logoBC
Yaoundé - 13 April 2024 -
Finance

Beac targets $394mln withdrawal from commercial banks to curb CEMAC inflation

Beac targets $394mln withdrawal from commercial banks to curb CEMAC inflation
  • Comments   -   Wednesday, 03 April 2024 15:42

(Business in Cameroon) - The Bank of Central African States (Beac) initiated a liquidity withdrawal operation on April 2, 2024, aiming to pull CFA230 billion ($394 million) from commercial banks. This move marks one of the central bank's most significant attempts to reduce banking liquidity since the start of 2024.

This operation to drain funds from the region's banks aligns with the restrictive monetary policy adopted to fight soaring inflation across the CEMAC region. According to Beac, the purpose of these withdrawals is to limit economic agents' access to financing, thereby combating the monetary origin of inflation.

Initially capped at CFA50 billion for several years, the central bank's liquidity withdrawal operations have gradually increased in response to rising inflation rates within the region. Consequently, the amount Beac now seeks to remove from the banking system is nearly five times the initial figure.

air-peace-expands-service-with-new-route-from-abuja-to-yaounde
Nigerian airline Air Peace has expanded its operations in Cameroon with the opening of a new flight route from Abuja, Nigeria's capital, to Yaoundé, the...
cameroon-cuts-rice-prices-following-import-deal-with-india
The Cameroonian Ministry of Commerce announced yesterday a significant reduction in rice prices effective Friday. This price adjustment follows the...
cameroon-exported-657-3-tons-of-palm-oil-in-2022-despite-production-shortfall
Cameroon, grappling with a chronic shortage of palm oil production, exported 657.3 tons of the commodity in 2022. This export generated about 713.6...
cameroon-s-trade-deficit-worsens-over-six-years-despite-import-substitution-efforts
Cameroon’s trade deficit has significantly worsened from 2017 to 2022, totaling a loss of CFA256 billion over the six-year period, according to the...

Mags frontpage


Business in Cameroon n110: April 2022

Covid-19, war in Europe: Some Cameroonian firms will suffer


Albert Zeufack: “Today, the most important market is in Asia”


Investir au Cameroun n120: Avril 2022

Covid-19, guerre en Europe : des entreprises camerounaises vont souffrir


Albert Zeufack: « Le marché le plus important aujourd’hui, c’est l’Asie »