Financing of the African centre for monetary studies estimated contributions and percentage shares of individual banks in the total budget

LIMITED

E/CN 14/AJO/&6

11 February 19J6-

UNITED NATIONS Original: ENGLISH

ECONOMIC AND SOCIAL COUNCIL

ECONOMIC COMMISSION FOR AFRICA

ASSOCIATION OF AFRICAN CENTRAL BANKS

Fourth meeting of the Study Group for the Establishment of the African Centre for Monetary Studies

Dakax, 16 February 1976

FINANCING OF THE AFRICAN CENTRE FOR MONETARY STUDIISS ESTIMATED CONTRIBUTIONS AND PiiRCENTAGE SHARES OF

INDIVIDUAL BANKS IN THiii TOTaL BUDGET

1. At its fourth regular meeting, held at Kinshasa from 18 to 21

August 1975* the Assembly of Governors of the Association of

African Central Banks considered the question of financing1 the African Centre for Monetary Studies on the basis of the information

provided by the secretariat (E/CN.14/aMa/62). The oriteria which

might be used to determine the method of financing the Centre were:

(i) IMF quotas;

(ii) Contributions to the OaU budgetj

. (iii) Shares in the capital of the African Development Bank; or (iv) The average of the three above formulas.

2, The Assembly of Governors adopted the fourth formula and

decided that the contributions should be calculated on the basis of the most recent available figures or, if those were unavailable,

on those for the year 1974' 1/

3. The attached tables 1 and 2 have been' prepared in compliance wifcli that directive.

_i/ Report of the Association of African Central Banks on its fourth regular meeting (e/CN.14/aMA/78)» paras. 30 and 31»

M76-?53

r;

\

4* The upper and lower limits suggested for contributions to the financing of the Centre are 10 per cent and 1.5 per cent respectively 5« Firstly, contributions were calculated on the basis, of the IMP quotas of each member bank. Only one member — the Central Bank of Egypt - had a share of over 10 per cent in the total quotas of developing Africa, while the following nine members had shares of less than 1.5 Per cent: Banque de la Republique du Burundi, Central Bank of the Gambia, Reserve Bank of Malawi, Banque centrale du Mali, Banque oentrale de Mauritania, Bank of Mauritius, Banque Nationale du Rwanda, Somali National Bank and Monetary Authority of Swaziland.

6« Next, the calculation was made on the basis of shares in the oapital of the African Development Bank. Three members - Banque oentrale d'Algerie, Central Bank of Libya and Central Bank of Nigeria had shares of over 10 per cent, while the following 11 members had shares of less than 1.5 P®** cent: Banque de la Republique du Burundi, Central Bank of the Gambia, National Bank of Liberia, Reserve Bank of Malawi, Banque centrale du Mali, Banque centrale de Mauritanie, Bank of Mauritius, Banque Nationale du Rwanda, Bank of Sierra Leon©, Somali National Bank and Monetary Authority of Swaziland.

7» Lastly, contributions to the Centre were calculated on the basis of contributions to the budget of the Organization of African Unity. Two members - Banque des Etats de l'Afrique Centrale and Banque Centrale des Etats de l'Afrique de l'Ouest — had contributiona of over 10 per cent, while the contribution of the following eight members was under 1.5 per cent: Banque de la Republique du Burundi, Central Bank of the Gambia, Reserve Bank of Malawi, Banque Centrale du Mali, Bank of Mauritius, Banque nationale du Rwanda, Somali National Bank and Monetary Authority of Swaziland.

8. The third-from-last column in table 1 shows the average of the porQ^Qtago sbsros sbo-wn in the preceding threo columns. Tho nsxt column giT-3 percentage shares adjusted to take account of the fact that

AaCB menbors do not contribute the entire shares in the capital of • ABB or the entire budget of OAU. '-'he last column shows the

percentage contributions of members subject to a ceiling of 10 per cent and a floor of 1.5 per oeot.

9« Table 2 shows the contributions to which each member might be liable in the first and second years of operation of the Centre, on

the basis of the percentage shares (actual and adjusted,

respectively) given in the last two columns of table 1 and on the

basis of the provisional two-year budget shown in table 2 of

dooument E/CN I4/AMA/85.

Table 1 i Financing of the African Centre for Monetary Studies,.

t.hft total budget and the effect of establishing a floor and, a

ercentafle shares of individual banks ceiling for, contributions ,. , ;.... ..,

i. V. J. -) * -~ - - - ' I. .. . 1

-• : -I -■;> r--.: c v i

Banque de la Republique du Burundi" '

Ba^que"Tes~^rt~s"r&"e~l^"Al&TqlTe~"CeKtral

Banque Centrale dee Etats de l'Afriq.ue

de l'Ouest hj

Central Bank- of":Egypt

National B^nk., of Ethiopia , >(. , Central Bank of the Gambia

Bank of Ghana

"* '

Central Bank of Kenya j National Bank'" of Liberia Central Bank of "Libya

;j

Banque Centrale ^de la RSpublique Malgache

Reserve Bank of Malawi

■■I -"-r <

anque Centrale'du Mali anque du Maroc ;j

anque Centrale de Mauritanie

ank of Mauritius

Central Bank ..of Nigeria anque National du Rwanda

ank of Sierra. Leone |

omali National,Bank ; ank of Sudan > . Monetary Authority of ank of Tanzania J tanque Centrale de Tunisie Jank of Uganda

Jank du ZaSre Jank of Zainbia'

05- TOTAL

IMF quotas as

1 f

Quotas,

(in millioms of SDRs)

* 130

i 19

140

! 188

27 7

' 87

. 48

29 24

'■ 26

15

22 113 13 22

135 19

.

