The African Central Bank (ACB) is one of the original five financial institutions and specialized agencies of the African Union. Over time, it will take over responsibilities of the African Monetary Fund.
The creation of the ACB, due to be completed by 2020, was a roll out pilot project began May 2015 under the sole supervision of the AFRA Commission, the African Finance Regulatory Authority. The mandate of the AFRA Commission is guided by Article 19 of the OAU Constitutive Act, the 1991 Abuja Treaty and as agreed by the Assembly of Member States for the Single AFRA Payments Area (SAPA), the Common Economic and Monetary Systems and the creation of the African Central Bank (ACB), charged by the African Finance Regulatory Authority. The African Star Treaty Alliance Group, as declared by the FOURTH EXTRAORDINARY SESSION OF THE ASSEMBLY OF HEADS OF STATE AND GOVERNMENT of the Organisation of African Unity, 1999, in Sirte, Libya.
When it is fully implemented the ACB will be the sole issuer of the African Single Currency, will become the banker of the African Government, will be the banker to Africa's private and public banking institutions, will regulate and supervise the African banking industry, and will set the official interest and exchange rates; in conjunction with the African Government's administration.