Solid Financial Infrastructure Is A Pre-Requisite For Economic Development

Devaluation of the yuan has a severe impact on currencies such as the rand - which may also devalue - and become volatile Michael Tichareva Financial infrastructure comprises government-managed financial institutions such as a central bank, as well as privately owned market institutions, networks and shared physical infrastructure that enable the effective operation of financial intermediaries, the exchange of information and data, and the settlement of payments between wholesale and retail market participants. A sound and efficient financial infrastructure promotes financial stability and is a pre-requisite for the successful operation of modern integrated financial markets and economic development. Africa has one of the world’s least developed integrated financial systems. The lack of a common currency across Africa makes integrated and seamless financial transactions more complex and challenging.