The African Central Bank (ACB) is one of the three financial institutions of the African Union

African Union

The African Union is a union consisting of 54 African states. The only all-African state not in the AU is Morocco. Established on 9 July 2002, the AU was formed as a successor to the Organisation of African Unity...

. Over time, it will take over responsibilities of the African Monetary Fund

African Monetary Fund

The Africa Monetary Fund will be an African Union financial institution, though in time its responsibilities will be transferred to the African Central Bank.This institution is one of the three financial institutions of the future African Union. It will be based in Yaoundé, Cameroon. -Links:**...

.

The creation of the ACB, to be completed by 2028, was first agreed upon in the 1991 Abuja Treaty. The 1999 Sirte Declaration

Sirte Declaration

The Sirte Declaration was the resolution adopted by the Organisation of African Unity on 9 September 1999, at the fourth Extraordinary Session of the OAU Assembly of African Heads of State and Government held at Sirte, Libya...

 called for a speeding up of this process with creation by 2020.

When it is fully implemented via Pan-African Parliament

Pan-African Parliament

The Pan-African Parliament , also known as the African Parliament, is the legislative body of the African Union and held its inaugural session in March 2004. The PAP exercises oversight, and has advisory and consultative powers, lasting for the first five years...

 legislation, the ACB will be the sole issuer of the African Single Currency

Afro (currency)

The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank...

, will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry

Industry

Industry refers to the production of an economic good or service within an economy.-Industrial sectors:There are four key industrial economic sectors: the primary sector, largely raw material extraction industries such as mining and farming; the secondary sector, involving refining, construction,...

, and will set the official interest and exchange rates; in conjunction with the African Government's administration.

See also

• Afro (currency)
  Afro (currency)
  The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank...
  
  
• Abuja Treaty
• European Central Bank
  European Central Bank
  The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
  
  
• ECOWAS
• Euro
  Euro
  The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
  
  
• Central African CFA franc
  Central African CFA franc
  The Central African CFA franc is the currency of six independent states in central Africa, Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. CFA stands for Coopération financière en Afrique centrale...
  
  
• Amero
• The Common Monetary Area
  Common Monetary Area
  The Common Monetary Area links South Africa, Lesotho and Swaziland into a monetary union. It is allied to the Southern African Customs Union . Namibia automatically became a member upon independence, but withdrew with the introduction of the Namibian dollar in 1993...
  
  
• Eco (currency)
  Eco (currency)
  The Eco is the proposed name for the common currency that the West African Monetary Zone plans to introduce in the framework of ECOWAS. Originally the introduction of the currency was planned for December 1, 2009, however this date was revised to 2015. The original five member states are the...
  
  
• Monetary union