A



[pic]

distr.

5 LIMITED

6

7 CS/TCM/CBG/XXX/6

8 July

9

10 Original: ENGLISH

11

12

13 common market for eastern

14 and southern africa

15

Thirtieth Meeting of the Bureau of the COMESA

16 Committee of Governors of Central Banks

17

18 Cairo, Egypt

July 29, 2009

20

21

22

23 REPORT of the Thirtieth meeting OF the bureau of the

24 COMESA Committee of Governors of Central Banks

A. INTRODUCTION

1. The Thirtieth Meeting of the Bureau of the COMESA Committee of Governors of Central Banks was held on July 29, 2009 in Cairo, Egypt.

B. ATTENDANCE, OPENING OF THE MEETING AND ADOPTION OF THE AGENDA AND ORGANISATION OF WORK

Attendance

2. The meeting was attended by Governors and delegates from Central Banks of Egypt, Mauritius, Libya, Rwanda, Sudan, the COMESA Secretariat and the COMESA Clearing House. The list of participants is at Annex V of this report.

Opening of the Meeting (Agenda item 1)

3. In his opening statement, Mr Hisham Ramez, Deputy Governor of Central Bank of Egypt made a statement on behalf of the Chairman of the Bureau of the COMESA Committee of Governors of Central Banks, Governor Faruk El-Okdah. He extended a warm welcome on behalf of the Governor and in his own name, to all Governors and fellow delegates present at the meeting.

4. The Chairman emphasized the need to expedite steps towards completing the integration of our region. He stated that in this direction the Regional Payment Settlement System (REPSS) is a focal issue of today’s agenda and a really major step. He pointed out that as we have gladly seen the official launching of REPSS during the Thirteenth COMESA Heads of State and Government Summit, we should understand that to reap the benefits of such a facility, all Member Central Banks are requested to speed up the signature of the various agreements regarding this facility and operations.

5. The Governor of the Central Bank of Egypt, reaffirmed that the Central Bank of Egypt will spare no effort to promote REPSS and ensure the success of its operations. Egypt, as a whole supports all steps that serve the interests of COMESA Members in particular and the African countries in general.

Adoption of the Agenda and Organisation of Work (Agenda Item 2)

6. The meeting adopted the following agenda items:

1. Opening of the Meeting

2. Adoption of the Agenda and Organization of Work

3. Consideration of the Report of the Sixth Meeting of Experts of the Bureau of the COMESA Committee of Governors of Central Banks in the following:

i) Status Report on the implementation of the Regional Payment and Settlement System (REPSS);

ii) Audited Financial Statement of the COMESA Clearing House for the year ended 31st March 2008;

iii) Interim Accounts of the COMESA Clearing House for the period ended 31st March 2009;

iv) COMESA Clearing House Budget for the period April 2009 to March 2010;

v) Status of implementation of the Decisions of the Thirteenth Meeting of the COMESA Committee of Governors of Central Banks;

vi) Selection of the venue for the COMESA Monetary Institute;

vii) Draft Agenda for the 14th Meeting of the COMESA Committee of Governors of Central Banks;

4. Any Other Business;

5. Adoption of the Report and Closure of the Meeting.

7. The meeting agreed on the following hours of work:

Morning: 09.30 -12.30 hours

Afternoon: 14.00 -17.00 hours

1 C. ACCOUNT OF PROCEEDINGS

Consideration of the Report of the Sixth Meeting of Experts of the Bureau of the COMESA Committee of Governors of Central Banks (Agenda item 3)

Status Report on the Implementation of the Regional Payment and Settlement System (REPSS) (Agenda Item 3(i))

8. The Governors noted the report on the activities carried out by the COMESA Clearing House, as mandated by the COMESA Committee of Governors of Central Banks, at its Thirteenth Meeting held in Cairo, Egypt on 23 & 24 October 2008.

9. The Bureau was informed that the Council of Ministers, at its Twenty Fifth Meeting held in Lusaka, Zambia on 4 & 5 December 2008, had adopted the Governors Report and endorsed decisions contained therein, including those pertaining to REPSS as follows: (i) Noted the Status Report on the Implementation of the Regional Payment and Settlement System (REPSS);(ii) Thanked the Bank of Mauritius for the efforts put in for making REPSS a success and for agreeing to act as REPSS Settlement Bank and acquiring and installing the settlement software, which now makes it possible to transact and settle in a T+0 timeframe; and (iii) Reiterated its appreciation to the EU for financing REPSS.

