African central banks' governors urged on Thursday for speeding up the process of monetary integration in Africa, as a step towards achieving the goals of creating the African Central Bank (ACB) and ultimately issuing an African single currency.

Representatives from 31 African central banks, in addition to some from African and international institutions, met on Thursday at the 36th ordinary session of the Assembly of Governors of the Association of African Central Banks (AACB) in the Algerian capital.

Members of the assembly elected Governor of the Algerian Central Bank, Mohamed Laksaci, as the new head of Assembly of Governors of the AACB, replacing Charles Chuka of Malawi's Central Bank after his four years term ended.

Laksaci told a press conference that he will focus on "setting up monetary cooperation between the African central banks."

"We have also to develop a shield that would permit the African central banks to face the repercussions of foreign financial shocks," Laksaci said, in reference to the current soaring commodity prices in international markets.

The ACB is one of the three financial institutions of the African Union (AU). Over time, it will take over responsibilities of the African Monetary Fund.

When it is fully implemented via Pan-African Parliament legislation, the ACB will become the sole issuer of the African single currency, regulate and supervise the African banking industry, and set the official interest and exchange rates in conjunction with the African governments' administration.