(Business in Cameroon) - The Bank of Central African States (BEAC) informs that as of May 10, 2020, its foreign exchange reserves are estimated at XAF5,348.8 billion. They represent about five months of imports for an external coverage rate of 74.16%.
Compared with the situation a year earlier when the said reserves were estimated at XAF4,113 billion on May 10, 2019 (for an external coverage rate of 63.55%), this represents a 30% YoY increase.
According to the Central Bank, this performance is due to the effective implementation of foreign exchange regulations (repatriation and retrocession notably). It is also favoured by the actions of CEMAC member countries to control the impact of the coronavirus health crisis on their economies with the help of development partners.
The Central Bank adds that the Covid-19 pandemic has not affected the level of CEMAC countries’ foreign exchange reserves, which remains comfortable.