Africa May Ignore IMF Rate Call

Monday, November 01, 2010

IMF calls for fast-growing frontier African economies to start tightening monetary and fiscal policy are likely to fall on deaf ears as governments and central banks across the continent focus for now on economic growth.

The pressure to achieve growth is likely to be particularly acute in countries such as Nigeria, Zambia and Uganda that face elections next year.

While inflation concerns may gradually increase in some African nations, early rate hikes would go against many central banks' drive to get street banks to lower their lending rates.

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