West African Monetary Institute (WAMI Institute)
The West African Monetary Institute, also known as WAMI/Institute, is a key institution in the West African Monetary Zone (WAMZ/Zone) established with the primary goal of preparing for the creation of a common West African Central Bank and the introduction of a single currency for the region.
Key Services of WAMI:
- Technical Preparations: WAMI/Institute is dedicated to undertaking technical preparations required for the establishment of a common West African Central Bank and the launch of a single currency within the WAMZ/Zone.
- Convergence Benchmark Monitoring: WAMI/Institute monitors member countries’ progress toward achieving specific quantitative and qualitative benchmarks essential for a successful monetary union, helping to minimize the effects of asymmetric shocks.
- Trade Integration: The Institute actively works towards facilitating trade integration among member countries, fostering economic growth and stability.
- Financial Sector Integration: WAMI/Institute plays a pivotal role in promoting financial sector integration, creating a robust financial landscape across the West African Monetary Zone.
- Payments System Development: The Institute is committed to the development of efficient and secure payment systems to enhance economic transactions within the WAMZ/Zone.
- Statistical Harmonization: WAMI/Institute works on harmonizing statistical data, providing accurate and reliable economic information for informed decision-making.
Surveillance Missions: To fulfil its mandate, WAMI/Institute conducts bi-annual onsite and monthly offsite multilateral surveillance missions. These missions aim to monitor Member States’ compliance with both quantitative and qualitative benchmarks, ensuring the region’s economic stability and progress.
The West African Monetary Institute (WAMI/Institute) is committed to advancing the economic and financial integration of the West African Monetary Zone, fostering stability, and preparing the region for a common currency.