2000-09-08: Press release - Eleventh meeting of Central Bank Governors in SADC
Last Modified Date:
2020-10-08, 08:15 PM
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The Committee of Central Bank Governors (CCBG) in SADC held its eleventh meeting in Gordon’s Bay, South Africa. The central banks of the following countries were represented: Angola, Botswana, the Democratic Republic of Congo, Lesotho, Malawi, Mozambique, Namibia, South Africa, Swaziland, Tanzania, Zambia and Zimbabwe. Representatives of the following organisations were also in attendance: Finance and Investment Sector Co-ordinating Unit (FISCU), SADC Secretariat, SADC Banking Association and SADC Committee of Stock Exchanges. The Governors discussed the issues to be raised at the forthcoming annual meetings of the International Monetary Fund and World Bank scheduled for 26 - 28 September 2000 in Prague, Czech Republic. The issues discussed included amongst others the following: 1. The role and reform of the IMF;2. The strengthening of the architecture of the IMF and financial systems;3. The poverty reduction and growth facility;4. The relationship between the IMF and the World Bank;5. The election of the Executive Directors; and6. The proposed memoranda of African Governors to the President of the World Bank Mr J Wolfensohn and the Managing Director of the IMF Mr H Köhler.The Governors approved a common approach to the development of a harmonised set of specifications for clearing, settlement and cross border payments to cater for the future requirements of a Free Trade Area and other envisaged economic integration objectives. The Governors also approved the development of a harmonised banking supervision IT framework. Governors noted a working paper prepared by FISCU entitled Macroeconomic Convergence in SADC. The Governors designated a Task Team comprising of the Chairperson of the CCBG and Governor of the South African Reserve Bank, Mr TT Mboweni, the Governor of the Reserve Bank of Malawi, Dr EE Ngalande, and the Governor of the Bank of Tanzania, Mr D Ballali, to produce draft terms of reference for possible macro economic convergence for adoption by the CCBG. The Governors also noted recent economic developments for SADC countries. An updated document containing the above will be released on the Internet by the end of September 2000 at the following website address:www.sadcbankers.org.Governors also approved the holding of a workshop on convergence of standards and methodology of collecting cross border transaction information for balance of payments (BoP) purposes which could be lost as exchange controls are liberalised.Governors noted the SADC Banking Association’s initiative to develop norms of good banking practice in the SADC region with the view to establishing good banking norms.The next meeting of the Committee of Central Bank Governors will be held in Namibia on 5 April 2001.