Union(WAEMU) and the Central African Economic and Monetary Union, demonstrate the difficulties of such arrangements in the face of financial and political crises.
As of mid 1995 nearly 17 African countries had adopted an"independently floating" exchange rate regime; 7 were on a"managed float" system; 5 on a"composite currency basket" system; and 29 were still on a"single currency reserve system",with the largest of these in the CFA franc zone.
Establishment of a debt conversion fund for development to benefit the four middle-income Franc Zone States, a measure announced at the summit of the Heads of State of France and Africa at Libreville in October 1992.
In the CFA franc zone, inflation rates fell below double digits in all countries- and below 5 per cent in most countries- as the inflationary impulse from the 1994 devaluation of the CFA franc ended, while Governments maintained tight monetary and fiscal policies.
However, because the value of the French franc has changed against the currencies of other trading partners of the CFA franc zone and because of domestic price inflation,the inflation-corrected average exchange rate of each of the countries in the CFA franc zone has appreciated.
These included enhancing subregional cooperation and integration, which is a vital means to revitalize the manufacturing sector and trade liberalization and should lead to a greater utilization of local production capacities to meet the needs of expanding markets in neighbouring countries,where imported products from outside the Franc zone were becoming more expensive.
Among the African countries in the franc zone, it has experienced the longest period of political instability- nearly 30 years of recurrent civil wars and border conflicts- thus its socio-economic infrastructure is rudimentary and concentrated in the capital; the administrative capacity is very weak, and the private sector has little structure and is dominated by informal and black market activities.
In that connection, a monetary and financial expert had recently written that for several years the World Bank had been receiving more from Africa than it was lending andthat it had virtually ceased stepping in to help the franc zone countries. Her delegation wondered how, under those conditions, one could hope to reverse the unemployment of young people, overcome poverty, ensure the availability of health care for all, and allow universal access to basic education.