Statutory meeting of the West African Monetary Zone. Monrovia, Liberia, July 31 – August 4, 2017

STATUTORY MEETINGS OF THE WEST AFRICAN MONETARY ZONE
MONROVIA, LIBERIA
JULY 31 – AUGUST 4, 2017

The Technical Committee (TC), the Committee of Governors of the Central Banks and the Convergence Council of Ministers and Governors of the Central Banks of the West African Monetary Zone (WAMZ) held their mid-year 2017 statutory meetings at the Central Bank of Liberia (CBL), Monrovia, Liberia, between July 31 and August 4, 2017. All the WAMZ Member States, ECOWAS Commission and the West Africa Monetary Institute (WAMI) were represented at the meetings. The West African Institute for Financial and Economic Management (WAIFEM), West African Monetary Agency (WAMA), Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), Commission de l’Union Economique et Monetaire Ouest Africaine (UEMOA), West African Bankers’ Association (WABA), ECOWAS Bank for Investment and Development (EBID) and African Export-Import Bank (AFREXIMBANK) attended the meetings as observers. The meetings were conducted to deliberate on the status of implementation of the WAMZ work programme.
The meetings took the following decisions:
 Adopted the macroeconomic developments and convergence report in the WAMZ as at end-December 2016.
 Directed WAMI to circulate the draft WAMZ Commission Project document to Member States for further national consultations, collate comments from them and represent the revised document at the next statutory meetings.
 Directed WAMI to revise the paper on “Vulnerability of WAMZ Member Countries to External Shocks and Implications on the Convergence Process” in line with the observations raised by the Technical Committee as well as update the economic vulnerability indices annually as an additional tool kit for macroeconomic assessment of the zone.
 Directed WAMI, in collaboration with the zonal Payments System Committee and the expert Committee on trading and quoting in WAMZ currencies, to work on the appropriate model of inter-linkage of regional RTGS for cross-border payments and settlements.
 Directed WAMI to further pursue cooperation with SWIFT for deeper integration of payments system.
 Approved the appointment of Dr. (Mrs) Eunice N. Egbuna as Director General of WAMI with effect from August 4, 2017.