(Invest in Cameroon) - According to the latest report on the increase in prices of commodities exported from CEMAC countries (CameroonGabon, Congo, Chad, CAR and Equatorial Guinea) ". , the prices of metals and agricultural products in the future are bound to fluctuate in the market " as seen during Q2 2019, before " increasing again in 2020 ".
IMF advises Beac to stop financing BDEAC
According to the International Monetary Fund (IMF), it is not the responsibility of a central bank to guarantee the financing of a development bank. For this reason, the Bretton Woods institution in a press release issued on 18 December 2019 recommended the Bank of Central African States (Beac), to avoid entering into a new financing agreement with the Bank of Development of Central African States (BDEAC). The IMF, which had already recommended that Beac gradually reduce its commitment to the BDEAC, also believes that, taking a closer look at some of the public projects implemented by the BDEAC, the central bank's financing is similar to progress. disguised status for the benefit of the member states of the Cemac sub-region. The financial institution argued that the advances in law that were in force within the Beac are prohibited today. According to rumours, this IMF recommendation comes in a context where Beac is forced to submit its intervention to BEDEAC to arbitration. The question was certainly the subject of an announcement on the agenda of the Extraordinary Council of Finance Ministers of the sub-region, but in the end it was not introduced during the proceedings because it was considered very complex, we learn. also. Existing Constraints Note that Beac holds up to 33.4% in the share capital of BDEAC and, as such, is the bank's largest shareholder. In this position, the central bank had opted for investments, a current account of FCFA 240 billion. By the end of November 2019, it had already been able to add FCFA 120 billion to this account and BDEAC is still waiting for the rest of the funding. The Development Bank of the Central African States should have benefited from financing in the order of FCFA 150 billion from Beac. It should be noted that the current account can only be reclaimed to the extent of Beac's free net worth. The central bank indicates that its free net worth at the end of September 2019 was only FCFA 140 billion and was already allocated to other funding targets. It also specifies that BDEAC's financing needs related to the implementation of public projects must not be beyond the rate of 50% compared to the overall available coverage line which is FCFA 150 billion. africaaedic.eu
DEVELOPMENT OPPORTUNITIES IN AFRICA: BEAC changes rules for money transfers between residents and foreigners
In a circular letter dated 14 August, Abbas Mahamat Tolli , the governor of the Bank of Central African States Beac, clarifies transfers outside Cemac :
- Cameroon
- Central African Republic
- Congo
- Gabon
- Equatorial Guinea
- Chad
on profits generated by non-residents and foreign residents.
" All labour income paid in FCFA may be transferred outside CEMAC, provided that the non-resident or resident alien provides evidence that a portion of his or her local expenses (rent, hotel expenses, and other items of subsistence) have been met. Otherwise, the amount of the employment income to be transferred may not exceed 75% of this income " ,
states the document signed by the governor. However, it states, the transfer of labour income in foreign currency to foreign non-residents is free of charge.
AFRICA - CEMAC EXCHANGE - World Bank provides assistance for its implementation
World Bank provides assistance in second phase of Cemac (Invest in Cameroon) stock exchange unification project - The Bank of Central African States (Beac) reports that the second phase of the unification project for the CEMAC stock exchange has already begun. This is through a World Bank mission on the restructuring and development of unified regional financial market entities (regulator, stock exchange and central depository). Beac explains that the World Bank's planned support will focus on three essential aspects, namely harmonisation of the regulatory corpus, optimisation of the market infrastructure (rating platform, central depositary information system, etc.). and strengthening the human capacity of the various unified structures. The objective of the World Bank's assistance mission is ultimately to achieve 'the creation of the starting conditions for the revitalisation of the regional financial market through strong one-off measures by states, in particular through direct contributions in securities. short-term trading (privatisation programmes, measures of last resort forcing certain companies operating in CEMAC to introduce part of their capital into the market, etc.)', states the Central Bank. )', says the Central Bank. The institution of Bretton Woods must also allow the development of 'models' of issuers and reference intermediaries capable of carrying the market and conveying a positive image, actively promoting the market to potential issuers through a marketing plan, support and development of the local stock culture. Finally, it will be a matter of moving on to the development of a medium-term offer structuring programme, in order to adapt it to the financing needs of Cemac's economies and investor behaviour (Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad). To this end, says Beac, consider relaxing the conditions for access to the stock market or creating a dedicated sub-fund for small and medium-sized enterprises. Despite some delays that caused a slight shift in the initial period (set for the end of September 2018, then postponed to the end of November 2018), the first phase of the merger of Cemac's financial markets was completed in July 2019. this first phase, the process of merging the structures of the two Central African stock markets, led to a new regional financial market configuration structured around a single regulator, based in Libreville (Gabon), and a single stock exchange, whose headquarters are in Douala (Cameroon). This stock exchange is the result of the merger of two existing stock exchanges (Central African Securities Exchange [Bvmac] and Douala Stock Exchange [DSX]). africaaedic.eu
BANQUE DES ETATS DE L'AFRIQUE CENTRALE - BEAC
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 the BEAC followed the conclusion on 23.11.1972 of a new monetary cooperation agreement with France by five countries: Cameroon, the Central African Republic, Chad, the 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 are part of the French franc area (q.v. for the effects of the changeover to the euro) 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 headquartered in Yoaundé (Cameroon) and is governed by a Governor and a 13-member directorate, 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 erected with effect from 22.12.1992 into the autonomous Commission Bancaire de l'Afrique Centrale: (COBAC) in charge of drafting banking regulations and supervision. COBAC is chaired by the Governor of BEAC while the Secretary General is appointed by the Conseil des Ministres of CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale). africaaedic.eu
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