MBABANE – The Central Bank of Eswatini (CBE) has signed a Memorandum of Understanding with the National Bank of Rwanda to strengthen monetary policy cooperation and financial stability.
The agreement was formalised on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings held in Washington, DC last week.
The MoU was signed by CBE Governor Dr Phil Mnisi and NBR Governor Soraya Hakuziyaremye.
The signing of the agreement marks a key milestone for both institutions, coming during an intense week of high-level engagements involving Central Bank governors, policymakers and global financial institutions.
The Spring Meetings, hosted annually by the IMF and the World Bank, provide a platform for dialogue on global economic developments, financial stability and development priorities.
At the core of the MoU is the establishment of a formal framework for cooperation between the two central banks. This framework is designed to strengthen institutional relationships while advancing shared strategic objectives in monetary policy formulation and financial system oversight.
The partnership is expected to bolster the capacity of both the CBE and NBR to effectively execute their mandates, particularly in maintaining price stability and safeguarding financial systems.
By leveraging shared expertise and best practices, the two regulators aim to respond more effectively to evolving economic and financial sector challenges.
Key areas of cooperation outlined in the agreement include research and economics, financial inclusion, financial regulation and supervision, consumer protection and capacity building.
In addition, the MoU places emphasis on emerging areas such as financial technology (fintech) and innovation, payment systems and reserves management, sectors that are increasingly shaping the future of banking and financial services globally.
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The MoU was signed by CBE Governor Dr Phil Mnisi and NBR Governor Soraya Hakuziyaremye. (Courtesy pic)