The Reserve Bank will cooperate with the Bank of England (BoE) on training and technical assistance aimed at providing assistance to central banks in selected African countries.
“The South African Reserve Bank (SARB) has agreed to cooperate with the Bank of England on training and technical assistance as part of a pilot project funded by the UK Department for International Development, aimed at providing assistance to central banks in selected African countries,” said the Reserve Bank on Tuesday.
The SARB and the BoE are in the process of agreeing on the programme of engagement, which will be delivered by mid-2019.
Some of the projects envisaged under the programme include:
- training initiatives in the ‘Twin Peaks’ approach to financial regulation;
- enhancing macro prudential surveillance and policy frameworks;
- developing tools to better measure systemic risk and vulnerabilities in the financial sector; and
- closer cooperation on Fintech.
The new initiative will build on an already good relationship between the two central banks.
“The SARB also recently signed a Memorandum of Understanding to enhance cooperation with the European Central Bank, similar to an arrangement that exists with the Deutsche Bundesbank,” said the central bank. - SAnews.gov.za
