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African Central Bank
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. Regional Committees The single African currency is to be composed of currency units made up of regional central bank cur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African Union
The African Union (AU) is a continental union of 55 member states located on the continent of Africa. The AU was announced in the Sirte Declaration in Sirte, Libya, on 9 September 1999, calling for the establishment of the African Union. The bloc was launched on 9 July 2002 in Durban, South Africa. The intention of the AU was to replace the Organisation of African Unity (OAU), established on 25 May 1963 in Addis Ababa by 32 signatory governments; the OAU was disbanded on 9 July 2002. The most important decisions of the AU are made by the Assembly of the African Union, a semi-annual meeting of the heads of state and government of its member states. The AU's secretariat, the African Union Commission, is based in Addis Ababa. The largest city in the AU is Lagos, Nigeria while the list of urban areas in Africa by population, largest urban agglomeration is Cairo, Egypt. The African Union has more than 1.3 billion people and an area of around and includes world landmarks such as the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Market For Eastern And Southern Africa
The Common Market for Eastern and Southern Africa (COMESA) is a regional economic community in Africa with twenty-one member states stretching from Tunisia to Eswatini. COMESA was formed in December 1994, replacing a Preferential Trade Area which had existed since 1981. Nine of the member states formed a free trade area in 2000 (Djibouti, Egypt, Kenya, Madagascar, Malawi, Mauritius, Sudan, Zambia and Zimbabwe), with Rwanda and Burundi joining the FTA in 2004, the Comoros and Libya in 2006, Seychelles in 2009, Uganda in 2012 and Tunisia in 2018. COMESA is one of the pillars of the African Economic Community. In 2008, COMESA agreed to an expanded free-trade zone including members of two other African trade blocs, the East African Community (EAC) and the Southern Africa Development Community (SADC). COMESA is also considering a common visa scheme to boost tourism. Membership Current members Former members Organs According to the treaties, the following organs hav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Union
A currency union (also known as monetary union) is an intergovernmental agreement that involves two or more states sharing the same currency. These states may not necessarily have any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). There are three types of currency unions: * ''Informal'' – unilateral adoption of a foreign currency. * ''Formal'' – adoption of foreign currency by virtue of bilateral or multilateral agreement with the monetary authority, sometimes supplemented by issue of local currency in currency peg regime. * ''Formal with common policy'' – establishment by multiple countries of a common monetary policy and monetary authority for their common currency. The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Advantages and disadvantages Implementing ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Common Monetary Area
The Common Monetary Area (CMA) links South Africa, Namibia, Lesotho and Eswatini into a currency union, monetary union. The Southern African Customs Union (SACU) includes all CMA members in addition to Botswana, which replaced the South African rand, rand with the Botswana pula, pula in 1976 as a means of establishing an independent monetary policy. The CMA facilitates trade and promotes economic development between its member states. Although the South African rand is legal tender across the CMA, the other member states issue their own currencies exchanged at par with it: the Lesotho loti, Namibian dollar and Swazi lilangeni. Foreign exchange regulations and monetary policy throughout the CMA continue to reflect the influence of the South African Reserve Bank. History The CMA, enacted in July 1986, originated from the Rand Monetary Area (RMA), which was formally established in December 1974; the signatories of the latter were South Africa, Lesotho, and Swaziland. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central African CFA Franc
The Central African CFA franc ( French: ''franc CFA'' or simply ''franc''; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries had a combined population of 55.2 million in 2020, and a combined GDP of over US$100 billion (as of 2021). CFA originally stood for ''Colonies françaises d'Afrique'' ("French colonies of Africa"); following the independence of these states, its name was changed to ''Communauté financière africaine'' ("African Financial Community"). The currency is issued by the Bank of Central African States (BEAC; ''Banque des États de l'Afrique Centrale''), located in Yaoundé, Cameroon, for the members of the Economic and Monetary Community of Central Africa (CEMAC; ''Communauté Économique et Monétaire de l'Afrique Centrale''). The franc is nominally subdivided into 100 '' centimes'' but no ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Euro
The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the euro area or, more commonly, the eurozone. The euro is divided into 100 1 euro cent coin, euro cents. The currency is also used officially by the institutions of the European Union, by International status and usage of the euro, four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. The euro is used by 350 million people in Europe and additionally, over 200 million people worldwide use currencies pegged to the euro. It is the second-largest reserve currency as well as the second-most traded currency in the world after the United Sta ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Central Bank
