KINGSTON, Jamaica, CMC -Caribbean Group (CARICOM) Central Financial institution governors are supporting a pilot program for the CARICOM Fee and Settlements System (CAPSS).
The regional bankers, whose two-day assembly ended right here final weekend, say they’re “resolved to advance the work on intraregional funds and in that regard have given their assist to the CAPSS that regional governments say will contribute to the achievement of the complete integration of the nationwide markets of CARICOM member states right into a single, unified and open market space.
The governors mentioned they may also assist CAPSS leveraging the know-how of the Pan-African Funds & Settlement System (PAPSS) of the African ExportImport Financial institution.
Final week, as he addressed the opening of the AfriCaribbean Commerce and Funding Discussion board (ACTIF23) in Guyana, Afreximbank President and chairman of the Board of Administrators, Professor Benedict O. Oramah, mentioned a funds and settlement program with an African financial institution has been chosen to run a pilot program for CARICOM central banks, including “we hope that very quickly they funds methods for Africa and CARICOM can be built-in…”
Oramah recalled that he had addressed regional leaders earlier this 12 months on aiding the area in establishing a CARICOM Import-Export financial institution of which his financial institution can be a shareholder “if invited to.”
Governor of the Central Financial institution of Barbados, Dr. Kevin Greenidge, will assume the Chair of the Committee of Central Financial institution Governors in 2024.
In an announcement following the 61st CARICOM Committee of Central Financial institution Governors, the bankers reviewed the regional and world monetary markets, macroeconomic surroundings, regional financial outlook, and financial coverage.
“The regional financial efficiency evaluation recognized the important thing dangers to macro-economic stability in regional economies throughout the post-pandemic interval, together with excessive imported inflation, geopolitical developments, and local weather vulnerability. It concluded that the area has typically recovered from the pandemic with a return to development and inflation trending downward, whereas the banking system remained sound.”
The regional central financial institution governors obtained and endorsed a proposal for establishing a Regional Central Financial institution Group of Reserves Managers, which is able to meet just about and share experiences and approaches to managing nationwide reserves.
The governors additionally agreed to enhance communications among the many regional central banks, with Jamaica scheduled to host the subsequent assembly of the communications community of CARICOM central banks.
The assembly right here additionally mentioned CARICOM nation experiences in implementing and utilizing polymer banknotes and recognized successes, challenges, and different implications related to the introduction.
The assertion mentioned that the governors famous that the introduction in Barbados, the Jap Caribbean, Jamaica, and Trinidad and Tobago of the banknotes that make the most of the polymer substrate achieved acknowledged goals, and so they agreed to proceed sharing experiences on the operational stage.
Among the many stories mentioned on the assembly, she was up to date on continued vigilance in anti-money laundering surveillance and compliance, in addition to additional harmonization of financial institution supervisory practices by way of cooperation and coaching.
“Many regional central banks have applied parts of the Basel II framework, whereas some are additionally implementing the Basel III framework. Cybersecurity stays a significant space of focus for regional central banks, which have elevated collaboration, data sharing, and coaching in areas together with cloud coverage frameworks and cloud adoption technique, anti-phishing measures, and the event of a safety framework for synthetic intelligence options,” the assertion mentioned.
It mentioned that a number of technical initiatives of the Committee of Central Financial institution Governors have been thought-about, and it was famous that the regional know-how danger administration framework has been up to date to incorporate cyber resilience rules and a cyber incident response and restoration operate.
Work is constant to develop a regulatory framework on local weather danger and inexperienced financing.
The assembly additionally reviewed the Caribbean central banks’ Analysis Agenda 2023-2025 and agreed that vital progress has been superior on the workstream specializing in local weather change and climate-related dangers, whereas acceleration was inspired within the tempo of analysis work on a Regional Macro-Monetary Coverage Framework and Future Paths to Regional Resilience.
Associated