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politics and government of
the African Union
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.
The creation of the ACB, due to be completed by 2020, was 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.
A central bank, reserve bank, or monetary authority is an institution that manages the currency, money supply, and interest rates of a state or formal monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, and also generally controls the printing of the national currency, which serves as the state's legal tender. A central bank also acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks.
The Reserve Bank of India (RBI) is India's central bank, which controls the issue and supply of the Indian rupee. RBI is the regulator of the entire Banking in India. RBI plays an important part in the Development Strategy of the Government of India.
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system.
The State Bank of Pakistan (SBP) is the central bank of Pakistan. While its constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until January 1, 1974, when the bank was nationalized, the scope of its functions was considerably enlarged. The State Bank of Pakistan Act 1956, with subsequent amendments, forms the basis of its operations today. The headquarters are located in the financial capital of Pakistan, Karachi whereas the bank has a fully owned subsidiary with the name SBP Banking Services Corporation (SBP-BSC) which is the operational arm of the central bank and has branch offices in 15 cities across Pakistan, including the capital city Islamabad and the four provincial capitals and has head office in Karachi. State bank has other fully owned subsidiaries as well namely, I) National Institute of Banking and Finance (NIBAF) which is the training arm of the bank and also provides training to commercial banks, 2) Deposit Protection Corporation (DPC) and recently SBP was given ownership of 3) Pakistan Security Printing Corporation (PSPC) as well...
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as anmended by Republic Act 11211 or the New Central Act of 2019.
Money creation, or money issuance, is the process by which the money supply of a country, or of an economic or monetary region, is increased. In most modern economies, most of the money supply is in the form of bank deposits. Central banks monitor the amount of money in the economy by measuring the so-called monetary aggregates.
Bangladesh Bank is the central bank of Bangladesh and is a member of the Asian Clearing Union.
The Eco is the proposed name for the common currency that the West African Monetary Zone (WAMZ) plans to introduce in the framework of the Economic Community of West African States (ECOWAS). After its introduction, the goal is to merge the new currency with the West African CFA franc. This will create a common currency for much of West Africa.
The Federal Reserve Bank of St. Louis is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up the United States' central bank. Missouri is the only state to have two main Federal Reserve Banks. Located in downtown St. Louis, the St. Louis Fed is the headquarters of the Eighth Federal Reserve District, which includes the state of Arkansas and portions of Illinois, Indiana, Kentucky, Mississippi, the eastern half of Missouri and West Tennessee. It has branches in Little Rock, Louisville and Memphis. Its building, at 411 Locust Street, was designed by St. Louis firm Mauran, Russell & Crowell in 1924. The Eighth District serves as a center for local, national and global economic research, and provides the following services: supervisory and regulatory services to state-member banks and bank holding companies; cash and coin-handling for the District and beyond; economic education; and community development resources.
The Central Bank of Iran (CBI), also known as Bank Markazi, officially the Central Bank of the Islamic Republic of Iran is the central bank of Iran.
The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959. The CBN Act was amended in 1991, 1993, 1997, 1998, 1999 and 2007.
The Central Bank of Montenegro is the central bank of Montenegro. The mission of the central bank is to establish and maintain a sound banking system and monetary policy.
The Bank of Mozambique is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor. The bank is situated in the capital, Maputo, and has two branches, one in Beira and one in Nampula. The Bank of Mozambique is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
The Central Bank of Somalia (CBS) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991. Somalia has been cited as a real-world example of an anarchist stateless society and a country with no formal legal system. The Transitional Federal Government, formed in 2004, was recognized as the central government of Somalia. Among other duties, it is in charge of ensuring financial stability, maintaining the internal and external value of the local currency, and promoting credit and exchange conditions that facilitate the balanced growth of the national economy. Within the scope of its powers, it also contributes to the financial and economic policies of the State.
The Central Bank of The Bahamas is the reserve bank of The Bahamas based in the capital Nassau.
The Central Bank of the United Arab Emirates is the state institution responsible for managing the currency, monetary policy and banking regulation in the United Arab Emirates (UAE).
The African Monetary Union (AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro or afriq.
The African Finance Regulatory Authority (AFRA) Commission is the statutory body mandated by the legal instruments of the Treaty by the Heads of States and Government of the African Union called ASTAG since its creation in 1999 Sirte declaration following the Abuja Treaty of 1991 for the economic and monetary union.
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