It is in its third year and has become a key reference point in the assessment of the development of African Financial Markets. The Index assesses countries according to six pillars: market depth, access to foreign exchange, market transparency, tax and regulatory environment, capacity of local investors, macroeconomic opportunity and the legality and enforceability of standard financial markets master agreements. 3.
In the long run, as adjustments in deposit rates caused the opportunity cost to revert to an equilibrium, M2 velocity also tended to return to an associated stable equilibrium level. For several years in the early 1990s, however, the velocities of M2 and M3 exhibited persisting upward shifts that departed markedly from these historical patterns.