Moses D Pelaelo: Launch of the Financial Stability Council and the need for coordinated supervision

Opening remarks by Mr Moses D Pelaelo, Governor of the Bank of Botswana, at the official launch of the Financial Stability Council and signing of the Memorandum of Understanding, Gaborone, 26 February 2019.

Central bank speech  | 
19 March 2019

Good morning and welcome to the Signing Ceremony for launch of the Financial Stability Council.

Ladies and gentlemen, as I look back, the launch is the culmination of several significant steps and consultations. Among these are: first, the initial assessment by the Bank of the need and prospective role of a Financial Stability Council, articulated in the 2018 Monetary Policy Statement; second, consultations by officials within the auspices of the Bank of Botswana/Ministry of Finance and Economic Development Working Group, and also involving the Non-Bank Financial Institutions Regulatory Authority and the Financial Intelligence Agency; third, approval for establishment of the Council by the Honourable Minister of Finance and Economic Development obtained in April 2018; and fourth an inaugural meeting to consider an outline of the Macroprudential Policy Framework and review of the draft Memorandum of Understanding in September 2018.