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BEAC’s CFA285 billion oversubscribed at 125% within 24 hours

BEAC’s CFA285 billion oversubscribed at 125% within 24 hours
  • Comments   -   Monday, 18 June 2018 12:50

(Business in Cameroon) - Within 24 hours, actors of the CEMAC financial market subscribed at 125.28% to the CFA285 billion auctioned by BEAC on June 12, 2018.

Indeed, according to the auction report signed on June 13, 2018, by the bank’s vice-governor Dieudonné Evou Mekou, the bids received were worth CFA357.04 billion (a surplus of CFA72 billion compared to the nominal value to be auctioned) and the maximum interest rate is 2.95%. 

This is a record for BEAC since the operation was due to last for 7 days (June 14 to 21) but was completed in just one day. It also translates the important need for liquidities on the sub-regional money market. This is, by the way, the reason why in 2017, the central bank set a scheme to provide urgent liquidities to the economic region’s banks with financial difficulties and allow those institutions with sufficient solvency level to face temporary liquidity tensions which could affect the sub-region’s financial stability.

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