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African states
rebounding from the global downturn are far better placed than in the
past to ensure currencies do not become overvalued and damage
competitiveness, a top World Bank official said on Saturday.

World Bank managing
director, Ngozi Okonjo-Iweala, said, however, that rising capital
inflows could become a concern as African countries attract more money
from short-term investors seeking higher returns.

Global currency
tensions are at the center of discussions at meetings of the
International Monetary Fund and World Bank in Washington this weekend.

“The continent has
implemented remarkably sensible policies. Fiscally, they’ve been
responsible. Exchange rate management has been reasonable. People have
learned the lessons of overvaluation in the past,” Okonjo-Iweala told
Reuters.