According to International Monetary Fund (IMF) data, global foreign-exchange reserves (excluding gold and Special Drawing Rights (SDR) increased from $ trillion to $ trillion, or 332 by per cent, in the ten years to 2014. Over the same period, total foreign-exchange reserves in Africa increased from $ billion to $ billion, or 331 per cent.
I think the answer to these questions is a qualified yes. A flexible policy response Let me start from the spring of this year. Our diagnosis at that time was that borrowing rates were becoming too unreactive to policy changes.