IMF hails strength of sub-Saharan banking sector

Jun 26, 2012

The International Monetary Fund (IMF) has commended the strength of the sub-Saharan banking sector throughout the global economic crisis.

The International Monetary Fund (IMF) has commended the strength of the sub-Saharan banking sector throughout the global economic crisis.

According to Meshack Tunee Tjirongo, an IMF official in the region, this part of Africa has faced a degree of liquidity pressure by circumstances such as the continuing financial turmoil in Europe, the Daily Observer reports.

However, he stated that the majority of sub-Saharan countries have managed to avoid a banking crisis.

Mr Tjirongo said this demonstrates the resilience of the industry and its banking infrastructure, but insisted officials in the region cannot afford to become complacent.

The strength and vulnerability of the sub-Saharan Africa's banking systems has been on the agenda at an outreach forum in Gambia this week.

This enabled officials from bodies such as the Bankers Association of Gambia and the IMF to discuss the latest Regional Economic Outlook for the area and how it is likely to withstand further turmoil across the globe.

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