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This Working Paper is one of seven country studies prepared as part of a study of the role of monetary policy in primary product-dependent, low income countries. The objective of the general study is to examine what monetary policy can be expected to accomplish and what are the principal constraints upon its effectiveness. The country studies examine the development of monetary institutions, the determination of money supply and demand, and the objectives and experience of governments in implementing monetary policy in individual countries.

The paper concludes that although monetary policy can be reasonably effective in achieving credit restriction to reduce inflation, externally determined exchange rate changes or international price changes can have a far greater economic impact than domestic monetary policy. With increased exchange rate flexibility Cote d'lvoire could respond to fundamental exchange rate misalignment created by differential price movements, and, to a certain extent offset such developments.