Final report of the first meeting of the North African sub-regional committee of the association of African Central Banks held at Algiers, from 15 to 20 May 1971
Author(s)/Corporate Author (s)United Nations. Economic and Social Council;
United Nations. Economic Commission for Africa;
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In addition to this mutual assistance, co-operation could take the form of agreements between central banks. The agreement between Algeria and Morocco was read as an example of this type of arrangement. This agreement provides for the opening of. Reciprocal accounts, with a view to operating a clearing system for settlements relating to certain specific transactions. The balances of these accounts are covered periodically in convertible currencies. This system reduces to a minimum the movements of Funds through external markets. It cannot be likened to a conventional clearing agreement, particularly since payments relating to current trading operations are excluded it. Consequently, the generalization this type of agreement between member countries within our group does not seem incompatible with IMP regulations.