Addis Ababa, 12 October 2022 (ECA) – The Innovative Finance and Capital Markets Section, Private Sector Development and Finance Division, United Nations Economic Commission for Africa (ECA), in collaboration with Frontclear, organized a training workshop on money and interbank markets. The workshop was held in a hybrid format, on 12 October 2022.
Mr. Robert Lisinge, Officer in Charge , Private Sector Development and Finance Division, ECA, welcomed all participants attending in person and online to the training workshop. He highlighted the importance of well-functioning money and interbank markets for an economy, and the activities ECA has been carrying out to help member States develop and deepen their domestic markets.
Mr. Erik van Dijk, Chief Financial and Risk Officer, Frontclear, gave a comprehensive presentation on money and interbank markets. He presented the common instruments traded in the markets, the functions of money markets and key challenges, an overview of the state of development in African countries, and some of the solutions Frontclear provides to countries for market assessment and development, including Money Market Diagnostic Framework (“MMDF”) and Umbrella Guarantee Facility (“UGF”, or “Tradeclear”).
Mr. Assefa Sumoro, National Bank of Ethiopia, Mr. Arnold Bagubwagye, Bank of Uganda, and Mr. Alick Lungu, Bank of Zambia shared their countries’ experiences. While progress and achievements have been made in many countries, common challenges remain, including limited technical capacity, weak institutional frameworks and legal enforceability, underdeveloped market infrastructure, and persistent market segmentation.
Ms. Sonia Essobmadje, Chief, Innovative Finance and Capital Markets Section, Private Sector Development and Finance Division, ECA, moderated the panel and delivered the closing remarks. She reiterated ECA commitment to help member States in developing and deepening their domestic money and interbank markets to enhance the resilience of their economies against shocks. She recalled that ECA is currently supporting 3 countries in that endeavour: Uganda, Tanzania and Zambia. She concluded the training workshop by thanking all speakers and participants.
This training workshop was registered by 75 participants from central banks, securities and exchange commissions, commercial banks, and international organisations across Africa.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org