Central banks in the region plan to strengthen financial stability and learn from the mistakes of developed nations, Mnyande said in a speech posted on the Reserve Bank's Web site today.
The issue of crisis readiness and the strengthening of financial stability mechanisms are high on the list of priorities among central banks in the region, even though we may have escaped the worst of the direct effects of the global financial crisis, so far, Mnyande said.
Southern African nations' banks have been relatively immune from the global financial crisis that has led the U.S. and Europe to spend trillions of dollars rescuing their banking systems. Sub-Saharan Africa may avoid recession this year, with economic growth in the region forecast at about 3.3 percent, according to the International Monetary Fund.
The Reserve Bank is hosting a seminar in Pretoria this week for central bank officials in the region on Strengthening Financial Stability Arrangements.
There is a lot that needs to be studied from the mess-up of the others, Mnyande said. Misdeeds by the major financial markets and institutions observed in the recent past, as well as the techniques and/or methodologies that can be applied in identifying potential weaknesses in the financial system will be discussed at the seminar.
Bloomberg
Post published in: Mining