Britain will broaden a programme that sends Lender of England regulators to assistance rising economies reform their money sectors, the govt stated on Thursday.
Past yr, the BoE sent officials to South Africa, Ghana and Sierra Leone, and Britain now strategies to extend the programme to up to 30 rising economies, commencing with Senegal and Jordan.
“This is not about consultants parachuting in, this is about individual very long-phrase relationships in between professional regulators in Africa and skilled regulators in London performing alongside one another, hopefully more than decades,” Intercontinental Advancement secretary Rory Stewart advised an African expense convention in London.
Britain’s federal government will give the BoE 6.1 million pounds ($7.9 million) to broaden the venture, which will have 8 main staff and draw on the expertise of 70 London-primarily based technological experts.
During the pilot in Ghana, BoE staff recommended Ghanaian colleagues on consolidating its banking sector from 30 weaker banking companies to 10 far more secure ones, and also on how to wind up failing banking companies and communicate all through a money crisis.