SARB’S KGANYAGO FOR CMA SYMPOSIUM IN ESWATINI

EZULWINI - Governor of the South African Reserve Bank (SARB) Lesetja Kganyago is set to grace the Common Monetary Area (CMA) Symposium to be here in Eswatini next week.

The Central Bank of Eswatini (CBE) will host a symposium on the theme: ‘Global Spillover Effects into the CMA Region’, which will be part of the November 2023 CMA Governors’ meetings. The keynote speakers for the symposium will be Kganyago SARB and the discussants will be Johannes! Gawaxab (Governor of the Bank of Namibia and Dr Emmanuel Letete (Governor of the Central Bank of Lesotho).

Revealed

CBE Governor Dr Phil Mnisi revealed yesterday that the symposium will be held on November 17, 2023 at the Happy Valley Hotel, and it will run from 8:00am to 10:00am. He said through the interconnection of the global economy, developments (economic, political, social issues, etc.) at the global level generally affect other economies, particularly emerging markets and developing economies. The CBE governor said there was, therefore, a need to have a regional discussion with stakeholders on such issues as they may have an impact on individual countries and the CMA region as a block, hence the choice of theme for the symposium. He said the symposium will deliberate on global spillover issues with a view of knowledge-sharing and understanding these issues better to devise mechanisms or ways through which the region, individual member states and other institutions could respond t avert the negative effects.

He mentioned that participation in the symposium would be strictly by invitation due to limited space. He said participants would include government officials, a few Members of Parliament (MP), Board Members of the Central Bank of Eswatini and members of the Monetary Policy Consultative Committee (MPCC), CBE Staff members, the leadership of commercial banks and non-bank financial institutions, captains of industry, senior officials from CMA member countries, members of academia and a sample of students from tertiary institutions like UNESWA and Limkokwing University of Creative Technology as well as all media houses.

Governors

Dr Mnisi added that as a recreational activity to the business meetings, Governors of the different central banks under CMA would then convene at the Royal Swazi Spa on November 17, 2023. “It is common for governors to hold such activities to bond and foster a sense of camaraderie, among participants,” said the governor. This will be a closed session for the governors and their teams, which include Governor Dr Mnisi, Vusie Dlamini, Wandile Mntshali, and Nick Vilakati on Team A and Governor Lesetja Kganyago with Rasheed Mohammed, Mduduzi Dlamini and Raymond Mathonsi on Team B. Speaking about the CMA meeting, Dr Mnisi said The CBE will host CMA Central Bank Governors from Lesotho, Namibia, South Africa (SA) and Eswatini from November 14―17, 2023. He highlighted that the CMA was a regional integration body focusing on monetary issues. Under the CMA, the smaller member states’ currencies are all pegged on a one-is-to-one with the SA Rand.

Promote

He mentioned that the objective of these meetings was to promote economic growth and stability in the region by coordinating monetary policy and exchange rate policies. He said the meetings provide an opportunity for Central Bank governors to exchange views on recent economic developments in their respective countries and to discuss matters of mutual interest.
Dr Mnisi said the Central Bank governors CMA meetings were an important platform for regional cooperation and collaboration in monetary policy. He said they helped to ensure that the monetary policies of the member countries are aligned with each other and contribute to the overall economic development of the region. “These meetings will be closed to governors and senior officials of these countries,” said Mnisi.

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