A PHP Error was encountered
Severity: Warning
Message: Undefined array key 0
Filename: views/newspaper.php
Line Number: 25
Backtrace:
File: /home1/checkam/news.checkam.info/application/views/newspaper.php
Line: 25
Function: _error_handler
File: /home1/checkam/news.checkam.info/application/controllers/Newspaper.php
Line: 614
Function: view
File: /home1/checkam/news.checkam.info/index.php
Line: 315
Function: require_once
A PHP Error was encountered
Severity: Warning
Message: Attempt to read property "name" on null
Filename: views/newspaper.php
Line Number: 25
Backtrace:
File: /home1/checkam/news.checkam.info/application/views/newspaper.php
Line: 25
Function: _error_handler
File: /home1/checkam/news.checkam.info/application/controllers/Newspaper.php
Line: 614
Function: view
File: /home1/checkam/news.checkam.info/index.php
Line: 315
Function: require_once
A PHP Error was encountered
Severity: Warning
Message: Undefined array key 0
Filename: views/newspaper.php
Line Number: 25
Backtrace:
File: /home1/checkam/news.checkam.info/application/views/newspaper.php
Line: 25
Function: _error_handler
File: /home1/checkam/news.checkam.info/application/controllers/Newspaper.php
Line: 614
Function: view
File: /home1/checkam/news.checkam.info/index.php
Line: 315
Function: require_once
A PHP Error was encountered
Severity: Warning
Message: Attempt to read property "name" on null
Filename: views/newspaper.php
Line Number: 25
Backtrace:
File: /home1/checkam/news.checkam.info/application/views/newspaper.php
Line: 25
Function: _error_handler
File: /home1/checkam/news.checkam.info/application/controllers/Newspaper.php
Line: 614
Function: view
File: /home1/checkam/news.checkam.info/index.php
Line: 315
Function: require_once
BEAC unveils measures to preserve franc cfa.
BEAC unveils measures to preserve franc cfa.
Last Monday April 27, 2020, the Bank of Central African States, BEAC, published the monetary policy report that inspired the decisions made about a month earlier when it first rolled out a set of anti Covid-19 measures.
The report indicates that the major financial institution in the Sub Region found its self in a dilemma as it needed funding to deal with the impacts of the new pandemic, and for its duty to preserve the parity between the FCFA and the Euro. The pandemic seems to have rendered the days ahead not very bright. The bank explained that the drastic and sustained drop in oil prices, the Sub Region’s main export, caused a sharp drop in external reserves. It was in response to the imminent challenges associated with this that the member-countries opted for a budgetary adjustment with the assistance of the International Monetary Fund when they met at an extra ordinary summit in 2016.
The Coronavirus stormed when the Region was yet to completely deal with the shock. “The level of foreign exchange reserves in the zone stood at 3.2 months of imports of goods and services at the end of December 2019, a level barely above the minimum threshold of 3 months of imports of goods and services, knowing that 5 months are required for countries exporting raw materials like those of CEMAC,” part of the report indicated.
The bank however says there is a way out of any looming danger. “If CEMAC countries harmonise the fight against Covid-19, its economic and financial consequences, the macroeconomic situation would be stabilized sooner,” BEAC cautioned. The bank added that the current situation has caused a sharp drop in reserves around 2 months of imports of goods and services. “Such an evolution would result in a real threat to the external stability of the currency, thus underlining the fact that in the absence of budgetary adjustment and consequent mobilization of external financing, BEAC would again be subject to the same risks on the parity of its currency as it was at the end of 2016,” it further stated.
Culled from Cameroon Insider