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.

When it is fully implemented, the ACB will be the sole issuer of the African single currency (the "Afro" or "Afriq") and/or working along African regional reserve banks, it will become the banker of the African Government and/or regional unions, it will be the banker to Africa's private and public banking institutions along African regional central banks, it will regulate, consult and supervise the African banking industry in sync with regional banking industries and unions, and it will set the official interest and exchange rates which may or may not be in sync with regional central banks; all in conjunction with the African Government's administration.

The single African currency is to be composed of currency units made up of regional central bank currency units of which are made up country specific currencies (The Arab Maghreb Union (AMU) - Northern Afriq, Southern African Development Community (SADC) - Southern Afriq, Economic Community of West African States (ECOWAS) - Western Afriq or ECO, East African Community (EAC), Eastern Afriq - Common Market for Eastern and Southern Africa (COMESA) - Central Afriq etc.).

References

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External links

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"Pan African remittances conference, February 8th 2007" (PDF). 4 September 2006. Retrieved 2015-11-09.
Right vision, wrong strategy. 2 July 2007. Retrieved 2024-11-28.
"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.
https://web.archive.org/web/20120609070731/http://www.edpsg.org/Documents/Dp14.doc
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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