African Central Bank
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The African Central Bank (ACB) is one of the original five financial institutions and specialized agencies of the African Union. Over time, it will take over responsibilities of the African Monetary Fund.
The creation of the ACB, due to be completed by 2020, a roll out pilot project began May, 2015 under the sole supervision of the AFRA Commission, the African Finance Regulatory Authority. The mandate of the AFRA Commission is guided by Article 19 of the OAU Constitutive Act, the 1991 Abuja Treaty and as agreed by the Assembly of Member States for the Single AFRA Payments Area (SAPA), the Common Economic and Monetary Systems and the creation of the African Central Bank (ACB), charged by the African Finance Regulatory Authority. The African Star Treaty Alliance Group, as declared by the FOURTH EXTRAORDINARY SESSION OF THE ASSEMBLY OF HEADS OF STATE AND GOVERNMENT of the Organisation of African Unity, 1999, in Sirte, Libya.
When it is fully implemented the ACB will be the sole issuer of the African Single Currency, will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry, and will set the official interest and exchange rates; in conjunction with the African Government's administration.
See also [ edit ]
- Abuja Treaty
- European Central Bank
- Economic Community of West African States (ECOWAS)
- Central African CFA franc
- The Common Monetary Area
- Eco (currency)
- Monetary union
References [ edit ]
[ edit ]
- "Pan African remittances conference, February 8th 2007"(PDF). 4 September 2006. Retrieved 2015-11-09.
- "BBC NEWS | Business | West African central bank robbed". Archived from the original on 2002-09-05. Retrieved 2015-11-09.
- Adebajo, A.; Rashid, I.O.D. (2004). West Africa's Security Challenges: Building Peace in a Troubled Region. Lynne Rienner Publishers. p. 61. ISBN 9781588262844. Retrieved 2015-11-09.
- Salacuse, J.W. (2000). The Wise Advisor: What Every Professional Should Know about Consulting and Counseling. Praeger. p. 30. ISBN 9780275967260. Retrieved 2015-11-09.
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