1998-10-23: Press statement issued by Dr C.L. Stals, Chairman of the Committee of Governors of Central Banks in SADC
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2020-10-08, 08:17 PM
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The Committee of Governors of Central Banks in SADC held its seventh meeting in South Africa on 23 October 1998. With the accession of the Democratic Republic of the Congo and the Republic of Seychelles, the Committee currently consists of fourteen central banks. The two new members will attend the next meeting of the Committee. Representatives of all the other member central banks attended the meeting today, as did representatives from the Finance and Investment Sector Co-ordinating Unit (FISCU), the SADC Secretariat, the SADC Banking Association and the Committee of Stock Exchanges in SADC.The Committee discussed the current international financial situation and the effects of the international currency turmoil for the countries of Southern Africa.Members exchanged views on the practices and policies followed by each central bank in respect of the provision of accommodation to banking institutions. There is a general inclination to move more towards indirect market-based policies and away from direct controls. Attention was also given to the very important subject of Year 2000 compliance with computer and information technology services. A workshop of officials of central banks will be held in South Africa in the beginning of December 1998 to assist central banks with their internal adjustment programmes.The meeting also reviewed progress made with existing projects and on various issues of importance to member countries, including the development and maintenance of a statistical database; financial policies, structures and markets; payment, clearing and settlement systems; regional exchange control regulations; the repatriation of banknotes and coin in the region; the training of central bank officials and its latest project on the legal and operational frameworks of SADC central banks. Two new initiatives were approved at the meeting: one on the role of SADC central banks in the operations and development of money markets and the other on interaction in the field of central bank protective services in the region.The Committee of Stock Exchanges in SADC and the SADC Banking Association submitted progress reports on their activities and the Committee of Governors noted the substantial progress that these autonomous committees had made in fostering regional co-operation in their respective fields. These organisations will continue to liaise with and report to the Committee of Governors, as will the East and Southern African Banking Supervisors Group, which also submitted a report on its activities.The Committee of Governors also noted and discussed progress with the drafting of a Finance and Investment Protocol for the SADC region, and will continue to assist the Council of Ministers of Finance in SADC in this regard.The Committee’s next meeting will be held in Swaziland towards the end of March 1999.