WEST AFRICAN CLEARING HOUSE (WACH)
West African clearing house. What does the west African clearing stands for and was it formed?
Formation of west African clearing house.
West African Clearing House (WACH) was established in June, 1975 with its headquarters in Freetown, Sierra Leone. It has English and French as the official working languages.
WACH is a multi-lateral clearing house which comprises 15-members central banks of West African states of Nigeria, Republic of Benin, Cote d’Ivoire. Niger, Senegal, Togo, Burkina Faso, the Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Mauritania and Sierra Leone.
Objectives and functions of west African clearing house WACH
- To promote the use of members’ national currencies for intra-sub-regional transactions
- To bring about savings in the use of foreign reserves
- To promoters monetary co-operation in the sub-region
- To encourage trade liberalization