ECOWAS Single Currency: Task Force To Give Assessment In June - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (J.T)
May 18, 2019
President of the commission, Jean-Claude Brou, hassaid that The ECOWAS Task Force on the region’s single currency would meet inJune to give the assessment on the studies of the currency.
Brou said this while presenting the Community Work Programme at the ongoingordinary session of the ECOWAS Parliament in Abuja.
The commission’s president said that stakeholders in the region’s economic andfinance sectors, including the central banks and ministers of finance, had beendeliberating on the single currency.
it would be recalled that the Authority of Heads of State and Government hadset aside 2020 for West African countries to achieve the single currency whichwould promote economic integration.
The commission’s president, while presenting the community report to theparliament in November 2018, said that many member states had yet to meet themacroeconomic convergence criteria required for a monetary union.
The three primary criteria that are being used are a budget deficit of not morethan three per cent; average annual inflation of less than 10 per cent with along term goal of not more than five per cent by 2019; and gross reserves thatcan finance at least three months of imports.