African Financial Markets Initiative Workshop

“Strategic management of international reserves for domestic bond market development in Africa”

Date: Tuesday, May 24, 2010
Room: Hôtel Ivoire : Chandelier
Time: 2 p.m. – 4 p.m.


Chairperson

  • Mr. Thierry de LONGUEMAR, Vice President, Finance, AfDB

Panelists

  • Mr. RostomFADLI, Director, External Financial Relations, Banque d’Algérie
  • Mr. Lamido A. YUGUDA, Acting Director, Reserve Management Department, Central Bank of Nigeria.
  • Mr. Emmanuel ASSILAMEHOO, Assistant Director, Financial Markets Operations, BCEAO.
  • Mr. Masaru TANAKA, Deputy Director-General and Chief of Centre for Monetary and Cooperation in Asia International Department, Bank of Japan.

Moderator

  • Mr. Stefan NALLETAMBY, Coordinator, Partnership for Making Finance Work for Africa, AfDB

In light of the large foreign reserves now managed by African Central Banks, an increasing number of reserve managers are adopting the same investment principles used by private sector asset managers, focusing on the risk/return profile of the reserve portfolios. During the workshop, the panel will tackle the costs and benefits of active reserve management from the perspective of Algeria, Nigeria and the Central Bank of West African States (BCEAO). It will also consider the role played by EMEAP Central Banks in allocating reserves to the Asian bond funds, for the development of the Asian domestic bond markets.

The objective of this seminar event, will be to provide an opportunity for African Central Banks to share experiences on the different approaches used in reservemanagement. This will enable participants to identify challenges faced by reservemanagers in the allocation of foreign exchange reserves across asset classes, taking into consideration trade-offs between safety, liquidity and returns. In addition, the role of reservemanagement operations in developing efficient and sound domestic bond markets will be discussed, following the lessons learnt from the Asian bond market initiative.

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