Although I was initially surprised to hear this, I quickly realized that it is indeed quite a natural development given the geographical environment of Africa, and is something which may have bearing on the operations that African central banks are endeavoring to provide.
I referred earlier to the evolution of central bank monetary policies and operations over the past fifty years by taking the experience of the Bank of Japan as an example. In considering these changes, I have realized once again the difficulty of reaching a universal definition for such a unique organization as a central bank.