ECOWAS Central Banks meet over the introduction of ECO currency this year

January 14, 2020 4:56 PM

Central Banks in the ECOWAS region will on Tuesday, January 14, 2020, begin an Extra-Ordinary meeting to discuss issues relating to the possible introduction of the single currency, the ECO.

ECOWAS Central Banks meet over the introduction of ECO currency this year

The committee of Central Bank governors is expected to discuss the implications of the recent announcement by the French-speaking countries in ECOWAS on the proposed introduction of the single currency the ECO to replace the CFA franc.

The Central Bank governors will also discuss and determine the way forward for the member states of the West African Monetary Zone (WAMZ) in line with the road map for the introduction of the single currency - The ECO.

The meeting will be preceded by the Technical Committee meeting comprising directors of research or Monetary Policy Department of the Central Banks in the West African region.

The Technical Team will also present proposals made by the West African Monetary Institute about the ECO.

The Central Bank governors are expected to forward their recommendations to the Heads of States in the region as to whether the region is ready for the introduction of the single currency.

The gathering further see will in attendance Central Bank governors various monetary and research directors in the West African Monetary Zone.