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PRESENTATION TO THE PARLIAMENTARY COMMITTEE ON FINANCE (PCOF)

PRESENTATION TO THE PARLIAMENTARY COMMITTEE ON FINANCE (PCOF). Presentation by Mr M Belle - Head: International Relations & CCBG Secretariat, South African Reserve Bank 8 May 2007 Parliament, Cape Town. Overview of the Presentation. Background information on the CCBG Structures

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PRESENTATION TO THE PARLIAMENTARY COMMITTEE ON FINANCE (PCOF)

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  1. PRESENTATION TO THE PARLIAMENTARY COMMITTEE ON FINANCE (PCOF) Presentation by Mr M Belle - Head: International Relations & CCBG Secretariat, South African Reserve Bank 8 May 2007 Parliament, Cape Town

  2. Overview of the Presentation • Background information on the CCBG • Structures • Sub committees • Role of CCBG in developing annexes of the FIP Future Challenges

  3. Committee of Central Bank Governors in SADC (CCBG) • CCBG was established in August 1995 to promote and achieve closer co‑operation among central banks • Deals with the development of well‑managed financial institutions and markets, co‑operation regarding international and regional financial relations, and monetary, investment and foreign exchange policies • The CCBG reports to the SADC Ministers responsible for national financial matters

  4. Structure of the CCBG • Committee of Central Bank Governors - Chairman Mr. TT Mboweni - Meets 2 times per year (April and September) • CCBG Secretariat (located at the SARB) • Working Group - Representative of three central banks (Angola, Botswana & Zimbabwe) and SADC & CCBG Secretariats • CCBO - all central banks are represented by two officials & meets twice a year

  5. Subcommittees of the CCBG • - Subcommittee on Exchange Control (now dissolved) • - Payment System Country Leaders & Project Team • - IT Forum & Forum Co-ordinating Team • - SADC Subcommittee of Banking Supervisors & Steering Committee • - Macroeconomic Subcommittee • - Legal & Operational Frameworks Steering Committee • - T&D Forum & Steering Committee

  6. Co-operation and Co-ordination of Exchange Control Policies - Signed by CCBG in September 2005 - Article 6 of the FIP Objective - Establish a framework for cooperation and coordination of exchange controls - Review exchange control policies to ensure convergence as countries move towards liberalisation -Implement exchange control policies aimed at achieving currency convertibility

  7. Harmonisation of Legal and Operational Frameworks of SADC Central Banks - Discussed intensively with MOF and approved in 2005 - Article 7 of the FIP Objective - Establish principles that will facilitate the creation of a coherent and convergent status in the legal and operational frameworks of Central Banks

  8. Legal annex continued - Promote the adoption of principles that will facilitate operational independence of Central Banks - Create best practices in legal and operational frameworks - Create a framework for the creation of a Model Central Bank -Model Central Bank Bill is currently under discussion

  9. Payment, Clearing and Settlement Systems -Signed by CCBG in September 2005 - Article 8 of FIP Objective -Establish a framework for co-operation and coordination on payment, clearing and settlement systems in order to: -Define and implement a safe and efficient payment system based on internationally accepted principles

  10. Co-operation in the Area of Information and Communication Technology • Signed by CCBG in September 2005 • Article 9 of the FIP Objective - Establish a framework that will encourage the use of ICT solutions in supporting and enabling modern business functions and operations within SADC Central Banks

  11. Co-operation & Co-ordination in the Area of Banking Regulatory & Supervisory Matters - Approved 2006 by MOF - Article 10 of the FIP Objective • To promote regionally efficient and effective banking regulatory and supervisory system based on internationally accepted principles - To harmonise banking regulatory and supervisory policies and practices

  12. Co-operation among Member Stock Exchanges • Signed by COSSE in February 2006 • Annex 11 of FIP Objective • Establish an integrated real time network of national securities markets • To encourage cross border listings, trading and investments • To encourage the development of a harmonised securities market

  13. SADC Banking Association - a draft MOU framework has been developed in March 2006 Objective • To promote cooperation and cooperation within the banks • To encourage a harmonised banking system

  14. Outstanding Annexes • Anti-money laundering • Accounting and Auditing Standards • Project Preparation and Development Fund • SADC Banking Association

  15. Challenges • SADC Structure (CCBG reporting) • Co-ordination at national level • Need for regular interdepartmental discussions • Buy in nationally • Allocation of task for implementation according to expertise and capacity • Committee reporting to President or Parliament on developments in implementation of FIP

  16. End

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