African Central Bank
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.
When it is fully implemented via Pan-African Parliament legislation, the ACB will be the sole issuer of the African single currency (African Monetary Union/Afro), 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.
The current timeline established by the Abuja Treaty calls for a single African currency to be instituted by the African Central Bank by 2028. Although some countries have reservations about full economic and monetary union, a number of regional unions already exist, and others are planned.
Read more about this topic: African Monetary Union
Famous quotes containing the words african, central and/or bank:
“Like dreaming, reading performs the prodigious task of carrying us off to other worlds. But reading is not dreaming because books, unlike dreams, are subject to our will: they envelop us in alternative realities only because we give them explicit permission to do so. Books are the dreams we would most like to have, and, like dreams, they have the power to change consciousness, turning sadness to laughter and anxious introspection to the relaxed contemplation of some other time and place.”
—Victor Null, South African educator, psychologist. Lost in a Book: The Psychology of Reading for Pleasure, introduction, Yale University Press (1988)
“Et in Arcadia ego.
[I too am in Arcadia.]”
—Anonymous, Anonymous.
Tomb inscription, appearing in classical paintings by Guercino and Poussin, among others. The words probably mean that even the most ideal earthly lives are mortal. Arcadia, a mountainous region in the central Peloponnese, Greece, was the rustic abode of Pan, depicted in literature and art as a land of innocence and ease, and was the title of Sir Philip Sidney’s pastoral romance (1590)
“I know a bank where the wild thyme blows,
Where oxlips and the nodding violet grows,
Quite overcanopied with luscious woodbine,
With sweet musk-roses, and with eglantine:
There sleeps Titania sometime of the night,
Lulled in these flowers with dances and delight.”
—William Shakespeare (1564–1616)