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WELCOME
REMARKS BY GOVERNOR E.M. MATEKANE ON THE OCCASION OF 25
ANNIVERSARY OF THE CENTRAL BANK OF LESOTHO, FRIDAY, 28
JANUARY 2005 |
His Majesty King Letsie III
The Right Honourable the Prime Minister
Honourable President of the Senate
Honourable Speaker of the National Assembly
Your Lordship the Chief Justice
Honourable Deputy Prime Minister
Honourable Ministers
Honourable Judges of the High Court
Excellencies Heads of Diplomatic Missions
Honourable Attorney General
Honourable Members of the Upper and Lower Houses of
Parliament
Honourable Governors
Government Secretary
Members of the Board of Directors of the Central
Bank of Lesotho
Distinguished Guests
Ladies and Gentlemen
Master of Ceremonies
Permit me to extend on behalf of the Board,
Management and Staff of the Bank, a warm welcome to
all our guests on the memorable occasion marking the
25 Anniversary of the Central Bank of Lesotho.
Master of Ceremonies
Ladies and Gentlemen
Allow me to recognize the presence of the former
governors and deputy governors of this institution
who nurtured it from its infancy to adulthood. I
humbly find it befitting to introduce them to you,
and kindly request them to stand up as I call them
out:
Mr. Kobeli Molemohi, First Governor of the Lesotho
Monetary Authority
Mr. Stefan Schoenberg
Dr. Mothae Maruping
Mr. Hae Phoofolo
Mr. Thabang Nyeoe
Mr. Mapholo Borotho
Mr. Peete Molapo
Master of Ceremonies
Ladies and Gentlemen
Let me briefly recount the history of the Bank from
its birth to the present day. The Central Bank of
Lesotho was established as the Lesotho Monetary
Authority (LMA) under the Lesotho Monetary Authority
Act No. 13 of 1978. It started its operations in
1980. At the beginning, the Authority had three
principal objectives, namely, (i) to issue and
redeem notes and coins which are legal tender in
Lesotho; (ii) to promote and maintain internal and
external monetary stability, an efficient payments
mechanism and the liquidity, solvency and proper
functioning of a sound based monetary and financial
system in Lesotho; and (iii) to foster monetary,
credit and financial conditions conducive to the
orderly, balance and sustained economic development
of Lesotho. To-day, the Bank has only one primary
objective that of achieving and maintaining price
stability. It has ten functions.
In 1982 the name Lesotho Monetary Authority was
changed to the Central Bank of Lesotho by an
amendment of the 1978 Act. At this stage the Bank
began to play the role of the lender of last resort
and banker of government.
In response to added responsibilities, the Bank had
to increase its staff complement, and relocate from
its old premises. In 1990, the new Central Bank of
Lesotho building (where are today) was officially
opened. Dr. Mullei officiated at a symposium marking
the inauguration of this building.
Master of Ceremonies
Ladies and Gentlemen
The Central Bank of Lesotho is governed by a Board
of Directors consisting of the Governor, 2 Deputy
Governors, and 5 non-executive Directors. The
Governor and his Deputies are appointed by the King,
and are eligible for re-appointment. The
non-executive Directors are appointed by the
Minister of Finance.
The Central Bank of Lesotho Act No. 2 of 2000 came
into force in August 2000. In the new legal
dispensation, the Bank enjoys a fair amount of
autonomy in implementing monetary policy and in
handling its general issues of governance.
The Central Bank of Lesotho has a total staff
complement of 196. It has 7 Departments; 4 of which
perform the core functions of the Bank, while the
other 3 support them. These Departments are as
follows: Research, Supervision, Operations,
Financial Markets, Administration, Information &
Communication Technology, and Governor’s Office. The
departments are divided into twenty two divisions.
Thank you for listening. |
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