Giving this advice in the Association's Quarterly Review for the fourth quarter of 2019 (Q4'19),
He described the recent decision of the Francophone countries to change the name of their common currency to ECO as worrisome and should be seen as an attempt by
The
'If the prime objective to facilitate cross border trade and economic development of the member states is still to be achieved, the structure of the system must be built on fundamentals in the sub region to compete with other economic blocks.
'Government is encouraged to pursue the project with sincerity of purpose based on sound policies devoid of interference from any economic bloc. The central bank of the sub region should be independent to invest its reserves in any world currency to satisfy the interest of constituent states.'
Meanwhile,
'A market structure that exposes a BDC firm to unconventional structure, unfair competition and risk must be avoided,'' he said.
Stressing that the CBN should allow BDCs to determine what to buy and sell.
© Pakistan Press International, source