Let me say a few words about the Bank’s involvement in regional integration activities. I can vouch that it dates back at least to the early 1980’s when, wearing a different hat, I managed to persuade the then Governor to support our economic and trade overtures to Madagascar.
In the early 1980’s, when exchange controls had yet to be dismantled, we entered into a bi-lateral agreement with Madagascar which provided for payments settlement in respect of bilateral trade between the two countries to be effected through a compensatory mechanism agreed between the central banks of the two countries.