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Many sub-Saharan African (SSA) countries liberalized their economies in the 1980s and early 1990s. This paper reviews the foreign exchange regime reforms in selected SSA, and their associated macroeconomic policies and economic performance during and after these reforms were undertaken. Before liberalization, most of the reviewed countries were characterized by extensive foreign exchange rationing, sizeable black market premiums, and declining per capita real income. Today, the countries that successfully reformed look markedly different. Rationing and parallel market spreads are a distant memory, and per capita income has increased sharply.

Foreign exchange rates --- Economic development --- Structural adjustment (Economic policy) --- Economic policy --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Exchange rates --- Fixed exchange rates --- Flexible exchange rates --- Floating exchange rates --- Fluctuating exchange rates --- Foreign exchange --- Rates of exchange --- Rates --- Africa, Southern --- Economic conditions --- E-books --- Foreign Exchange --- Inflation --- Finance: General --- Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- International Finance: General --- Current Account Adjustment --- Short-term Capital Movements --- Open Economy Macroeconomics --- Economic Growth of Open Economies --- Economic History: General --- Economic History: Macroeconomics --- Growth and Fluctuations: Africa --- Oceania --- Economic Development: General --- Macroeconomic Analyses of Economic Development --- Price Level --- Deflation --- International Financial Markets --- Currency --- Macroeconomics --- Finance --- Exchange rate arrangements --- Multiple currency practices --- Prices --- Currency markets --- Financial markets --- Foreign exchange market --- Malawi