23 November 2018

Central Africa: BEAC New Monetary Policy Under Review

This was the object of a three-day seminar which took place in Douala from November 19-23.

In order to assess the level of assimilation, implementation as well as explore avenues to improve on the new framework for follow-up, analysis and animation of the financial market, the central bank, BEAC held a meeting with all the actors of the financial market in the CEMAC zone from November 19 to 23 at the Sawa hotel in Douala.

Speaking during the closing ceremony of the concertation meeting, the Director General of studies, finance and international relations of BEAC, representing the governor, Abbas Tolli said the objectives of the meeting had been attained. That is, evaluating the level of implementation of the recommendations of the 2014 meeting which dwelt on the interbank market of CEMAC, balance sheet and perspectives, 20 years after as well as identifying solutions to improve on actions already taken.

Participants who comprised heads of financial institutions and country representatives of BEAC, recommended the putting in place of a mechanisms of publishing statistics and analyses of the different compartments of the financial market so as to solve the problem of difficulty to collect data and the inexistence of a platform for centralizing reporting information on the financial market and its actors. Efforts which he said will transform the regional financial landscape so as to meet with international standards.

It would be recalled that in an effort to modernize the economic and financial environment of CEMAC, BEAC engaged a reform of its monetary policy with the aim of maintaining financial stability. These reforms target institutional and strategic, analytic and operational domains so as to improve on the efficiency of the monetary policy, boost the financial system notably through the development of the monetary markets as well as contribute to ensuring permanent financial stability.

The Douala meeting was therefore the first devoted to making a general appraisal of all the evolutions made in the conduct of the monetary policy and the organization of the monetary market with the view to reinforce the appropriation of the new operational framework of the monetary policy by the actors of the market, sensistise actors on the stakes of the new apparatus on BEAC interventions, evaluate the points of the consensus of the meeting of February 12 to 14, 2014 and insist on the importance of an efficient interbank market for the efficient conduct of the monetary policy. It was also aimed at encouraging actors of the market to diversify possibilities of managing the treasury by exploiting the other opportunities offered by the other compartments of the financial market, such as public bond issues.

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