New Central Banks, July 1964
FEDERAL RESERVE BANK OF NEW YORK 133 New Central Banks * The Central Sixteen new central banks have opened their doors since as the Equatorial African central bank.) the States of West Africa serves Dahomey, Ivory the beginning of 1959—the Central Bank of the States of Bank of Africa and of Cameroon, the Central Bank of Coast, Mauritania, Niger, Senegal, Togo, and Upper Equatorial Afri- the States of West Africa, the Bank of Morocco, and the Volta. (This bank, which will here be termed West served Mali until Both of Central Bank of Nigeria in 1959; the Bank of Sudan, the can central bank, also 1962.) Bank of the of Guinea, and the Somali National these institutions were organized under French auspices Republic After Bank in 1960;the Bank of Jamaica, the Malagasy Bank of before the independence of the countries concerned. these countries Issue, and the Bank of the Republic of Mali in 1962; the becoming independent in 1960-61, signed with France 1960-62) under which all Central Bank of Algeria and the Central Bank of Cyprus agreements (during in the Bank of the National Bank of (except Mali) have continued to use the facilities of the 1963; Lebanon, and Rwanda, the Bank of the Kingdom of Burundi, and the existing central banks, whose organization power National Bank of the Congo (Leopoidville) in 1964. The have been considerably modifiedto conform to the changed central banks of Morocco, Nigeria, Sudan, andGuinea were situation. the twelve new described in a previous article in this Review:' the other All but two of the countries served by twelve newcentral banks willbe discussedhere.2 central banks had a monetary authority or currency board the The Central Bank of the States of Equatorial Africa prior to the establishment of the new banks; excep- and where and of Cameroon serves the newly independent states of tions were the Malagasy Republic Lebanon, been held Cameroon, the Central African Republic, Chad, Congo the note-issuing privilege had in each case by a banks retain (Brazzaville), and Gabon.
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