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Cover IMF Staff Country Reports
Eritrea: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix examines the sustainability of the public finances in Eritrea. The paper analyzes monetary policy and management. It points out that the period since gaining independence in 1993 has not been long enough for the authorities in Eritrea to gain a full understanding of the functioning of the economy and develop the necessary skills and expertise to successfully implement the complex mix of economic, financial, and development policies needed to strengthen growth and reduce poverty. The paper also analyzes the determinants of inflation in Eritrea.
Keywords:
ISCR; CR; exchange rate; government; foreign exchange market; policy design; market development; monetary management; policy objective; determinants of inflation; nominal exchange rate; monetary policy in Eritrea; Exchange rates; Fiscal sustainability
Cover IMF Staff Country Reports
Eritrea: Selected Issues and Statistical Appendix
International Monetary Fund

circles regarding sustainability is examined. 4. Monetary policy in Eritrea is completely subordinated to fiscal policy so that the statutory independence of the BE has been de facto suspended. This situation does not represent an approach that will permit the BE to successfully pursue the key stability objectives of stabilizing the domestic and external values of the nakfa under its 1997 law. The document on monetary policy and management clarifies the risks of this approach, and also discusses the statutory role of the BE in relation to international best practices

Keywords:
ISCR; CR; exchange rate; government; foreign exchange market; economic system; economic policy challenge; exchange rate system; financial policy; factor cost; Exchange rate arrangements; Consumer price indexes; Current account balance