Unit of Account. 1. There shall be a unit of account of the Common Market to be known as the Eastern and Southern Africa Currency Unit (ESACU) whose value shall be equal to one Special Drawing Right (SDR) of the International Monetary Fund or any other unit of account that may be determined by the Council from time to time on the recommendation of the Committee of Governors of Central Banks. 2. Each monetary authority shall communicate to the Clearing House the official exchange rate of its currency against its intervention currency or reference currency as the case may be. 3. Any change in the official exchange rate of the currency of a Member State shall be notified immediately by the monetary authority to the Clearing House. 4. All books of account of the Common Market and all monetary instruments issued by the Common Market shall be denominated in the unit of account of the Common Market.
Appears in 4 contracts
Samples: Treaty, Treaty, Comesa Treaty
