Malawi hosts Comesa Central Bank governors meet
Malawi will this week host the 19th meeting of the Common Market for Eastern and Southern Africa (Comesa) committee of Central Bank Governors at the Bingu International Conference Centre in Lilongwe.
The meeting will be conducted under the Comesa Monetary Cooperation meetings scheduled between November 24 and 30, 2013.
Other meetings include the 19th meeting of the Comesa committee of Finance and Monetary Affairs to be held from November 24 to 26 2013 and the second joint meeting of ministers of Finance and Central Bank Governors from November 29 to 30, 2013.
Reserve Bank of Malawi (RBM) spokesperson Mbane Ngwira told Business News in an interview yesterday that Finance Minister Maxwell Mkwezalamba is expected to officially open the Central Bank Governors meet to be held from November 27 to 28 2013.
Ngwira said there are several issues expected to be discussed at the three separate high level meetings including the improvement in trade performance and the harmonisation of macroeconomic indicators within the 19-member trade bloc.
“Before Comesa came, trade within the bloc was valued at only $2 billion but after Comesa was established we have seen trade improving significantly to over $18 billion and there will be discussions on how to improve such a trend,” he said.
According to Ngwira, during the meetings, experts will also discuss the planned expansion of trade among Comesa, Sadc and the East Africa Community (EAC).
The Comesa-EAC-Sadc grand Free Trade Area (FTA) aims to strengthen and deepen economic integration of the southern and eastern Africa region.
The trade arrangement proposes, among others, zero trade tariffs and no quotas among the member countries.
Mbane said the meeting will also brainstorm on the regional payment system which he said will allow the reduction of the cost of trade within Comesa.
“There will also be discussions on how member States, should harmonise monetary policies and the regulation of financial institutions within the region,” he said.
The RBM spokesperson also explained that experts will take advantage of the meetings to discuss on set macroeconomic targets including that of inflation, gross domestic products (GDP), fiscal deficits, foreign exchange reserves, among others.