10. The Council of Ministers at its Twenty Sixth Meeting, held on 2-4 June 2009 in Victoria Falls, Zimbabwe, further noted that preparations had been completed, as directed by Council and the Governors, for the launch of REPSS by the Authority of COMESA Heads of State and Government in June 2009 at Victoria Falls. Council urged Member States to sensitise, particularly the regional private sector about the importance and benefits of REPSS. REPSS was also fully endorsed by the COMESA Business Forum in Victoria Falls.

11. The Bureau was further informed that in his Statement on the official launching of REPSS, at the 13th Summit of COMESA Heads of State and Government at Victoria Falls, H E President Robert Gabriel Mugabe, Chairman of the COMESA Authority recalled that REPSS was coming at the right time for the region and that it would help tremendously in building and expanding trade and in all cross-border payments and receipts, at a fraction of the costs being currently charged to stakeholders, and with speed and efficiency.

12. The Chairman of the Authority further commended Governors of Central Banks and their able staff and the COMESA Clearing House for coming up with this facility. He also thanked the Bank of Mauritius for agreeing to become the Settlement Bank for REPSS, which makes it possible for exporters to get paid, at the latest, on the next day that importers deposit the money into their respective accounts at their Central Banks.

13. In officially declaring REPSS fully operational, H E President Robert Gabriel Mugabe urged all Central Banks to aggressively promote this facility and commercial banks and stakeholders to make full use of the system for the benefit of our economies and the region at large.

14. In its Final Communiqué, the Summit of the COMESA Authority of Heads of State and Government, inter alia:

i) COMMENDED Central Bank Governors and the COMESA Clearing House for coming up with the Regional Payment and Settlement System (REPSS), a home-grown solution to our regional payments requirements, that is fully compliant with all BIS Core Principles;

ii) EXPRESSED appreciation to the Bank of Mauritius for acting as the Settlement Bank to REPSS;

iii) LAUNCHED the COMESA Regional Payment and Settlement System (REPSS); and

iv) URGED all Central Banks to aggressively promote REPSS and commercial banks and stakeholders to make full use of this facility for the benefit of the region.

15. The Governors recalled that under the Regional Payment and Settlement System, either the exporter’s currency or any other currency agreed upon between the importer and the exporter is quoted on Letters of Credit (LCs); a single currency (US$ or EUR) is used for net settlement; a single nostro correspondent is used for the net settlement currency; the COMESA Clearing House acts as the agent of the Central Banks; bilateral limits (Net debit/Net Receiver) are set by each Central Bank at the Clearing House and each transaction is expressed in the settlement currency. Bilateral agreements between Central Banks are formulated that limits the amount of central bank exposure, to further ensure that settlement is a successful event each day.

16. Fees for the facility are assessed on a percentage basis with some minimum amount to deter many low value transactions. Initial charges for the system stands at 0.25 % (0.2% for CCH & 0.05% for the Central Bank) of the value of the transaction, with a minimum charge of US$ 20 or EUR equivalent.

17. REPSS (i) Guarantees prompt payment to the exporter - at the latest by the next day that the importer deposits the required amount at its Central Bank; (ii) Builds trust amongst traders that would lead to an increase in intra-regional trade; (iii) Drastically reduces the cost of making intra-regional trade transactions; (iv) Levels the playing field by getting all commercial banks to deal directly with one another, without having to go through banks outside the region; and (v) Eliminates the need for confirmed Letters of Credit and ultimately gets trade transactions to be effected on open accounts.

