19 March 2014

Southern Africa: Central Bank Heads of Southern Africa Meeting in Namibia

Windhoek — The Southern African Development Community (SADC) Committee of Central Banks' Governors is meeting in the Atlantic coastal town of Swakopmund in central Namibia this week to promote closer co-operation among central banks within the region.

The two-day Committee of Central Banks' Governors (CCBG) meeting started on Tuesday and is held twice each year on a rotational basis amongst the member countries.

The Bank of Namibia's Director for Strategic Communications and Financial Sector Development, Ndangi Katoma, said in a media statement issued here Monday that central banks played a crucial role in the promotion of financial and economic development by way of pursuing policies which enhance financial and macro-economic stability.

"The key goals of the CCBG are to promote macro-economic convergence, payment systems' integration, the harmonisation of central bank legislation and regulatory frameworks and trade and financial stability in the region, amongst others," he said. These issues will receive the attention of the governors at this meeting.

Recent economic developments, financial sector development and economic growth in SADC will also be part of the key discussions at the Swakopmund gathering.

Katoma said the central bank governors will also approve new research topics on intra-SADC trade in goods and services, including assessing the conditions for the dynamism of intra-regional trade and sources of economic growth in the SADC region.

They will also look at how intra-regional trade impacts on employment and poverty reduction in SADC member countries.

The CCBG was established in 1995, and consists of 15 governors from SADC central banks.

- SAnews.gov.za-NNN-NAMPA

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