African Central Bank

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The African Central Bank (ACB) is one of the three financial institutions of the African Union. It will over time take over responsibilities of the African Monetary Fund.

The creation of the ACB, to be completed by 2028 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.

[edit] See also

• Afro (currency)
• Abuja Treaty
• European Central Bank

[edit] References

1. ^ Paul R. Masson and Heather Milkiewicz (Jul, 2003). Africa's Economic Morass--Will a Common Currency Help?. The Digital Collegian. Retrieved on 2006-04-22.

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-/-://www.ossrea.net/publications/newsletter/feb06/article6.htm

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