WAMA BULLETIN MARCH 2010
In this March 2010 edition of the West African Monetary Agency’s (WAMA) News Bulletin,
you will find articles dealing with various topics and providing information on various
issues. Thus, it contains a report of the annual meetings of the governing bodies of the
West African Monetary Agency (WAMA), which discussed issues relating to the monitoring
and implementation of the ECOWAS Monetary Co-operation Programme, considered a
number of studies conducted by WAMA on the impact of the international financial crisis
on member countries’ performance in respect of macroeconomic convergence, the impact
of money supply growth on convergence, financial stability and banking supervision, the
determinants of inflation and the appropriateness of its targeting, WAMA’s work
programme and budget. Another article on financial stability and banking supervision
reviews the adverse effects of the international financial crisis on our economies and the
institutional mechanisms to be put in place in order to mitigate its effects on our financial
system. The article on the timeliness of revamping trade among ECOWAS member States,
through the establishment of the single currency, provides the data required on intracommunity
trade and places premium on the need for a common currency to enhance
trade transactions among member States. Another article highlighting exchange rate
movements as at end March 2010, describes the comportment of the major international
currencies and domestic currencies of ECOWAS member States in relation to the West
African Unit of Account (WAUA) during the review period, as well as trends in bilateral
exchange rates. Finally, an article is devoted to a seminar organized from 14 to 16 October
2009 in Abuja, Nigeria, by ECOWAS, the West African Economic and Monetary Union
(UEMOA) and the European Union within the framework of enhancing their partnership.
We wish you happy reading!!