This working paper is one of seven country studies prepared as part of a study of the role of monetary policy in primary product-dependent, low income countries. The objective of the general study is to examine what monetary policy can be expected to accomplish and the principal constraints upon its effectiveness. The country studies examine the development of monetary institutions, the determination of money supply and demand, and the objectives and experience of governments in implementing monetary policy in individual countries. Other case studies include China, Cote d'Ivoire, Bangladesh and Indonesia.