Yaoundé - 02 June 2020 -

CEMAC : BEAC injects XAF2 bln foreign currencies into commercial banks weekly to fluidify international transfers

CEMAC : BEAC injects XAF2 bln foreign currencies into commercial banks weekly to fluidify international transfers
  • Comments   -   Friday, 20 December 2019 14:47

(Business in Cameroon) - For close to a month now, the central bank of CEMAC countries (BEAC) has been implementing a new measure aimed at fluidifying and shortening the deadlines for economic agents’ international transfers.

According to internal sources, a volume of foreign currencies equivalent to €3 million (close to XAF2 billion) is provided to banks operating within the CEMAC region every week. This envelope, the sources indicate, helps the commercial banks directly process international transfers whose volume is less than XAF50 million without going through the central bank.

This volume of foreign currencies adds to the 30% of the currencies repatriated by economic operators that commercial banks have to keep to meet their customers’ current needs (70% of the repatriated currencies set to be transferred to the central bank).

These weekly injections boost the easing measures taken by the BEAC following the currency shortage that arose in the region once the new exchange regulation entered into force in March 2019.

Brice R. Mbodiam

On May 28, 2020, during an audience with the Minister of Forestry and Wildlife Jules Doret Ndongo, the president of the local wood exporters’ association...
There are now 21 banks in the CEMAC zone recruited as primary dealers by the Cameroonian government, for its fundraising operations on the public...
On May 31, to mark the first anniversary of the fire that destroyed most of Cameroon’s National Refining Company Sonara (Société nationale de...
Since May 29, the regional delegation of the Ministry of Labour in the Littoral region has been trying to initiate mediation between Nexttel/Viettel...

Mags frontpage

Business in Cameroon n87: May 2020

Roads, dams, fiber optics, markets... Cameroon’s big projects toward integration

«Central Africa is facing enormous challenges» - AfDB

Investir au Cameroun n97 Mai 2020

Routes, barrages, fibre optique, marchés… Les grands chantiers camerounais de l’intégration

« L’Afrique centrale est confrontée à d’énormes défis » (BAD)