Central Bank Independence in North Africa

CIGI Policy Brief No. 36

March 17, 2014

Securing central bank independence (CBI) has become best practice in global governance. Both the political and economic literatures suggest that CBI facilitates price stability, promotes transparency to citizens and provides accountability toward the public good. The impact of the Arab uprisings seems to have provided the necessary push for securing CBI in the North African region. Progress toward CBI in Morocco, Tunisia and Egypt, has been observed as all three countries responded to the uprisings with constitutional reforms. While none of these countries can claim to have achieved CBI to the same degree as some of the central banks of the major advanced countries, they have all instituted some measures toward greater CBI. Offering the first policy study on CBI in North Africa since the uprisings, this brief argues in favour of furthering reforms by promoting transparency, meritocracy and an open-learning culture to solidify the modest gains made in CBI in the region.

About the Authors

CIGI Senior Fellow Bessma Momani has a Ph.D. in political science with a focus on international political economy and is full professor and interim assistant vice‑president of international relations at the University of Waterloo.