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Johannesburg - The challenging and uncertain times the world is experiencing will have a bearing on the Southern African Development Community (Sadc) payment system integration project, said Daniel Mminele, deputy governor of the South African Reserve Bank (Sarb) in a speech posted on the bank's website on Wednesday.
Mminele was addressing a workshop of the Sadc payment system integration project.
"Events of the recent past in Europe have prompted Sadc to examine more carefully the criteria for admittance to the monetary union.
"This, together with the time being taken for the establishment of control measures and procedures, will more than likely delay the eventual establishment of the Sadc central bank and the introduction of the Sadc single currency," Mminele said.
The dates initially contained in the regional indicative strategic development plan - which called for the establishment of the Sadc free trade area by 2008, a Sadc customs union by 2010, a Sadc common market by 2015, a Sadc monetary union by 2016 and a single currency by 2018 - were now being reviewed.
Mminele said sufficient care should be taken to ensure that the momentum of the individual projects was not lost, and that the project teams should continue to focus on their goals.
Mminele was addressing a workshop of the Sadc payment system integration project.
"Events of the recent past in Europe have prompted Sadc to examine more carefully the criteria for admittance to the monetary union.
"This, together with the time being taken for the establishment of control measures and procedures, will more than likely delay the eventual establishment of the Sadc central bank and the introduction of the Sadc single currency," Mminele said.
The dates initially contained in the regional indicative strategic development plan - which called for the establishment of the Sadc free trade area by 2008, a Sadc customs union by 2010, a Sadc common market by 2015, a Sadc monetary union by 2016 and a single currency by 2018 - were now being reviewed.
Mminele said sufficient care should be taken to ensure that the momentum of the individual projects was not lost, and that the project teams should continue to focus on their goals.
