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Sat, 09 Feb 2019 10:22 - Updated Sat, 09 Feb 2019 10:22

Subcommittee defends SADC's financial market political harmonization

Benguela - The11th meeting of the Financial Markets Subcommittee of the Southern African Development Community (SADC) Central Banks, on Friday recommended in Benguela, Angola, the need for greater policies? harmonization in this field, with view to a rapid regional economic integration.

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Flags of SADC members states

Photo: Francisco Miúdo

The members of the Subcommittee are due to submit this intention to the central banks’ governors, whose meeting will be held in South Africa in April and May, whose materialization of these policies are intended at accelerating the implementation of this process.

According to the head of division of markets and assets of the National Bank of Angola, Angela Vunza, spokeswoman of the meeting, there is a need to integrate payment systems or compensation in all countries, emission codification, report countries’ indicators  to international agencies and financial systems final integration of the member countries.

The two-day meeting held on February 7 and 8, brought together officials from 13 of the 14 Central Banks SADC member countries (except DRC) and analyzed issues related to the development of the financial markets in this continental sub-region.

The banks’ officials also discussed the regional development stage of the harmonized policies to respond to SADC’s protocol as well as discussed with Stock Exchange Subcommittee the emerging development level and interaction to enable markets regulators to intervene through policies and procedures.

The strategy on the human resources development of the central banks of SADC member countries was also discussed at the meeting.

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