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Finance

CEMAC: The BEAC injects XAF500 bln into the CEMAC banking system

CEMAC: The BEAC injects XAF500 bln into the CEMAC banking system
  • Comments   -   Thursday, 09 April 2020 10:23

(Business in Cameroon) - The Bank of Central African States (BEAC) announces that over the April 9-16, 2020 period, it will provide XAF250 billion of liquidity to banks operating within the CEMAC region.

This is the second time the BEAC is offering the same volume of liquidity in the CEMAC money market within two weeks. These new liquidity injections are part of the central bank’s answers to the coronavirus crisis that is threatening CEMAC economies.

Indeed, per a decision by the monetary policy committee in February 2020, the BEAC was getting ready to start liquidity-absorption operations but, due to the crisis, it stopped those operations in March.

At the end of a session of the monetary policy committee on March 27, it was decided that the BEAC would relaunch liquidity injection operations and if needed, increase the volumes. All these measures are issued to allow credit institutions enough room for maneuver so that they can meet the fund needs of economic operators affected by the coronavirus health crisis.

In that regard, the BEAC also extended the range of acceptable collateral for refinancing operations on the money market.

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