18. The Bureau noted that, during the implementation phase of REPSS, the following tasks had been completed:

i) A two day briefing session, in December 2007, with those Central Banks chosen for Beta Testing REPSS, aimed at testing and validating in a real environment: (a) Software performance against functional specifications, as stipulated in the Technical and Functional Specifications Document; (b) Security procedures and message integrity during processing and transmission; and (c) Information exchanges between Central Banks, SWIFT and COMESA Clearing House;

ii) Beta Tests with two RTGS (Tanzania & Mauritius) and one Non-RTGS Central Bank (Madagascar) on the SWIFT Network. These tests were successfully completed and their results fed into the design of the full pilot carried out at participating Central Banks prior to the system going live in all countries;

iii) Training Workshop for REPSS pilot testing, held at the Bank of Mauritius in April 2008 which covered, inter alia, the following themes on Day 1: (i) Overview of REPSS; (ii) REPSS Participants and Users; (iii) Main Payment Operations; (iv) Message Formats; (v) Payment Processing Schemes; (vi) Clearing and Settlement Procedures; (vii) Billing; (viii) REPSS Business Day Schedule; (ix) Start and End of Day Operations. The second day was devoted to practicing with the system in breakaway sessions with one workstation for each Central Bank. Representatives from the following Central Banks attended the Training Workshop: Djibouti, D R Congo, Egypt, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Sudan, Swaziland, Tanzania, Uganda and Zambia. Apologies were received from the Central Banks of Burundi, Libya, Seychelles and Zimbabwe;

iv) Registration of Central Banks and two each of their commercial banks on the newly created REPSS SWIFT Closed User Group (CUG) for purposes of exchanging BKEs between participants and testing their SWIFT connectivity. Twelve Central Banks have so far registered in the REPSS SWIFT Closed User Group;

v) Purchasing and installation of Settlement Software, by the Bank of Mauritius, that makes it possible to carry out same day settlement on REPSS. Training of Bank of Mauritius and CCH staff was carried out in August 2008;

vi) Information Workshops at the Central Banks of Kenya, Libya, Mauritius and Zimbabwe prior to the starting of REPSS Pilot Tests. Pilot testing, with (a) Virtual Private Network (VPN); and (b) VPN and SWIFT, of REPSS carried out during April to November 2008;

vii) Draft agreements legitimising participation of Central Banks, including Bilateral Agreements between COMESA Clearing House (CCH) and Central Bank; Multilateral Netting Agreements covering the responsibilities of CCH; Service Level Agreement between participants and CCH have been prepared, finalised after inclusion of inputs from Central Banks and vetting by COMESA Legal Counsel, and sent to Central Banks for signature;

viii) REPSS requirements with regards to (a) Processing of SWIFT documentation for connecting to SWIFT network; (b) Preparation of roll-out of infrastructure at Operations Centre and Central Banks; (c) Working out of network traffic cost, transaction charge-out cost and training requirements; and (d) Preparation of Standards & Procedures Manual for REPSS completed in December 2008;

ix) Successful testing, during Pilot Testing Phase in December 08 and January 09, of connectivity and coordination of activities between CCH and REPSS Operations Centre. Also tested was REPSS connectivity with Central Banks, through sending and receiving of messages, query resolution and business window management;

x) Immediately after completion of REPSS Pilot Tests, Information Workshops organised by Central Banks held, during February and March 09 with stakeholders in Kenya, Uganda, Tanzania, Rwanda, Malawi, Zambia, Egypt, Sudan, Swaziland and DRC. Sensitisation Workshop at the Central Bank of Madagascar (which has been actively participating and supporting REPSS, including pilot testing of the system) will be held as soon as stability returns to the country, after which Madagascar has indicated that it will fully utilise the system. Feedback from the workshop had called for another round of tests before going live;

xi) A second round of pilot testing carried out, during March - May 09, with the Central Banks of Kenya, Uganda, Tanzania, Malawi, Mauritius, Madagascar, Zambia, Zimbabwe, Egypt and Swaziland. Tests currently underway with the Central Banks of Sudan and Rwanda and it is hoped that the Central Banks of Burundi, DRC, Djibouti and Libya will soon join the tests and operate the system;

xii) Live BIC registration on the Closed User Group (CUG) completed, during May – June 2009 for the Central Banks of Kenya, Madagascar, Malawi, Mauritius, Rwanda, Swaziland and Zimbabwe. Live RMAs (Relationship Management Application that have replaced the former BKE – Bilateral Key Exchange) are also in place for the Central Banks of Djibouti, Egypt, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Sudan, Swaziland, Tanzania, Uganda, Zambia and Zimbabwe; and

xiii) Live and Test Environments set up to run in parallel to allow for those Central Banks that did not go through the First Test Pack to do so whilst the System operates in live mode.

