V Payments Arrangements for Intraregional Trade
Author:
Mr. Saleh M. Nsouli
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Mr. John B. McLenaghan https://isni.org/isni/0000000404811396 International Monetary Fund

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Mr. Klaus-Walter Riechel
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Language:
English
Print Publication Date:
16 Aug 1982
Keywords:
OP; convertibility; currency; market; monetary union; trade; convertibility agreement; trade liberalization program; ECOWAS secretariat; Community trade; market convertibility; export-import firm; Currencies; Exports; Exchange restrictions; Imports; Monetary unions; West Africa; Europe; West African Clearing Housé; clearing mechanism; unit of account; exchange transaction; central bank in country; Housing; Commercial banks; Correspondent banking; Currency convertibility

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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Cover Currency Convertibility in the Economic Community of West African States
Currency Convertibility in the Economic Community of West African States
ISBN:
9781557750594
ISSN:
0251-6365
Publication Date:
16 Aug 1982
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781557750594.084
Pages:
51

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