Friday, January 22, 2021
  • About Us
  • ImagiNATION
  • Adverts
  • Rate Card
  • Contact Us
The Nation Online
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation
No Result
View All Result
No Result
View All Result
Home Business Business News

Central bank governors bang heads on monetary integration

by Johnny Kasalika
05/09/2012
in Business News
2 min read
0
Share on FacebookShare on TwitterShare on WhatsAppShare on LinkedinLinkedinShare via Email

Mkwezalamba sept51 | The Nation OnlineAfrican central banks’ governors have called for speeding up of the process of monetary integration in Africa as a step towards achieving the goals of creating the African Central Bank (ACB) and ultimately issuing an African single currency.

RelatedHeadlines

Firm outlines 3 economic risks

NSO set for another GDP rebase in 2022

Income rise fails to narrow poverty gap—economist

Representatives from 31 African central banks, in addition to some from African and international institutions, met Thursday at the 36th ordinary session of the Assembly of Governors of the Association of African Central Banks (AACB) in the Algerian capital, Algiers.

Members of the assembly elected Governor of the Algerian Central Bank, Mohamed Laksaci, as the new head of Assembly of Governors of the AACB, replacing Reserve Bank of Malawi Governor (in this case Charles Chuka) —after his four years term ended.

Laksaci in a media brief made available to The Nation said that he will focus on “setting up monetary cooperation between the African central banks”.

“We have also to develop a shield that would permit the African central banks to face the repercussions of foreign financial shocks,” Laksaci said, in reference to the current soaring commodity prices in international markets.

Malawi’s economist Dr Maxwell Mkwezalamba, who is African Union Economic Affairs Commissioner said in a statement made available to The Nation that he was so far satisfied with efforts made towards establishment of the African central bank and one currency on the continent.

He said AU will continue to pursue efforts aimed at accelerating Africa’s integration agenda, working closely with the Member States, the Regional Economic Communities and other stakeholders.

“One challenge that we face in implementing Africa’s integration agenda, however, relates to delays by AU Member States in signing and ratifying the various related legal instruments.

“I call upon the governors on the continent to assist the AUC in advocating for the signature and ratification of these legal instruments, particularly the Protocol on the establishment of the African Investment Bank and the African Charter on Statistics, in their countries.

The ACB is one of the three financial institutions of the African Union (AU). Over time, it will take over responsibilities of the African Monetary Fund.

When it is fully implemented via Pan-African Parliament legislation, the ACB will become the sole issuer of the African single currency, regulate and supervise the African banking industry, and set the official interest and exchange rates in conjunction with the African governments’ administration.

Previous Post

BB sway Carlsberg, closing in on sponsorship

Next Post

Malawi Govt to probe BWB staff demands

Related Posts

economy | The Nation Online
Business News

Firm outlines 3 economic risks

January 22, 2021
Most rural people such as these 
live in abject poverty
Business News

NSO set for another GDP rebase in 2022

January 22, 2021
poverty 1 | The Nation Online
Business News

Income rise fails to narrow poverty gap—economist

January 22, 2021
Next Post
The Nation Online Malawi Govt to probe BWB staff demands

Malawi Govt to probe BWB staff demands

Trending Stories

  • Escaped South African bail: Bushiris

    Bushiri says not seeking political intervention

    0 shares
    Share 0 Tweet 0
  • Malawi closes in on hefty US deal

    0 shares
    Share 0 Tweet 0
  • Vendors back on streets amid Covid-19 surge

    0 shares
    Share 0 Tweet 0
  • Tonse faulted on former presidents’ benefits

    0 shares
    Share 0 Tweet 0
  • Malawi loses 5% of GDP on donor withdrawal

    0 shares
    Share 0 Tweet 0

Opinions and Columns

These Freedoms

Where is God in the Malawi Vision 2063?

January 22, 2021
Business Unpacked

Towards Malawi2063, lessons from Vision 2020

January 20, 2021
Rise and Shine

Never give up on resolutions

January 20, 2021
In pursuit of development

India’s vaccine drive

January 20, 2021
  • Values
  • Our Philosophy
  • Editorial policy
  • Advertising Policy
  • Code of Conduct
  • Plagiarism disclaimer
  • Disclaimer
  • Privacy Policy
  • Terms of use

© 2021 Nation Publications Limited. All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Life & Style
    • Every Woman
      • Soul
      • Family
    • Religion
    • Feature
  • Society
  • Opinion
  • Sports
  • Chichewa
  • Enation

© 2020 Nation Publications Limited. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.