19. The Governors noted that the following activities are planned for the period July 2009 – March 2010:

i) Follow up on opening of Settlement Accounts at Bank of Mauritius and signing of agreements - Ongoing

ii) Operating of REPSS in Live Mode with the Central Banks of Egypt, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Swaziland and Zambia – July 2009

iii) Holding of REPSS Post-Live Stakeholders Meetings at Central Banks for Progress Review – August to December 2009

iv) Holding of Regional Workshops for REPSS Progress Review and System Enhancements – November 2009 & March 2010

v) Holding of Sensitisation Workshops at National Levels at those Central Banks that were not visited during the first round of presentations – October 2009 to March 2010

vi) Updating of COMESA Website on CCH and REPSS Activities and providing links into CCH from participating Central Banks Websites - Ongoing

Discussions

20. With a view to aggressively promoting REPSS, as a system driven by Central Banks and the COMESA Clearing House, the Bureau proposed that COMESA Secretariat writes to all stakeholders informing them of the launching of the System by COMESA Heads of State and Government in June, 2009 and requesting them to make full use of REPSS, which to their benefit and that of the region.

21. The Chairman of the COMESA Committee of Governors of the Central Banks will also write to his colleagues urging them to expedite signature of the various agreements and opening of accounts at the Bank of Mauritius, the Settlement Bank.

DECISIONS

22. The Bureau:

i) Took note of the above Progress Report on the Implementation of REPSS;

ii) Approved the Work Plan for the period July 2009 to March 2010;

iii) Urged Central Banks to expedite the signature of the various agreements pertaining to REPSS and its Operations and Opening of Settlement Accounts at the Bank of Mauritius; and

iv) Approved the opening up of REPSS to the following additional currencies: UK Pounds (GBP), Switzerland Francs (CHF), Japanese Yen (JPY) and South African Rand (ZAR);

Audited Financial Statements of the COMESA Clearing House for the Year Ended 31 March 2008 (Agenda Item 3(ii))

23. The Bureau noted the presentation of the COMESA Clearing House on the Audited Financial Statements for the year ended 31 March 2008, which is contained in Annex I of this report. This showed a total income of US$ 947,959 against expenditures amounting to US$ 649,000, resulting in an excess of income over expenditure of US$ 298,959

Decision

24. The Bureau approved the Audited Financial Statements of the COMESA Clearing House for the year ended 31 March 2008.

Interim Accounts for the COMESA Clearing House for the Period Ended 31 March 2009 (Agenda Item 3(iii))

21. The Clearing House presented the Interim Accounts for the period ended 31 March 2009 which is contained in Annex II of this report. The approved budget for the period April 2008 to March 2009 anticipated revenues amounting to US$ 836,950. Actual Receipts amounted to US$ 852,272 resulting from an increase in interest earnings of US $15.322 and with expenditures at US$ 802,034, an excess of income over expenditure of US$ 50,238 is expected for that period.

Decision

22. The Bureau approved the Interim Accounts for the year ended 31 March 2009

COMESA Clearing House Budget for the period 1 April 2009 to 31 March 2010 (Agenda Item 3(iv))

23. The representative of the COMESA Clearing House presented the COMESA Clearing House budget for the period 1 April 2009 to 31 March 2010 which is contained in Annex III of this report

24. The Governors noted that in view of the inability of the Bureau of the COMESA Committee of Governors of Central Banks to be convened in March/April 2009, the Chairman had approved, on behalf of the Bureau, an amount of US$ 282,300.00, for the COMESA Clearing House expenditure for the period 1 April 2009 – 31 July 2009, pending consideration of its Budget by the Bureau at its 30th Meeting on 29 July 2009. COMESA Secretariat was also requested to transfer that amount, from the PTA Travellers Cheque Fund Account, into the Clearing House Account.

