Everything about The African Central Bank totally explained
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's fully implemented via
Pan-African Parliament legislation, 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.
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