BEAC (Bank of Central African States- BCAS).
It originated from the Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun (BCEAEC), which in turn derived in 1959 from the reorganisation of the Institut d'Emission de l'Afrique Equatoriale Francaise et du Cameroun.
The transformation of the BCEAEC into BEAC took place following the conclusion of a new monetary cooperation agreement with France by five countries on 23.11.1972:
- Cameroon,
- Central African Republic,
- Chad,
- Republic of Congo
- Gabon
to which Equatorial Guinea was added on 1.1.1985 and which form a monetary union, the UMAC.
The six countries fall within the French franc zone (q.v. for the effects of the euro changeover) and the BEAC is the issuing institution of the CFA franc, a regional legal tender freely convertible into French francs and, since 1.1.1999, into euros.
The Bank is based in Yoaundé (Cameroon) and is governed by a Governor and a directorate of 13 members, 10 appointed by the six member states and three by France.
The Bank exercised banking supervision until 1992. In this year, the office was hived off and established as an autonomous Commission Bancaire de l'Afrique Centrale: (COBAC) with effect from 22.12.1992 in charge of drafting banking regulations and supervision.
The COBAC is chaired by the Governor of the BEAC while the Secretary General is appointed by the Conseil des Ministres of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale).
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