UK to send more Bank of England advisors to emerging economies

Tuesday, 14 May 2019 00:00 - - {{hitsCtrl.values.hits}}

LONDON, (REUTERS): Britain will expand a program that sends Bank of England regulators to help emerging economies reform their financial sectors, the government said.

Last year, the BoE sent officials to South Africa, Ghana and Sierra Leone, and Britain now plans to expand the program to up to 30 emerging economies, starting with Senegal and Jordan.

“This is not about consultants parachuting in, this is about patient long-term relationships between expert regulators in Africa and expert regulators in London working together, hopefully over decades,” International Development secretary Rory Stewart told an African investment conference in London.

Britain’s government will give the BoE 6.1 million pounds ($ 7.9 million) to expand the project, which will have eight core staff and draw on the expertise of 70 London-based technical experts.

During the pilot in Ghana, BoE staff advised Ghanaian colleagues on consolidating its banking sector from 30 weaker banks to 10 more stable ones, and also on how to wind up failing banks and communicate during a financial crisis.