The independence of twelve central banks in the Southern African development community

The independence of twelve central banks in the Southern African development community

BUKS WESSELS, UNIVERSITY OF THE FREE STATE, SOUTH AFRICA
Abstract: The 14 countries of the Southern African Development Community (SADC) endeavour the establishment of a respected and independent regional central bank as a key precondition for the envisaged monetary union. Because the member of the central banks will also have to comply with the criteria of independence, the question arises as to their progress in this direction. This chapter analyses the economic and political independence from government of 12 of these central banks. The results reveal a clear lack of independence in the majority of cases, thus indicating the pressing need for significant steps to amend the charters of these central banks.
Keywords: Central Bank Independence, Southern African Development Community, Central Bank Statutes

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