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.

The views expressed in this speech are those of the speaker and not the view of the BIS.

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.