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IMFC wants CBN to check inflation

Mr Abebe Selassie, Director of the African Department at the IMF (right) with Ms Meera Louis, a Communications Officer at the Fund, during the media briefing. Photo: NAN

The International Monetary and Financial Committee (IMFC) has advised the Central Banks of Nigeria (CBN) and other central banks to check inflation but should be data dependent.

IMFC stated this in it’s Communique at the fortieth meeting of the IMFC in Washington DC.

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“In line with central banks’ mandates, monetary policy should ensure that inflation remains on track toward, or stabilizes around targets, and that inflation expectations remain anchored. Central bank decisions need to remain well-communicated and data-dependent” the Communique stated.

The IMFC promised to employ all appropriate policy tools, individually and collectively, to mitigate risks, enhance resilience, and shore up growth to benefit all.

The IMFC also advised that available fiscal space should be used to support demand as needed.

“Where consolidation is needed to ensure debt sustainability, fiscal policy should be carefully-calibrated, growth-friendly, and safeguard social objectives” it said.

On exchange rate, the committee noted that strong fundamentals, sound policies, and a resilient international monetary system are essential to the stability of exchange rates, contributing to strong and sustainable growth and investments.

“Flexible exchange rates, where feasible, can serve as a shock absorber. We recognize that excessive volatility or disorderly movements in exchange rates can have adverse implications for economic and fiinancial stability. We will refrain from competitive devaluations and will not target our exchange rates for competitive purposes” the committee stated.

“We will advance structural reforms to lift growth, employment, and productivity, enhance resilience and promote inclusion” the IMFC noted.

“We reaffirm our commitment to strong governance, including by tackling corruption. We will advance policies that foster innovation and more competitive and flexible markets, and strive to address challenges from demographic shifts. We will provide opportunities for all people to contribute to economic activity and share its benefits, and effectively assist those bearing the cost of ongoing transitions,” it promised.

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