25. In presenting the proposed budget, the Clearing House highlighted the following:

i) The Budget incorporated all activities related to (a) Final lap of implementation; (b) Preparation for REPSS live operations; and (c) Post-live operations tasks;

ii) The main activities that will be undertaken during the period July 2009 – March 2010 are detailed out in the Work Plan contained in the Status Report on the Implementation of REPSS (Agenda Item 3). They include the following: (a) Follow up on Opening of Settlement Accounts and Signing of Agreements; (b) Close Monitoring of REPSS Live Mode Operations with the Central Banks of Egypt, Kenya, Madagascar, Malawi, Mauritius, Rwanda, Swaziland, Zambia and Zimbabwe; (c) Holding of Post-Live Stakeholders Meetings at Central Banks for Progress Review; (d) Follow up with those Central Banks that were visited but have not yet joined REPSS Closed User Group and performed necessary tests at their premises; (e) Holding of REPSS Regional Workshops for Progress Reviews and System Enhancements; and (e) Holding of Sensitisation Workshops at remaining Central Banks that were unable to host such sessions because of other commitments;

iii) SWIFT and other charges relate to SWIFT joining fees (annual), SWIFT Alliance Interface (annual), SWIFT Bureau Charges, including operational costs and VPN IP yearly costs; and

iv) Meetings & Travel include the holding of Sensitisation Workshops at national level in all participating Member States with Central Banks, commercial banks and other Stakeholders and Regional Meetings for RPSS Progress Reviews.

Decisions

26. The Bureau:

i) Approved the Clearing House Budget for the period 1 April 2009 – 31 March 2010 for a total amount of US$ 863,950.00, inclusive of US$ 282,300.00 already approved for transfer for the period 1 April 2009- 31 July 2009; and

ii) Requested COMESA Secretariat to transfer the remaining amount of US $581,650.00 from the PTA Travellers Cheque Fund Account, into the COMESA Clearing House Account.

Status of Implementation of the Decisions of the 13th Meeting of the COMESA Committee of Governors of Central Banks (Agenda Item 3(v))

27. Under this agenda item, the Bureau noted the following progress that had been made in the implementation of the decisions of the Meeting of the COMESA Committee of Governors of Central Banks:

Decisions

28. Page 16, Para 58: (i) Governors reaffirmed the importance of timely submission of information needed for analysis, for meeting the macroeconomic convergence criteria to the Secretariat. (ii) COMESA should organize a workshop on the impact of the global financial crisis on Member Countries in April 2009

Action Taken

29. Member countries requested to submit their report by July 31st 2009. Bank of Mauritius, National Bank of Rwanda, Bank of Uganda, Central Bank of Egypt, Central Bank of Sudan, Central Bank of Libya, Reserve Bank of Malawi and the Central Bank of Swaziland already submitted their report.

30. COMESA participated in continental conferences in which all Central Banks in COMESA region participated. The synthesised report of these conferences will be prepared by COMESA and will be presented to the Monetary Cooperation meetings in October 2009.

Action to be taken

31. The Secretariat should send a reminder to those member countries which have not submitted their report.

Decisions

32. Page 26-27, Paragraph 77:

(a) The studies presented to the Sub-Committee being work in progress, the consultants should incorporate all comments which were made by the Sub-Committee and the final study be resubmitted by December 31, 2008 to the Secretariat. The Secretariat should convene the meeting of the Monetary and Exchange Rates Policies Sub-Committee to review the final studies in early 2009;

(b) The member countries that wish to be included in the studies should provide the required data to consultants at the latest by November 15, 2008. The data provided to consultants should be copied to the COMESA Secretariat; and

(c) Since the studies are policy papers, there is need to limit to the size of the studies in the TOR.

Actions Taken

33. The consultants incorporated all comments and submitted the final study. There was no significant change in the final studies as compared to the ones submitted earlier. There was, therefore, no need to convene the Monetary and Exchange Rates Policies Sub-Committee meeting to review them.

34. Burundi, Malawi and Swaziland submitted their data to the consultants and were included in the final study.

Decisions

35. Page 32-33, Paragraph 90: Undertake preparatory work for the establishment of the COMESA Monetary Institute

Action Taken

36. Charter for COMESA Monetary Institute is being prepared and will be submitted to the next Monetary and Exchange Rates Policy Sub-Committee which will be held in October 2009 for review.

Decision

37. Page 33, Paragraph 92: A Study on Choice of Monetary Policy Regimes in selected COMESA member States.

Action Taken

38. A Consultant recruited to undertake the study

Decision

39. Page 33, Paragraph 92: A study on the nature and extent of symmetry of shocks in the COMESA region

Action Taken

40. A Consultant recruited to undertake the study.

Action to be taken

41. Regarding the studies mentioned in paragraphs 41 and 43, the Consultants should not restrict their analysis to only member countries with sufficient data. They should also attempt to analyze situations of those countries with inadequate data and make appropriate recommendations for such countries.

