Memorandum relating to the draft protocol on clearing and payments arrangements within the Preferential Trade Area for Eastern and Southern African states

Abstract

Memorandum relating to the draft protocol on clearing and payments within the preferential trade area for Eastern and Southern African States highlighted that the existing clearing and payments arrangements among the countries of Eastern and Southern Africa; review some of the existing monetary co-operation arrangements among the developing countries; identify possible clearing and payments arrangements in the context of the proposed preferential trade area arrangements and introduce the main provisions of the draft protocol itself. The countries of Eastern and Southern Africa maintain their reserves and working balances in financial centers of the industrialized countries.