© Wang Xiaoxin

South African Reserve Bank (SARB) Deputy Governor Daniel Mminele and Bundesbank Executive Board member Andreas Dombret have signed an agreement that will see the two central banks working more closely together on joint research initiatives and central banking projects. The two central banks are also planning to step up their dialogue during Germany's forthcoming G20 presidency.

The agreement, which was reached on the fringes of the meeting of G20 finance ministers and central bank governors in Shanghai at the end of February, forms part of a memorandum of understanding (MoU) that the two parties concluded back in 2015 to intensify their bilateral cooperation in areas of mutual interest. These include financial market issues, initiatives geared to international financial stability and prudential standards. The MoU formalises a regular exchange of information and the technical cooperation between the two central banks.