SOUTH AFRICAN PRESIDENT OPENS 40TH ASSEMBLY OF AFRICAN CENTRAL BANK GOVERNORS

PRETORIA, South African President Jacob Zuma has opened the 40th Assembly of Governors of the Association of African Central Banks (AACB) here Tuesday with a reminder that a stable macro-economic environment is essential for economic growth on the continent.

Monetary policy has an important role to play in the development of our economies and the continent in general, said President Zuma at the opening here Tuesday. Maintaining price and financial stability are two of the key characteristics in this regard.”

He added that the meeting was taking place at a time when the global economy was still trying to shake off some of the negative legacies of the global financial crisis. While the international community had since put measures in place to restore sustainable global growth and strengthen the international financial system by reforming international financial regulations, vigilance was still needed to ensure that the growth momentum is maintained and financial markets are resilient.

African economies are integrated into the global economy and as such, we are forced to bear the brunt of adverse international economic developments. This meeting provides an excellent opportunity for the exchange of ideas around the role that central banks can play to address deficiencies and constraints so as to enhance growth in the different African regions, he said.

He encouraged the AACB — whose main objective is to promote cooperation in the monetary, banking and financial spheres in the interest of maintaining price and financial stability in Africa — to pay particular attention to the role that central banks and monetary policy can play.

He told the symposium, being held at the South African Reserve Bank’s conference centre here, that central banks had an important role to play in promoting inter-continental trade. The banks also had a role to play in linking payment systems across the continent, developing a well-functioning and efficient banking system and promoting cross-border banking and capital flows.

President Zuma also spoke of the recent move towards more protectionist policies, saying these could have implications on the pace of globalisation going forward.

Source: NAM NEWS NETWORK

SOUTH AFRICAN PRESIDENT OPENS 40TH ASSEMBLY OF AFRICAN CENTRAL BANK GOVERNORS

PRETORIA, South African President Jacob Zuma has opened the 40th Assembly of Governors of the Association of African Central Banks (AACB) here Tuesday with a reminder that a stable macro-economic environment is essential for economic growth on the continent.

Monetary policy has an important role to play in the development of our economies and the continent in general, said President Zuma at the opening here Tuesday. Maintaining price and financial stability are two of the key characteristics in this regard.”

He added that the meeting was taking place at a time when the global economy was still trying to shake off some of the negative legacies of the global financial crisis. While the international community had since put measures in place to restore sustainable global growth and strengthen the international financial system by reforming international financial regulations, vigilance was still needed to ensure that the growth momentum is maintained and financial markets are resilient.

African economies are integrated into the global economy and as such, we are forced to bear the brunt of adverse international economic developments. This meeting provides an excellent opportunity for the exchange of ideas around the role that central banks can play to address deficiencies and constraints so as to enhance growth in the different African regions, he said.

He encouraged the AACB — whose main objective is to promote cooperation in the monetary, banking and financial spheres in the interest of maintaining price and financial stability in Africa — to pay particular attention to the role that central banks and monetary policy can play.

He told the symposium, being held at the South African Reserve Bank’s conference centre here, that central banks had an important role to play in promoting inter-continental trade. The banks also had a role to play in linking payment systems across the continent, developing a well-functioning and efficient banking system and promoting cross-border banking and capital flows.

President Zuma also spoke of the recent move towards more protectionist policies, saying these could have implications on the pace of globalisation going forward.

Source: NAM NEWS NETWORK