Decision

42. Page 33, Paragraph 92: A workshop on challenges facing COMESA as related to the global financial crisis.

Action Taken

43. Not undertaken, because it was overtaken by Continental conferences which were attended by COMESA.

Decision

44. Page 34, Paragraph 92: Hold Training on Macroeconomic Policy Modelling.

Action Taken

45. Will not be undertaken in 2009. Funding was not available from ACBF, which was planned to support this activity.

Decision

46. Page 35 Paragraph 98: Develop Assessment framework on Financial stability

Action Taken

47. Consultant completed and submitted the study. It will be reviewed by the 4th Meeting of the Financial System Development and Stability Sub-Committee which will be convened in August-September 2009.

Decision

48. Page 35 Paragraph 98: Conduct work shop on regulation of capital markets, insurance and pension sectors

Action Taken

49. Will not be undertaken in 2009. Funding was not available from ACBF, which was supposed to finance this activity;

Decision

50. Page 36 Paragraph 98: Conduct self evaluation on progress made towards fulfilment of requirements of the Financial System Development and Stability Action Plan and submit to COMESA Secretariat.

Action Taken

51. This will be undertaken after the Assessment Framework for Financial System Development and Stability is endorsed by the 14th Meeting of the COMESA Committee of Governors of Central Banks in October 2009.

Decision

52. Page 36 Paragraph 98: Monitor the implementation of the Financial System Development and Stability.

Action Taken

53. This will be undertaken after the Assessment Framework for Financial System Development and Stability is endorsed by the 14th Meeting of the COMESA Committee of Governors of Central Banks

Decision

54. Page 36 Paragraph 102: in view of the implications of a risk weighting reduction to 20%, ATI should submit a comprehensive proposal to the Financial System Development and Stability sub-committee for consideration and submission of their recommendations to the next meeting of the Committee of Experts on Finance and Monetary Affairs.

Action Taken

55. ATI will be invited to the 4th Meeting of the Financial System Development and Stability Sub-Committee to make a presentation.

Discussions

56. The meeting observed that very important trainings which are necessary for capacity building could not held due to unavailability of funding.

Bureau Decision

57. The Bureau decided that funding from donors and institutions for workshops and training should be mobilized by the Secretariat.

Selection of the venue for the COMESA Monetary Institute (Agenda Item 3(vi))

58. The Bureau was informed that the Central Bank of Kenya and the Bank of Zambia had submitted their offer to host the Institute. The Bureau noted that since both countries met the criteria it was difficult to reach a decision on the location of the institute. It was therefore, necessary to visit the proposed facilities offered by both countries for the institute on sight.

Decision

59. The Bureau decided that:

i) The Experts of the Bureau should visit the Central Banks of Kenya and Zambia and make an assessment of the proposed physical infrastructure at the two central banks before the end of August 2009;

ii) The report should be circulated to all member Central Banks before end of September, 2009;

iii) The experts should submit their report to the Fourteenth Meeting of the Experts of Finance and Monetary Affairs for consideration and submission to the Fourteenth Meeting of the COMESA Committee of Governors of Central Banks which will be held in October 2009;

iv) Each Central Bank of the Bureau will cover the cost of participation of its expert; and

v) The Secretariat will coordinate the activities of the evaluation team.

Draft Agenda for the 14th Meeting of the COMESA Committee of Governors of Central Banks (Agenda item 3(vii))

Decision

60. The Bureau approved the draft agenda for the Fourteenth Meeting of the COMESA Committee of Governors of Central Banks as contained at Annex IV. The Bureau noted that the fourteenth Meeting of the COMESA Committee of Governors of Central Banks is scheduled to be held from 29 to 30 October, 2009 in Mauritius. The meeting of Governors would be preceded by the meeting of the Monetary Affairs Committee to be held from 26 to 28 October, 2009.

