Tuesday, 9 February 2016

Sanusi condemns Pres. Buhari's momentary policies

The former CBN governor is said to have expressed concern over the president's monentry policies in a recent interview he granted Financial Times. According to Muhammadu Sanusi II, thes policies have never worked. Excerpts.......

“Unfortunately, because the exchange rate is right out there in front now, monetary policy is being seen as the barometer for broader economic thinking,” Sanusi was quoted to have said in an interview at his palace, adding, “It is sad that on this one policy, you get it so wrong that you risk taking away attention from everything else you are doing.

Exporters and investors “are holding on to foreign currency, as no one would sell at the rate the government is setting,” while “the government does not have the reserves to keep the exchange rate at its official level in the market,” he said.

These policies have been tried in different parts of the world and in this country before, and they have just never worked. No matter what the stated intention behind them, they are wrong.

There are no easy options and devaluation is a bitter pill.”

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