The Preferential Trade Area (PTA), COMESA’s predecessor, set up a Clearing House in 1984 to facilitate trade by the use of national local currencies in the settlement of payments for trade conducted among the member States, thereby economising on the use of scarce foreign exchange resources in such trade. With the liberalisation of the foreign exchange market, however, cross-border payment in national currencies through the respective Central Bank could no longer be sustained.
The COMESA Clearing House (CCH) has introduced, inter alia, the Regional Payment and Settlement System, (REPSS) which allows member countries to transfer funds more easily within COMESA. REPSS is built on open standards and is also accessible to non-member States.
The main aim of REPSS is to stimulate economic growth through an increase in intra-regional trade by enabling importers and exporters to pay and receive payment for goods and services through an efficient and cost-effective platform.
Post: Executive Secretary, COMESA Clearing House
Duty Station: Harare, Zimbabwe
Commencement Date (tentative)- July 2022
The Executive Secretary is the Chief Executive Officer of the Clearing House and responsible for the following:
- Day-to day operations of the Clearing House;
- Implementation of the decisions of the COMESA Committee of Governors of Central Banks and its Bureau relating to the Clearing House;
- Head of staff of the Clearing House;
- Preparation of the annual report and draft budget of the Clearing House;
- Keeping under constant review the operations of the Clearing House and making proposals thereon, to the Committee for the purpose of promoting the Clearing House; and
- Any other activities related to the Clearing House, as directed by the COMESA Committee of Governors of Central Banks and its Bureau.
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