Any Other Business (Agenda item 4)

61. Under this agenda item the Governor of the Bank of Mauritius, Mr Rundheersing Bheenick, briefed the meeting on the proposal by the International Monetary Fund (IMF) for the establishment of a new Technical Assistance Centre AFRITAC (South). He stated that a decision on the location of AFRITAC (South) has not yet been made. Botswana and Mauritius are competing to host this Centre. He highlighted the reasons why Mauritius should be chosen as the location Centre for hosting AFRITAC (South). Some of these are:

i) Social and political stability of Mauritius;

ii) Synergies generated from being part of Regional Multi-Disciplinary Centre of Excellence (RMCE);

iii) Appeal to the region and small islands;

iv) Mauritius bilingualism for both Francophone and Anglophone African Countries;

v) Good air access, network; and

vi) Good infrastructure and telecommunication facilities.

62. He then requested the Bureau of the COMESA Committee of Governors of Central Banks to support Mauritius in hosting AFRITAC (South)

Decision

63. The Bureau supported the candidature of Mauritius and requested the Chairman of the Committee as well as the Secretary General of COMESA to write to the Managing Director of the IMF accordingly.

Adoption of the Report and Closure of the Meeting (Agenda item 5)

64. The Bureau adopted its report with amendments. The Chairman thanked the Governors and the delegates and wished them a safe journey back home. The Governor of the Bank of Mauritius on behalf of all Governors thanked the Central Bank of Egypt for hosting the meeting and for the warm hospitality accorded to the delegates.

[pic]

Distr.

LIMITED

CS/TCM/BCBG/XXIV/1

July 2009

Original: English

COMMON MARKET FOR EASTERN

AND SOUTHERN AFRICA

Fourteenth Meeting of the Bureau of the COMESA Committee

Of Governors of Central Banks

3 Port Louis, Mauritius

29 – 30 October, 2009

DRAFT AGENDA FOR THE FOURTEENTH MEETING OF THE

COMESA COMMITTEE OF GOVERNORS OF CENTRAL BANKS

09(rmm)

1. Opening of the Meeting;

2. Election of the Bureau;

3. Adoption of the Agenda and Organisation of Work;

4. Report of the Outgoing Chairman on the Activities of the Bureau;

5. Status of Implementation of the Decisions of the 13th Meeting of the

COMESA Committee of Governors of Central Banks;

6. Status Report on the Implementation of the Regional Payment and

Settlement System (REPSS);

7. Report on the Progress Made by Member Countries Towards Achieving Macro-Economic Convergence in 2007;

8. Report of the Sixth Meeting of the Monetary and Exchange Rate Policies Sub-Committee on the following:

i) A Draft Charter of the COMESA Monetary Institute;

ii) A study on the Choice of Monetary Policy Regimes- Case Study of Selected Countries;

iii) A study on the Extent and Symmetry of Shocks in Selected COMESA member Countries

iv) Global Financial Crisis: Impact, Response and the Way forward; and

v) Work Plan of the Monetary and Exchange Rate Policies Sub-Committee for 2010;

9. Report of the Fourth Meeting of the Financial System Development and Stability Sub-Committee on the following:

i) the Assessment Framework on Financial System Development and Stability; and

ii) Work Plan for the Financial System Development and Stability Sub Committee

10. Selection of the Venue for COMESA Monetary Institute

11. Any Other Business;

12. Adoption of the Report and Closure of the Meeting.

List of Participants

Egypt

Mr Hishman Ramez, Deputy Governor, Central Bank of Egypt, 54 El Goumhoria St. , Tel: (+202) 27702732; (+202) 27701383, e-mail: hisman.ramez@.eg

Mr Tarek Raouf, Sub-Governor, Central Bank of Egypt, 54 Goumhoria St. Cairo, Tel: (+202) 27702732, e-mail: tarek.raouf@.eg

Mr Mohamed Tammam, Assistant Sub-Governor, Central Bank of Egypt, 54 El Goumhoria St., Cairo, Tel: (+202) 27701468, e-mail: mohammed.tammam@.eg

Mr. Ahmed Nośhy, Assistant Sub-Governor, Central Bank of Egypt, 54 El Goumhoria St. Cairo, Tel: 002 012 7439611; (+202) 2770 1338/9, E-mail: ahmed.noshy@.eg

