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Ring-fence domestic financial systems-African Govts told

Posted On 10 Dec 2015 By: BH24 Reporter
BH24 Reporter

The Reserve Bank of Zimbabwe Deputy Governor Dr Kupukile Mlambo has implored African Governments to ring fence their domestic financial systems to ensure that the country does not suffer from shocks such as the 2008 to 2009 global financial and economic crisis.

Speaking at a Micro-economic and Financial Management Institute of Eastern and Southern Africa workshop today Dr Mlambo said most African countries are vulnerable to financial problems such as the global financial and economic crisis of the previous years.

He said the current build up in public debt is another issue that should be keenly watched by Governments within the MEFMI region.

“Public debts of most countries in the region has increased dramatically in recent years, both as a proportion of GDP and in normal terms. Governments should set up systems that will insulate their countries from shocks of the 2008-2009 crisis, “said Dr Mlambo said.

He said the main concern is based on the recent wave of borrowing which is increasingly dominated by semi-concessional and commercial sources of finance, which are not expensive but risky.

MEFMI executive director Dr Celeb Fundanga said there is need for increased policy oriented research to enable a better understanding of social dynamics facing the countries.