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Cameroon and Gabon to source XAF42 bln on the BEAC money market on Aug12, 2020

Cameroon and Gabon to source XAF42 bln on the BEAC money market on Aug12, 2020
  • Comments   -   Tuesday, 11 August 2020 15:15

(Business in Cameroon) - On August 12, 2020, the Cameronian public treasury will issue new fungible Treasury bills (T-bills) on the securities market of the Bank of Central African States (BEAC), the central bank of the six CEMAC countries.

The said securities will have a 26-week maturity period and are aimed at raising XAF30 billion. This is the second fundraising operation the country is organizing on the money market within a week. Indeed, on August 5, the country successfully raised XAF15 billion by issuing 52-week bills on the BEAC market.

As was the case during the August 5 operation, on August 12, Cameroon will be on the market at the same time as Gabon that will try to raise XAF12 billion via issuance of 26-week bills. This means that the two countries, which are the leading issuers in that market since its creation in 2011, will try to raise a total of XAF42 billion that day.

Since the decrease of oil prices in international markets in 2015 and the public deficit that ensued in CEMAC oil-producing countries, the money market has become an important funding source for these member countries.

For instance, according to official figures, in 2019, the countries raised a record of XAF2,846.3  billion on the said markets. At the end of August 2018, the amount they raised was only XAF1,349.7 billion.

Brice R. Mbodiam

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