African banks to tighten controls

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} Although banks in sub-Saharan Africa have been relatively immune from the global financial crisis, African authorities still need to strengthen the regulation of their banking industry, according to Monde Mnyande, chief economist of South AfricaÔÇÖs Reserve Bank.   In a speech posted on the Reserve BankÔÇÖs Web site today, Mnyande said central banks in the region are planning to strengthen financial stability and learn from the mistakes of developed nations.   ÔÇ£The issue of crisis readiness and the strengthening of financial stability mechanisms are high on the list of priorities among central banks in the region, even though we may have escaped the worst of the direct effects of the global financial crisis, so far,ÔÇØ he said.   The Reserve Bank is hosting a seminar in Pretoria this week for central bank officials in the region on Strengthening Financial Stability Arrangements.   ÔÇ£There is a lot that needs to be studied from the mess-up of the others,ÔÇØ Mnyande said. ÔÇ£Misdeeds by the major financial markets and institutions observed in the recent past, as well as the techniques and/or methodologies that can be applied in identifying potential weaknesses in the financial systemÔÇØ will be discussed at the seminar.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *