19 March 2019 01:42 AM

Amer: First unified African central bank to be established by 2043

Friday، 10 August 2018 - 11:08 AM

Governor of the Central Bank of Egypt (CBE) Tarek Amer said on Thursday that the first unified African central bank will be established by 2043 with the issuance of a unified African currency.


The move needs accord and a political will from the African states’ leaders, Amer said during the final press conference of the Association of African Central Banks (AACB)'s meetings, which were hosted by Egypt over the past two days for the first time in the AACB history.


The step also requires from African countries to achieve several indicators at the economic and financial levels related to growth rates, inflation rates, foreign reserves and budget deficit, he added.


Amer, who took over the AACB’s presidency for the new session (2018/2019) earlier in the day, noted that the association has already started to take steps towards this great target.


The two-day meetings witnessed strong discussions about mutual issues of common interest, including the challenges that stemmed from the fast-paced changes worldwide.



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