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SADC Financial Systems: Structures, Policies and Markets

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SADC Financial Systems: Structures, Policies and Markets SADC Financial Systems: Structures, Policies and Markets September 2012 Disclaimer This report has been prepared from information produced by the SADC central banks and all efforts have been made to ensure the accuracy of the information contained herein. However, the Secretariat of the Committee of Central Bank Governors does not warrant the correctness of, and shall not be held responsible for any errors or omissions contained in the information received. This report has been prepared by the Secretariat of the Committee of Central Bank Governors with information made available as at 20 August 2012. Foreword Early in 1995, the Finance & Investment Sector of the Southern African Development Community (SADC) was created and the co-ordination of this new sector was allocated to South Africa. Within this sector, two independent but interrelated committees were established, namely the Committee of Treasury Officials to attend to fiscal issues, and the Committee of Central Bank Governors to attend to monetary policy issues. At its inaugural meeting on 24 November 1995, the Committee of Central Bank Governors in SADC (CCBG) identified the need for greater knowledge of the structures and policies of central banks as well as the financial markets of member states as a prerequisite for future co-operation in the area of monetary policy. To this end, a project was launched to establish an information base on central banks in the region. In July 1996, the Ministers of Finance of the twelve member states approved this initiative as an official project of SADC. A comprehensive questionnaire was developed, based on a similar survey done by the Bank for International Settlements (BIS) on central banks in Eastern Europe. All central banks in SADC completed this questionnaire in detail. It is hoped that the information contained in this report will provide a basis for closer co- operation in the area of central banking in the region. Any comments or enquiries can be directed to: The Secretariat of the Committee of Central Bank Governors in SADC South African Reserve Bank P.O. Box 427, Pretoria 0001 SOUTH AFRICA Tel. +27 12 313-4041 Fax. +27 12 313-4162/4177 E-Mail: [email protected] TABLE OF CONTENTS Banco Nacional de Angola ........................................................................................ 1 1. History .......................................................................................................................... 1 2. Relationship with government ................................................................................... 2 3. Design and conduct of monetary policy ................................................................... 4 3.1 Main objectives of monetary policy ................................................................ 4 3.2 Instruments of monetary policy ...................................................................... 4 3.3 Types of refinancing as well as collateral used .............................................. 5 3.4 The money supply aggregate that plays the main role in monetary policy ............................................................................................. 5 3.5 Reserve requirements on financial institutions ............................................... 5 4. Structure of the financial markets ............................................................................. 5 4.1 Organisation of the money and capital markets ............................................. 5 4.2 Instruments used in both these markets ........................................................ 6 4.3 Legal frameworks existing for the money and capital markets....................... 6 4.4 Type of financial intermediaries operating in these markets .......................... 6 5. External payment arrangements ............................................................................... 8 5.1 Determination of the exchange rate policy ..................................................... 8 5.2 The present exchange rate system ................................................................ 8 5.3 Organising the exchange market ................................................................... 8 5.4 The central bank's involvement in managing foreign exchange reserves. ....................................................................................... 8 6. Currency convertibility and exchange control ......................................................... 8 6.1 Current state of currency convertibility ........................................................... 8 6.2 Exchange control on current account transactions ........................................ 9 6.3 Restrictions on capital account transactions ................................................ 10 6.4 Retention rules for foreign exchange earned and owned by residents ........ 10 7. The central bank and external debt ......................................................................... 10 7.1 The role of the central bank in managing the country's external debt .......... 10 7.2 The role of Treasury in this respect .............................................................. 10 8. Supervision of financial institutions ....................................................................... 11 8.1 Banking institutions ...................................................................................... 11 8.2 Non-banking institutions ............................................................................... 13 9. National payment, clearing and settlement system .............................................. 14 9.1 How is the payment, clearing and settlement system organised? ............... 14 9.2 What is the role of the central bank in the system? ..................................... 15 9.3 Short description of the processing of payment instructions ........................ 15 9.4 How are non-funded positions settled in the system? .................................. 16 10. Currency in use ......................................................................................................... 16 10.1 List of legal tender notes and coins currently issued and in use in the economy ...................................................................................................... 16 11. Other activities of the central bank not covered above ....................................... 17 12. The position of the central bank in SADC .............................................................. 17 13. Publications ............................................................................................................... 17 13.1 Regularly published publications .................................................................. 17 13.2 Occasional/special publications published since 1990 ................................ 17 Bank of Botswana ......................................................................................................19 1. History ........................................................................................................................ 19 2. Relationship with government ................................................................................. 19 3. Structure .................................................................................................................... 20 4. Design and conduct of monetary policy ................................................................. 20 4.1 Main objectives of monetary policy .............................................................. 20 4.2 Instruments of monetary policy .................................................................... 21 4.3 Types of refinancing as well as collateral used ............................................ 21 4.4 The money supply aggregate that plays the main role in monetary policy ........................................................................................ 21 4.5 Reserve requirements on financial institutions ............................................. 21 5. Structure of the financial markets ........................................................................... 21 5.1 Organisation of the money and capital markets ........................................... 21 5.2 Instruments used in both these markets ...................................................... 22 5.3 Legal frameworks existing for the money and capital markets..................... 22 5.4 Financial institutions participating in the open market operations………………………………………………………………. ............ .23 6. External payment arrangements ............................................................................. 23 6.1 Determination of the exchange rate policy ................................................... 23 6.2 The exchange rate system ........................................................................... 23 6.3 Organising the exchange market ................................................................. 23 6.4 The central bank's involvement in managing foreign exchange reserves ...................................................................................... 24 7. Currency convertibility and exchange control ....................................................... 24 7.1 Current state of currency convertibility ......................................................... 24 7.2 Exchange control restrictions on current account transactions .................... 24 8. The central bank and external debt ......................................................................... 25 8.1
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