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AU to set up African Monetary
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ADDIS
ABEBA(July 10,2008) - The African Union (AU) will
establish the African Monetary Fund designed to facilitating trade
within the continent.
To that effect a Memorandum of Understanding (MoU) was signed between
the Pan African body and the Cameroon, where the later would provide
facilities to this new institution whose Head Quarters is to be in
Yaounde, capital of Cameroon.
AU Commissioner for Economic Affairs, Dr. Maxwell Mkwezalamba and
the Minister of External Relations of the Republic of Cameroon, Henri
EYEBE AYISSI, signed the MoU immediately after the opening ceremony
of the African Union Summit at the Sharm El Sheikh International Conference
Center, on Monday 30 June 2008.
The signing ceremony took place within the framework of setting up
a Technical Steering Committee to undertake the implementation for
the hosting of the African Monetary Fund by the Cameroonian Government.
The African Monetary Fund will act as a clearing house and will also
undertake macro-economic purveyance within the continent, a statement
from the AU said citing Commissioner Mkwezalamba.
The African Monetary Fund is one of the three financial institutions
planned for in the Constitutive Act of the African Union.
The other two are; the African Central Bank and the African Investment
Bank.
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