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Central Africa: BEAC to Achieve a Net Profit Of CFAF 50 Billion in 2021

BEAC
BEAC

These figures are 61% higher than the previous year, when the Central African Monetary Institute achieved a turnover of CFA 31 billion -$51 million.

The Ministerial Committee of the Central African Monetary Union Umac met on 13 April in an ordinary session in Douala, Cameroon. Among the topics on the agenda was the approval of the financial statements of the Central Bank as at 31 December 2021.

It emerged that the year 2021 was successful for the Bank of Central African States BEAC with a budget surplus of CFAF 50 billion. This performance is due in particular to the acceleration of the process of repatriation of currencies in the CEMAC space following the implementation of the new regulation on foreign exchange which has led to an increase in external assets.

In force since 2019, the new foreign exchange regulation in the CEMAC zone has largely contributed to raising the external position of the Beac. As at 31 May 2021, the foreign exchange reserves of the six CEMAC countries Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea and Gabon stood at CFAF 4137 billion, compared to CFAF 4951 billion as at 31 May 2020, a contraction of 16.43% in one year.

As a reminder, the Bank of Central African States is the main monetary institution of the Economic and Monetary Community of Central Africa and the common central bank of the six states that constitute it.



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