Total 32 32 Source: Calculated from _Int~snational Financial Statistics, Yearbook 1982. Table V.B.2 Monetary survey for 32 African countries §:./ (Millions of US collars) 1979 1980 1 981 ----------------------------------------------------------------Foreign assets (net) 1 687 4 960 -1 238 Domestic ere di t 47 579 58 878 80 261 Of which Claims en government (net) 23 332 25 056 35 270 Claims on private sect or 24 149 30 523 40 11 9 Money supply 42 128 55 336 67 539 Money 28 11 1 35 497 42 11 2 Quasi-money 14 017 19 839 25 427 Other items (net) 6 758 7 373 9 418 Source: As for table V .B.1. a/ Converted into US collars at 1981 exchange rates. For country coverage see the statistical annex. 16. In order to elirr.inate the bias caused by including large countries in the over-all growth rates, mecian values have been estimated for various indicators. 9/ The mecian rate cf increase of broad money was 21 per cent in 1981, as compared tc 19 per 100 E/ECA /C~~. 9/5 cent in 1980. Monetary e~pansion was far greater than neces­ sitated by the increased volume of transactions. Excess liouicity was created, since GDP at current factor cost increased by only 13 per cent. 10/ This situation was most marked in the Congo,· Ee;ypt, Togo, the Sucan and Zaire. In contrast with the indications given by the over-all rates, the growth in money sup­ ply was accompanied by a slow-~own in the decline in external as­ sets, from 16 per cent in 1980 to 7 per cent in 1981. However, the primary source of liquicity e~pansion remained the rise in domestic credit, and particularly creait to the public sector. Table V.B.3 Growth rates of monetary indicators (Percentage) Foreign assets (net) Don:estic creci t Public Private Money supply 