The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International use, most important central banks with a balance sheet total of around 7 trillion. The Governing Council of the European Central Bank, ECB Governing Council makes monetary policy for the Eurozone and the European Union, administers the foreign exchange reserves of EU member states, engages in foreign exchange operations, and defines the intermediate monetary objectives and key interest rate of the EU. The Executive Board of the European Central Bank, ECB Executive Board enforces the policies and decisions of the Governing Council, and may direct the national central banks when doing so. The ECB has the exclusive right to authorise the issuance of euro banknotes. Member states can issue euro coins, but the volume must be approved by the EC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abuja Treaty
The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. The stated goals of the organization include the creation of free trade areas, customs unions, a single market, a central bank, and a common currency (see African Monetary Union) thus establishing an economic and monetary union. Goals The AEC founded through the Abuja Treaty, signed in 1991 and entered into force in 1994 is envisioned to be created in six stages: # (completed in 1999) Creation of regional blocs in regions where such do not yet exist # (completed in 2007) Strengthening of intra-REC integration and inter-REC harmonisation # (completed in 2021) Establishing of a free trade area and customs union in each regional bloc # (to be completed in 2023) Establishing of a continent-wide customs union (and thus also a free trade area) # (to be completed in 2025) Establishing of a continent-wide African ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
East African Community
The East African Community (EAC) is an intergovernmental organisation in East Africa. The EAC's membership consists of eight states: Democratic Republic of the Congo, the Federal Republic of Somalia, the Republics of Burundi, Kenya, Rwanda, South Sudan, Uganda, and Tanzania. William Ruto, the president of Kenya, is the current EAC chairman. The organisation was founded in 1967, collapsed in 1977, and was revived on 7 July 2000. The main objective of the EAC is to foster regional economic integration. In 2008, after negotiations with the Southern African Development Community (SADC) and the Common Market for Eastern and Southern Africa (COMESA), the EAC agreed to an expanded free trade area including the member states of all three organisations. The EAC is an integral part of the African Economic Community. The EAC is a potential precursor to the establishment of the East African Federation, a proposed federation of its members into a single sovereign state. In 2010, the EAC ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
African Monetary Fund
The Africa Monetary Fund is a planned African Union financial institution, though in time its responsibilities will be transferred to the African Central Bank. This institution is one of the three financial institutions of the African Union. It will be based in Yaoundé, Cameroon Cameroon, officially the Republic of Cameroon, is a country in Central Africa. It shares boundaries with Nigeria to the west and north, Chad to the northeast, the Central African Republic to the east, and Equatorial Guinea, Gabon, and the R .... Proposed shareholding The bank envisages to have a paid up capital of $23 billion. References External links Draft Statute of the African Monetary Fund [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Eco (currency)
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be merged with the Euro-pegged CFA franc which is used by the French-speaking West African region within the West African Economic and Monetary Union (UEMOA). This will also enable the UEMOA states to gain complete fiscal and monetary independence from France. The UEMOA states have alternatively proposed to reform the CFA franc into the eco first, which could then be extended to all ECOWAS states. The Eco has been pushed back several times since the launch of the ECOWAS single currency project, with the fifth launch deadline set for July 2027. Ten criteria For the Eco to be implemented, ten convergence criteria, set out by the West African Monetary Institute (WAMI), must be met. These criteria are divided into four primary and six sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Community Of West African States
The Economic Community of West African States (ECOWAS; also known as CEDEAO in French and Portuguese) is a regional political and economic union of twelve countries of West Africa. Collectively, the present and former members comprise an area of and have an estimated population of over 424.34 million. Considered one of the pillar regional blocs of the continent-wide African Economic Community (AEC), the stated goal of ECOWAS is to achieve "collective self-sufficiency" for its member states by creating a single large trade bloc by building a full economic and trading union. Additionally, ECOWAS aims to raise living standards and promote economic development. The union was established on 28 May 1975, with the signing of the Treaty of Lagos, with its stated mission to promote economic integration across the region. A revised version of the treaty was agreed and signed on 24 July 1993 in Cotonou, the largest city in Benin. ECOWAS's published principles include equality and int ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
