(Business in Cameroon) - Talking on 25 January 2017 in Yaoundé, on the fringes of a “high level conference” on the answers the central banks must bring to the exogenous shocks, Lucas Abaga Nchama, Governor of the Central Bank of the six CEMAC States, tried to reassure on the volume of foreign exchange reserves the countries in this community currently have.

“The currency coverage rate is slightly lower than 70% at the moment, while the minimum is 20%. Before, we were around 100%”, he indicated, pleased with the efforts made by the CEMAC States to adjust”, in the face of an oil crisis which has been crippling most economies in the sub-region.

Lucas Abaga Nchama appeared even more optimistic on the situation of these foreign exchange reserves as, he specified, “the 21 measures taken by the CEMAC Heads of State during the 23 December 2016 extraordinary summit in Yaoundé, are in line with the monetary stability in the sub-region”.

As a reminder, this Equatorial Guinean cadre was thus making his last official appearance as BEAC Governor, as in the coming days, he will be replaced by Chadian Abbas Mahamat Tolli.

BRM