African Central Bank

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The African Central Bank (ACB) is one of the original five financial institutions and specialized agencies of the African Union. Over time, it will take over responsibilities of the African Monetary Fund.

African Union Supranational union

The African Union (AU) is a continental union consisting of 55 member states located on the continent of Africa, with exception of various territories of European possessions located in Africa. The bloc was founded on 26 May 2001 in Addis Ababa, Ethiopia and launched on 9 July 2002 in South Africa. The intention of the AU is to replace the Organisation of African Unity (OAU), established on 25 May 1963 in Addis Ababa by 32 signatory governments. The most important decisions of the AU are made by the Assembly of the African Union, a semi-annual meeting of the heads of state and government of its member states. The AU's secretariat, the African Union Commission, is based in Addis Ababa.

African Monetary Fund organization

The Africa Monetary Fund is a planned African Union financial institution, though in time its responsibilities will be transferred to the African Central Bank. This institution is one of the three financial institutions of the future African Union. It will be based in Yaoundé, Cameroon.

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The creation of the ACB, due to be completed by 2020, a roll out pilot project began May, 2015 under the sole supervision of the AFRA Commission, the African Finance Regulatory Authority. The mandate of the AFRA Commission is guided by Article 19 of the OAU Constitutive Act, the 1991 Abuja Treaty and as agreed by the Assembly of Member States for the Single AFRA Payments Area (SAPA), the Common Economic and Monetary Systems and the creation of the African Central Bank (ACB), charged by the African Finance Regulatory Authority. The African Star Treaty Alliance Group, as declared by the FOURTH EXTRAORDINARY SESSION OF THE ASSEMBLY OF HEADS OF STATE AND GOVERNMENT of the Organisation of African Unity, 1999, in Sirte, Libya.

When it is fully implemented 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.

See also

European Central Bank central bank for the euro

The European Central Bank (ECB) is the central bank for the euro and administers monetary policy of the Eurozone, which consists of 19 EU member states and is one of the largest currency areas in the world. It is one of the world's most important central banks and is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union (TEU). The capital stock of the bank is owned by the central banks of all 28 EU member states. The Treaty of Amsterdam established the bank in 1998, and it is headquartered in Frankfurt, Germany. As of 2015 the President of the ECB is Mario Draghi, former governor of the Bank of Italy, former member of the World Bank, and former managing director of the Goldman Sachs international division (2002–2005). The bank primarily occupied the Eurotower prior to, and during, the construction of the new headquarters.

Economic Community of West African States organization

The Economic Community of West African States, also known as ECOWAS, is a regional economic union of fifteen countries located in West Africa. Collectively, these countries comprise an area of 5,114,162 km2 (1,974,589 sq mi), and in 2015 had an estimated population of over 349 million.

Central African CFA franc currency

The Central African CFA franc is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries have a combined population of 48.0 million people, and a combined GDP of US$88.2 billion.

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References

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