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Sonara shouldn’t worry the Cameroonian banking community, according to BEAC governor

Sonara shouldn’t worry the Cameroonian banking community, according to BEAC governor
  • Comments   -   Wednesday, 17 September 2014 21:50

(Business in Cameroon) - BEAC governor, Lucas Abaga Nchama, has suggested that “the Cameroonian banking sector’s situation” up to July “was satisfactory overall. Most banks have been maintaining the reserve ratio. Sonara shouldn’t worry the Cameroonian banking sector.”

The governor of the central bank of the six member states of the Central African Economic and Monetary Community (CEMAC), which comprises Gabon, Congo, Chad, Cameroon, Equatorial Guinea and the Central African Republic, gave this assurance on September 3, 2014 in Yaoundé during a press conference organised in the margins of the Central African Financial Stability Committee’s inaugural meeting. .

Lucas Abaga Nchama was responding to a question about the risks associated with Société nationale de raffinage (Sonara), the Cameroonian public company which is almost unable to pay its bills due to low revenue as a result of the caps placed on oil product prices at the pump from 2008 to 2014 which made local banks scramble as the energy company is one of the largest borrowers.

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