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Banco Nacional De Angola SADC Financial Systems: Structures, Policies and Markets October 2015 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 14 October 2015. Foreword Early in 1995, the Finance and 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 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 12 313-3928 Fax. +27 12 313-4177 E-Mail: [email protected] ii TABLE OF CONTENTS Banco Nacional de Angola ....................................................................................... 1 1. History ......................................................................................................................... 1 2. Relationship with government ...................................................................................... 2 3. Design and conduct of monetary policy ....................................................................... 4 4. Structure of the financial markets ................................................................................ 5 5. External payment arrangements .................................................................................. 8 6. Currency convertibility and exchange control .............................................................. 8 7. The central bank and external debt ........................................................................... 10 8. Supervision of financial institutions ............................................................................ 11 9. National payment, clearing and settlement system .................................................... 14 10. Currency in use ......................................................................................................... 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 Bank of Botswana .................................................................................................... 19 1. History ....................................................................................................................... 19 2. Relationship with government .................................................................................... 19 3. Structure.................................................................................................................... 20 4. Design and conduct of monetary policy ..................................................................... 20 5. Structure of the financial markets .............................................................................. 21 6. External payment arrangements ................................................................................ 23 7. Currency convertibility and exchange control ............................................................ 24 8. The central bank and external debt ........................................................................... 25 9. Supervision of financial institutions ............................................................................ 26 10. National payment, clearing and settlement system .................................................... 31 11. Currency in use ......................................................................................................... 34 12. Other activities of the central bank not covered above .............................................. 34 13. The position of the central bank in SADC .................................................................. 34 14. Publications ............................................................................................................... 35 Banque Centrale du Congo…...…….…………………………………………………..……..37 1. Background ............................................................................................................... 37 2. Relationship with government .................................................................................... 38 3. Determination and implementation of monetary policy............................................... 39 4. Structure of the financial markets .............................................................................. 43 5. Supervision of financial institutions ............................................................................ 45 6. National payment, clearing and settlement system .................................................... 46 iii Central Bank of Lesotho ................................................................................................ 49 1. History ....................................................................................................................... 49 2. Relationship with government .................................................................................... 49 3. Design and conduct of monetary policy ..................................................................... 50 4. Structure of the financial markets .............................................................................. 52 5. External payment arrangements ................................................................................ 53 6. Currency convertibility and exchange control ............................................................ 53 7. The central bank and external debt ........................................................................... 54 8. Supervision of financial institutions ............................................................................ 55 9. National payment, clearing and settlement system .................................................... 59 10. Currency in use ......................................................................................................... 61 11. Other activities of central banks not covered above ................................................... 61 12. The position of the central bank in SADC .................................................................. 61 13. Publications ............................................................................................................... 61 Banque Centrale de Madagascar ................................................................................. 63 1. History ....................................................................................................................... 63 2. Relationship with government .................................................................................... 64 3. Design and conduct of monetary policy ..................................................................... 65 4. Structure of the financial markets .............................................................................. 66 5. External payment arrangements ................................................................................ 70 6. Currency convertibility and exchange control ............................................................ 71 7. The central bank and external debt ........................................................................... 72 8. Supervision of financial institutions ............................................................................ 72 9. National payment, clearing and settlement system .................................................... 84 10. Currency in use ......................................................................................................... 89 11. Other activities of central banks not covered above ................................................... 89 12. The position of the central bank in SADC
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