The management of exchange rates and payments in Africa under conditions of generalized floating of major currencies

Abstract

Terms of reference for study as recommended by Round Table Conference of African and International Experts on the Reform of the International monetary System and the African Interest. To investigate the possibility of establishing forward exchange markets by individual countries and to consider what might be done to minimize the effects of a generalized regime of floating in the immediate future. To consider the problems for co-operation among African countries in the development of trade and payments arrangements arising out of the linkage of various African currencies to different floating intervention currencies. This preliminary report attributes towards 'the development of special studies in aid of policy formulation on problems of (external) monetary and financial management' in Africa within a regime of generalized floating of major currencies in which it is desired to alleviate 'the peculiar disabilities of non-trading currencies.