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Yaoundé - 19 October 2019 -
Finance

CEMAC: In Aug 2019, Interbank transactions reached XAF56.5 bln

CEMAC: In Aug 2019, Interbank transactions reached XAF56.5 bln
  • Comments   -   Wednesday, 18 September 2019 16:28

(Business in Cameroon) - In August 2019, interbank transactions within CEMAC were estimated at XAF56.5 billion, the community’s central bank BEAC indicates.

Unlike the situation in previous years, the major portion of these transactions was made between credit institutions belonging to different banking groups. This portion is estimated at XAF31.5 billion while the portion between subsidiaries of the same banking groups is XAF25 billion.

This shows a renewed trust between credit institutions belonging to different banking groups. This trust is the result of reforms initiated by BEAC. An example of such reforms is the repo mechanism. This mechanism consists of the exchange, for a given period, of negotiable instruments against cash. BEAC explains that once the payment deadline is exceeded, the lender automatically becomes the owner of this negotiable instrument.

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