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reserves
Between 1979 and 1996, the monetary authorities forced very heavy
coefficients of reserves on the passive ones of the trade banks in order to
control the monetary offer. On the sight deposits, these coefficients passed
from 32% in 1979 to 73,5% in 1993. It was a question for the Central Bank of
neutralizing the negative impact which exerted on its reserves of exchange the
surplus of liquidity resulting from the financing from the deficits accumulated
by the public sector. These high rates of reserves caused important differences
between the debtor and credit interest rates. As the coefficients were different
for each type of deposits, of the unexpected changes in the composition of the
currency and the near-money significant variations in the monetary multiplier
caused; what complicated the control of the monetary policy.
On May 16, 1995, the monetary authorities standardized the obligatory rates of
reserves to 48%. But, following the unfavourable evolution of the finance public
indicators, they were raised of five points of percentage during the same year
to total 48% on July 3, 1996. Meanwhile, on July 10, 1995, the BRH had widened
the liability fixed with the obligatory reserves by including there engagements
of the banks towards the nonbanking economic agents. Then, in December 1996, the
plate of the obligatory reserves was again widened to take account of the
fictitious swaps gourd/dollar carried out one day with the other by the banks.
These practices made it possible those to profit owing to the fact that the
accounts made out in dollars were not fixed with the obligation to constitute
reserves.
In March 1997, with an aim of supporting a better distribution of the weight of
the obligatory reserves between the liability gourd and the liability dollar,
the BRH enjoignait the trade banks to constitute, in gourds and/or dollars, of
the reserves on the liability in currencies. Initially, the majority of the
banks had chosen reserves in gourds. In 1998, the monetary authorities extended
the application of the obligatory reserves to the nonbanking subsidiary
companies of the trade banks. The objective was to thwart the practices of the
banks to dissimulate deposits through their subsidiary companies.
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