The aim of this paper is to analyze the impact of the devaluation of their currency on their trade patterns and their dependency on foreign aid. Trade Policy since reform Even the most casual of relationships shows no correlation between their devaluation of their currency in 1994 and their trade patterns, namely their current account. If economic theory teaches us that if we devalue a currency it should have long term effects of making our exports cheaper and our imports more expensive and thus it should be welfare improving in the long run. Although this might be true in theory, but when we apply theory to reality of the Senegalese economy it does not show us the smooth transition that we would like to see. Trade policy in Senegal had been marked by two main periods. The post-independence import-substitution policy (1960-1980) was based on high tariff rates, export subsidies and the creation of an offshore zone in Dakar in 1974 . After 1980, these policies were liberalized in the form of various structural adjustment policies. The 50 percent devaluation of their currency in 19......

Word Count: 592
Page Count: 2.3 (250 words a page / double spaced)

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