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CMI Assisting Banks Ensure Financial Stability

The COMESA Monetary Institute (CMI) is building the capacity of member  States Central Banks to mitigate the effects of both internal and external shocks on financial stability.

Last week, the Institute hosted a validation workshop from 29th to 30th August, 2016 to review studies conducted by Member Central Banks and CMI on the impact of economic problems emanating from outside of the economy such as low commodity prices, on effectiveness  of Monetary Policy. It also reviewed lessons  from Euro Debt Crisis for COMESA Monetary Integration Programme.

The workshop was based on the decision of the COMESA Committee of Governors of Central Banks during their 21st  Meeting which was held in Lusaka, Zambia in November 2015. The governors had directed the CMI in collaboration with member Central Banks to conduct the studies.

Among the key recommendations of the studies was that COMESA Central Banks closely monitor developments  in international financial and commodity markets in order to mitigate the problems that emanate from outside of the economy to ensure financial stability.

The workshop was attended  by delegates from the Central Banks of Burundi, Comoros, DR Congo, Egypt, Kenya, Malawi, Mauritius, Rwanda, Swaziland, Sudan, Uganda, Zambia and Zimbabwe.

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