Abstract

There are three principal modes of settlement of intraregional trade in the Community. The first involves essentially a clearing at the commercial banking level only, though foreign exchange must usually be obtained from the central bank. The second involves a bilateral clearing mechanism at the level of the central bank, while the financial transaction proper is carried out at the commercial banking level. The third mechanism involves a clearing of intraregional payments on a multilateral basis by the West African Clearing House, in which the central banks of all member countries of the Community, except Cape Verde, are participants. The characteristics and importance of these three modes of settlements are discussed below in more detail.

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