Ms Naglaa Nozahie, General Manager, Central Bank of Egypt, 54 El Goumhoria St. Cairo, Tel: (+202) 012 7586253, e-mail: naglaa.nozahie@.eg

Mr Mohamed Afifi, General Manager, CBE, 54 El Goumhoria St. Cairo, e-mail: mmaallam@; Mohamed.Afifi@.eg

Ms Nadia Shokry Mohamed Hussein, General Manager, Central Bank of Egypt, 54 El Goumhoria St. Cairo, Tel: (+202) 22592468 e-mail: nadia.shokry@.eg

Yousry M. Abd El-Rahman, Assistant Manager, Central Bank of Egypt, Tel: 002 010 125 66 54, E-mail: yousry_abdelrahman@

Ahmed Faragallah, Head of Payment Systems, Central Bank of Egypt, 54 El- Goumhoria St., Downtown – Cairo, Tel: (+20) 10 999 1183, E-mail: ahmed.faragallah@.eg

Libya

Mr. Ezzeddin M. Ashur, Deputy Director of Research and Statistics Department, Central Bank of Libya, P.O. Box 1103, Tripoli, 00 218 21 4776022, Fax: 00 218 21 4773903, E-mail: eashur@.ly

Mr. Abubaker H. Suleiman, Head of Research Section, Central Bank of Libya, P.O. Box 1103, Tripoli, Liyba, Tel: 00218 21 4794903, Fax: 218 21 4773903, E-mail: abu103787@

Mauritius

Mr. Bheenick Rundheersing, Governor, Bank of Mauritius, Sir William Newton Street, Port Louis, Mauritius, Tel: +230 2023935, Fax: +230 2114434, e-mail: governor@intnet.mu

Mr. Thakoor Dhanesswurnath, Head Payment Systems & MCIB, Bank of Mauritius, Sir William Newton Street, Port Louis, Mauritius, Tel: +230 2023935, Fax: +230 2114434, e-mail: dthakoor@bom.intnet.mu

Rwanda

Dr. Rusuhuzwa Kigabo Thomas, Chief Economist, Central Bank of Rwanda, P.O. Box 531, Kigali, Rwanda, Tel: +250 788303633, e-mail: thkigabo@yahoo.fr; tkigabo@bnr.rw

Mr. Sekagilimana Celestin, Director, Financial Markets, National Bank of Rwanda, B.P. 531, Kigali, Rwanda, Tel: (250) 0788306019, Fax: (250) 572551, E-mail: csekagilimana@bnr.rw

Sudan

Mr. Bader Eldin Mahmoud Abbas, Deputy Governor, Central Bank of Sudan, P.O. Box 313, Khartoum, Tel: 00 2499 12846301; 00 249 183781311, Fax: 00 249 183771878, E-mail: mustafaa_eltahir@

Mr. Mustafa-Eltahir Mohammed, Director, Deputy Governor’s Office, Central Bank of Sudan, P.O. Box 313, Khartoum, Tel: 00 2499 12846301, Fax: 00 249 183771878, e-mail: Mustafaa_eltahir@

Mr. Abdel Rahman Mohamed Abdel Rahman, Division Chief, Central Bank of Sudan, P.O. Box 313, Khartoum, Tel: (249) 912215807, Fax: (249) 183 781341, E-mail: arahmanm40@

COMESA Clearing House

Dr Kombo Moyana, Executive Secretary, COMESA Clearing House, P.O. Box 2940, Harare, Zimbabwe, Tel: (263 4) 495 189, Fax: (263 4) 498 497, e-mail: kmoyana@

Mr. Mahmood Mansoor, Chief Technical Adviser, COMESA Clearing House, P.O. Box 2940, Harare, Zimbabwe, Tel: (263 4) 495 189, Fax: (263 4) 498 497, e-mail: mmansoor@

COMESA Secretariat/Secrétariat du COMESA, P.O. Box 30051, Lusaka, Zambia, Tel: +260 211 229726, Fax: +260 211 225107, E-mail: secgen@comesa.int

Mr. Stephen Karangizi, Assistant Secretary General (Programmes), skarangizi@comesa.int

Mr. Ibrahim Zeidy, Senior Monetary Economist, izeidy@comesa.int

Ms Rosemary M. Musiwa, Administrative Assistant, rmusiwa@comesa.int

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download