25

19

72 8

. 42

48

40

■ 113

I1'5" 76

of 1 September 7 5

'Peroentage share ■ in total quotas of developing

" Africa'

8.14 1.19 5 S8

- - " 8.!77

11.78 1.69

0.44

5.45

■ ' '" 3.01

1.82 U50

1.63

0.94

1.38

7.08

o;8i 1.38 8;46

1.19

1.57

1.19

4.51

0.50

2.63

3.01

2.51

7.08

4-76

100'. ©0

Percentage share in the capital December 1974-

■ '<--.■.■ .

- : ™

10 ..64

0.65

... . -.4.-6.1....--..-. ,

5-74

,8.08

2.77

0.27

" 3.45 '2.^56 ■

■ 0.97 13.47

0.70

. 0.62

5.02 O.46 '

'"' :o;8l :

13.47 ■ 0.32

0.83 ■

0.73 3.40

0.65 2.56

1.86

' 1V51

. 8.08

. 4.31 .

98.54

Contributions to the 1975- 1Q7 6 budget of OAU

V5';jijf -; ; -;

'- ."O..62 " : ' :-.

' -"10:41 '

11.73- .

9.28 2.81 0.76- 4.7.3:.

2.21 .

2.84 ..

7.40.

1.61 0.68 I.4.0

5-?? -

1.66"

0.50-

6.99

0.62

1.89-

O.76 3.42 0.50 1.97

2.67- i;t5-

3.07.

3.11 . 97.10

AVERAGE Average of

• j«rcentage—

' 8.16

j

■ O.;82

6.: 87

.1

8.J75

9-72 2.:!42

O.;49 4i|54 2.J59 l.|88 7."46

l.;08 0.77

1-13 6:03

0,90

9.64 0;71

1;43

0.89

3:78

0:55

2f.39

2'. 51 1:.92

t

6;. 08 4.06

?8.55

verage adjusted percentage share

8.28 ; 0.83 ;

6.97 :

9.86,

1 "■ 2.45.

ciS... 0.50 ;'

•/., 4.61 ; r 2.63 .. 1*91

; . 7.57 '

. 1.10

0.78 1.15 .

6.12

0.99

'■■•■■ 0.91 .

•■ 9.78 . :-A- ' «.72 ;

■ 1.45. ——

ft-

0.90 t 1 • 3.83

0.5^ ' 2.43:;

2.55 1 ., '■■• 1.95';

6.17.

4.12

100.00

s

Average percentage share after adjustment to take account of a ceiling o'l 10 per cent and a floor of 1.5 per cent

7.67

1.50

6.46

2. 27.-v::.;. •■"•.,*:

t .„• 4*27 :■■-. :....-.*.■:

. ■ . -." ■ .2-4& . ..a..

.1.7*7. , _,.

7..01... .

.1.56

-■- - - .1:?.(?" ...'-.

1.50

i sn .'■> ■ '

• ' 1.50 - <-c~

. . 9^06. .-' . - -rr ' l'i-50 v:- -■-^C7"

■ - . . .-1-.50.- ..^

.-. . .

3-55

-^'^r-

.1.50 -i' ^

2.2.5^ ■■ .**-.

, ., 2.36'a -i..-.-.

1.81- '-■- :<u-- ■

3.82 ieo.00

0/ Tho figures, given for the- Banque des Etats de l'Afrique centrale wore arrived at by adding together .the individual IMP quotas, KDB »hares and OAU budget, contributions

"-—of~i~ts~m"embers~(Central "African Republic;. Chad Congo, Gabon and:llnited Republic of Cameroon). ■ ■ * - ■ ■-•■-■'^-^-rr-.f—- b/ The figures given for the Banque centraTe des Etats de l'Afrique de 1'Quest were arrived at by adding together the individual IMF quotas, ADB shares and OAU

-—■budget contributions of its members (Benin, Ivory Coast, Niger, ■ Senegal, Togo and Upper Volta). . . .... ... ., :

Table 2 : Estimated contributions of individual and contributions to

;—=*- ■■■-— — -.—-..:.—.;',„.

'■■'"' ■' ■ • i ■_■.'.

v .

