The Bank has also participated actively in the Committee of Central Bank Governors in the SADC region during the past year.
The major initiatives undertaken included the establishment of a Common Monetary Area Cross-border Payment Oversight Committee; the implementation of a cross-border foreign exchange recording system in Namibia, Swaziland and Zimbabwe; significant progress in the harmonisation of national payment systems, information and communication technology capacity, banking supervision and exchange control; and agreement on the promotion of the focus on price stability as an appropriate and realisable target of macroeconomic convergence as a prerequisite for monetary integration.