Luanda hosts SADC central bankers on regulation, exchange controls

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Luanda hosts SADC central bankers on regulation, exchange controls

11:00 CAT | 09 May 2023

File photo: Lusa

The committee of governors of the central banks of countries in the Southern African Development Community (SADC) is to meet in Luanda from tomorrow, Wednesday, to analyse banking regulation and supervision and the impact of exchange controls on cross-border flows of goods, Lusa reports.

According to the central bank of Angola, the National Bank of Angola (BNA), the Committee of Central Bank Governors in SADC meeting is to take place from 10 to 12 May, with the governors of the central banks in SADC member states to undertake an overall analysis of the region’s financial system, with issues such as payment, clearing and settlement systems, repatriation of banknotes and coins, services and capital and exchange in staff training expected to dominate the meeting.

According to the BNA, among the initiatives of the Committee of Central Bank Governors (CCBG) in SADC , this meeting is also expected to create a database of monetary and financial statistics, to serve as an information bank on the structures and policies of central banks and financial markets in the 15 SADC member countries.

The creation of the Committee of Central Bank Governors in SADC (CCBG) was supported by the SADC Ministers responsible for national financial matters in July 1995 and approved by SADC Council at their meeting in August 1995. The main reason for establishment of this committee was the need for a specialised body in SADC to promote and achieve closer co‑operation among central banks within the Community. Central banks play a crucial role in particular in the promotion of financial and economic development, by way of pursuing policies that enhance financial and macroeconomic stability.

The CCBG consists of 15 Governors from the SADC central banks. The CCBG deals with the development of financial institutions and markets, co‑operation regarding international and regional financial relations, and monetary, investment and foreign exchange policies.

The Governor of the South African Reserve Bank is the Chairperson of the CCBG. The CCBG Secretariat is hosted by the South African Reserve Bank.

SADC members are Angola, Botswana, DR Congo, Eswatini, Lesotho, Madagascar, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa,, Tanzania, Zambia and Zimbabwe.

Source: Lusa / CCBG