I ■ i ;

i '"'*..* :

1 > ,

x. Banque centrale d'Algerie

ADB and OAU and i

.-- ~~ :!_„ ~™_1._

banks to the provisional two-year.budget based :on average of IMP.quotas idjusted for a 10 per cent

Average percentage*'shares in IMP, AIB'and Average adjusted

-perxentage-shar.e^..^,

8.28

= Banque de la Republique du Burundi " 0.83 Banque des Etats de l'Afrique

< Centrale " - ^

■ Banque Centrale des Etats de : l'Afrique d'e l'Ouest

■ - ■ i

; Central Bank of Egypt I National Bank' of Ethiopia

Central Bank of the Gambia Bank of Ghana

Central Bank of Kenya National Bank of Liberia Central Bank "of Libya

Banque Centrale de la Re"publiqu Malgache'" ". ..

■ Reserve Bank.of Malawi : Banque Centrale du Mali

Banque du Maroc

Banque Centrale de Mauritanie Bank of Mauritius

Central Bank.of Nigeria Banque Nationale du Rwanda Bank of Sierra Leone

Somali National Bank Bank of Sudan7.

Monetary Authority of

Swaziland.

Bank of Tanzania

-Banque Centrale de.Tunisie Bank of Uganda

Banque du ZaSre

■Bank' of- "Zambia " "' "'-•-- •"

■ TOTAL .

. 6.97

. /: 8.88 ,

i- " 9.86 ,

'■ 2.45 . :l - 0.50 ;

4.61

' " 2.63

' 1.91 '

' " 7-57 •

e " ' 1.10

O.78

- . 1.15

-.0 6.12- 0.99 - . 0.3.1

.- 9.78;

0.72 1.45

.'. 0.90

■ .; 3.83

O.56 -_ '2.43-

""*'* '2,55, .

1.95

6.17

■» "'"4.12

100.00

Average percentage share., af ter.;iadjust- ment to take account of a ceiling of 10

■■*' per cent and a floor of 1.5 per cent j

7.67

•- ■ 1.50' ■ -f

6.46 '

8.23_ i

9.14- .'■

: 1.50* :

4.27= !

- 2.44-' i

1.77' ' ; 7.01-

1.50*

1.50.

1.50

5.67,-

: 1.50 ,

1.50 9.06 1.50 1.50 1.50 ■ 3.55.

1.50* ;

2.25

2,36'

1.81 5.72

3-82 :• - 100,00

ceiling and a 1.5 per

I .■;"*'.■'■.

OAU ' ■ '■-■ ! 0....G

Based on average --- .■:-.. , v: share •_

First year

" 33 267

: 3, 335 : ■

' 26" 003 '

35,677 j

39. 615 ; -■ 9- 843

2. 009 : '18 522 .

10 567 ■ . 7. 674

30 414 1 4 419

3 134 4.620 24 588 ;

3 978 ,

1 3 656 '

39 293

"2 893 ;

5 826 I

lt 3 616 ;

, 15 388 |

2 250 S

i

! 9 763 .

■'■"In1'245 '

7 835 j 24 789

1 16-553-" ."--r.: ■■

W401 772

J

cent floor

"■■'•■■ v ■ ' " ■ .. n '■..-;■■(

** ■ tf r

1 ■ m f L * rt x 0 4y , i. X

- ■ ,-r ■■-■ ' • ■ ■-

adjusted, percentage"

-

r

0.

;" Second year '--

1

35 822 i 3 591;

''l 30 154!

38 418|

42 658 ' ■ .;

10 600'

■.i 2 163!

:■ 19 944i

i 11 378; - ■

8 263!

32 750'

4 759

3 375*

4 975

26 4771

4 283

3 937 42 311

3.115.

6 273 3 894

16 57O ;

2 423' 1« 513;

~0' 11 032

8 436

26 693

17 -824

432 631

^J!_q,jN

ⁱ1 Based on adjusted i

^{S (In} -1■

1 taking into,accoun1

1 cent and a floor c

' First year

1 ■ ;:

! 30"816

; 6 027"

j 25 954 j 33 O65

i 36 722

1 9 120

6 027

j 17 155

{ 9 803 ,. .

7 111 28 I64

; 6 027

i 6 027

6 027 j 22 780

6.027

! 6 027

; 36 400

! 6 027

6 027 •''■I-''J-'---f

; 6 027

J 14 262.

: 6 027

9 040 9 482 7 272 22 981

15 348 ■■

. 401. 772

-.-.^_;... ■J'vjJj.j-J-S}. ' : r-i-i->i}

United States dollars)

average percentage share t a ceiling of 10 j)er ,

:>f 1.5 per. cent". "'/

-•■--■ ■ - 1

Second year .7

' - ''33'183

'"'■' . ' 6. 489 "'• t ":; ■■"'

:■ 27 948 ..V- ;. |

' 35 606 ( r- ■■ ' :

39 543

■9 821. ...

6 489 . . ;,.

.. ■. 18 474 , ...<

- , 10 556 .,

7 658

- 30 328

6.489: - .

■Jl '" 6 489 " ' ' 1j

6 '489 1 ' 24 53O1"

: " ' 6 489 ' >:i-''I

6 489 '

-1 ' 39 197 ;'

6 489 ;/:;

6 489 ■ ' '!f'

■6-489' ' '' 15 359'

6 489... \

9-734" •'. ■ 10 21«

' 7 831 "

24 747

-■ -.16 527 ' : .*■

432 631',' .. ,::

Y*

f