The Governor of the Bank of Sudan, Mr Abdelrahman Abdelrahman has welcomed the decision of the Bureau of Central Bank Governors of COMESA Member States to include the Chinese Yuan and the Indian Rupee as part of the settlement currencies for the COMESA Clearing House.
Mr Abdelrahman made the remarks when he held talks with the Secretary General of COMESA Mr Sindiso Ngwenya in his office in Khartoum, Thursday 11 August 2016. The discussions between the two focused on ways and means of strengthening the COMESA integration arrangement.
The decision to include the Yuan and the Rupee was made during the meeting of the Governors of Central Banks of COMESA Member States that took place on 3rd August 2016 in Kinshasa, DR Congo. This means that the two currencies can be used to transact business on the Regional Payment and Settlement System (REPSS).
REPSS is a Multilateral Netting System with end-of-day settlement in a single currency. It provides a single gateway for Central Banks within the region to effect payment in a multicurrency environment (US$, Euro or any other specified currency). Importers and exporters are therefore able to pay and receive payment for goods and services through an efficient and cost effective platform thus increase intra-regional trade. The direct participants of the COMESA Clearing House are the Central Banks of Member States.
Mr Abdelrahman and Ngwenya discussed how Governments, Central Banks, Commercial Banks and COMESA institutions can collaborate in implementing programs that not only ensure resilient growth but also inclusive growth. They agreed on the need for strengthening the private sector as it holds the promise for Africa’s socio-economic transformation.
The Governor appreciated the role that the Trade and Development (PTA) Bank play in supporting Sudan. He further called for resuscitation of the COMESA Central Bankers Association to strengthen COMESA integration in the financial sector.