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Finance

CEMAC: With XAF321 bln, Cameroonian banks had the largest reserves at the BEAC at end May 2020 (BEAC)

CEMAC: With XAF321 bln, Cameroonian banks had the largest reserves at the BEAC at end May 2020 (BEAC)
  • Comments   -   Wednesday, 02 September 2020 15:16

(Business in Cameroon) - At End May 2020, the volume of Cameroonian banks’ reserves at BEAC, the central bank of CEAMC countries, was XAF321.4 billion. This was up by XAF878 million month-over-month.

The reserves follow the BEAC regulation that provides that banks operating within the CEMAC region must deposit some of their funds at the BEAC to offset temporary cash shortages. These reserves are regularly remunerated with interest.

According to the BEAC, Cameroonian banks had the largest volume of reserves during the period, followed by Gabon (XAF147.71 billion, an MoM rise of XAF4.5 billion), Congo (XAF92.33 billion, up by XAF1.6 billion MoM). Next came Equatorial Guinea (XAF74.51 billion, up by XAF699 million), Chad (XAF59.24 billion, up by XAF373 million), and the Republic of Central Africa (XAF14.41 billion, up by XAF243 million MoM). The central bank indicates that because of the coronavirus crisis, it stopped absorbing liquidity during the period.

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