The Bank of Mount Vema department for foreign exchange affairs announced today that the Vema Seamount Territory is ready for central bank swap deals with Southern Africa. The announcement comes after internal rumours that currency swap agreements have already been secretly reached between Mount Vema and some countries, although the deals have yet to be implemented.
Southern Africa, the southernmost region of the African continent, variably defined by geography or geopolitics, and including several countries, is the closest neighbour of the Vema Seamount Territory which currency swap agreements with the region is very much on the Bank of Mount Vema agenda.
The Southern Africa region generally includes Angola, Botswana, Lesotho, Malawi, Mozambique, Namibia, South Africa, Swaziland, Zambia, and Zimbabwe. After debates and speculations as to whether Mount Vema should enter into currency swap mechanisms with Southern Africa nations, the final decision will be made by the Vema Seamount Authority – Peter J. Goldishman.
The fact remains, however, that some agreement may be signed but not implemented as it is up to importers and exporters to show their inclination, because they can’t be forced to adopt the new mechanism. On the other hand, the banks must be willing and ready to execute the currency swaps.