African Central Bank

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The African Central Bank (ACB) is one of the three financial institutions 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 2028, a rollout pilot project beginning May, 2015 to be supervised by the monetary group ASTAC - African Star Treaty Alliance Corporation. ASTAC comprises financial stakeholders and treasury systems operating in Africa and with the rest of the world. Works together with the Regional Central Bank Associations on the Continent. ACB was first agreed upon in the 1991 Abuja Treaty. The 1999 Sirte Declaration called for a speeding up of this process with creation by 2020.[1]

When it is fully implemented via Pan-African Parliament legislation, 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.

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Footnotes[edit]

  1. ^ Paul R. Masson and Heather Milkiewicz (Jul 2003). "Africa's Economic Morass--Will a Common Currency Help?". Brookings Policy Brief Series. Retrieved 2009-09-13. 

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