Indicators of Convergence
According to the West African Monetary Zone Programme, in order to achieve harmonization the following criteria should be observed: -
Primary Criteria
- Fiscal Deficit (excluding grants) in percent of GDP < 4
- Inflation Rate (yr-on-yr) (%) Single digit
- Central Bank Financing (% previous year’s tax receipts) < 10
- Gross Foreign Reserves (in months of imports) > 3
Secondary Criteria
- Domestic Arrears (in millions of Leones) 0.0
- Tax Revenue (% of GDP) > 20
- Wages of Salary Expenditure (% Total Tax Revenue < 35
- Real Interest Rate > 0
- Real Exchange Rate/Leones/US$ Stable
- Public Investment/Tax Revenue Ratio (%) > 20
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Central Banks: