Yaoundé - 09 June 2023 -

Beac increases weekly withdrawal operations to CFA100 billion

Beac increases weekly withdrawal operations to CFA100 billion
  • Comments   -   Wednesday, 17 May 2023 17:14

(Business in Cameroon) - The Bank of Central African States increased its weekly withdrawal operations to CFA100 billion, according to a statement made public yesterday May 16.

The monetary institute has specified that only "credit institutions authorized as primary dealers on the monetary market” are eligible for this 7-day offer with a remuneration rate of 0.75%. Usually, the central bank's withdrawal operations involve an amount of CFA70 billion, but Beac has increased the volume to comply with the tightening of its monetary policy, which began in December 2021.

After raising its key rates four times, the bank decided on February 21 to suspend its weekly liquidity injection operations. The objective is to fight inflation, which is expected to reach 6.4% this year, more than double the 3% threshold tolerated within the Cemac region.

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