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CEMAC: More liquidity for commercial banks.
CEMAC: More liquidity for commercial banks.
While announcing the first injection of some FCFA 500 billion into the economy at the close of March, 2020, the Banks of Central Africa States, BEAC, said “this volume could be revised upward if needed”.
The bank has stayed true to its words as it announced last Friday June 5, the addition of some more liquidity, to the tune of FCFA 250 billion into the banking system. BEAC said the money will be available to commercial banks. It further added that the money has been released to help the six-member countries of the Economic Community of Central Africa States, CEMAC, to deal with the fallouts of the Coronavirus pandemic.
Though the pandemic is principally a health challenge, it said its domino effect on the economy cannot be over emphasized. In line with the CEMAC Monetary Policy Committee to help sustain the Region’s economy, the money will be made available to commercial banks at interest rates ranging from 3.25 to five per cent.
Making the announcement, the bank said it hopes the money will transform communities when Small and Medium-sized Enterprises eventually have access to it. Between March and June alone, the bank has already pumped in FCFA 750 billion liquidity up from the FCFA 2401 billion initially anticipated for this year. Other measures taken by the bank included the levers established to favour cash circulation between member –tates and commercial banks of the Regions.
When the first announcement was made in March, the banks urged member-atates and banks to support firms and companies adversely affected by the social economic and health crisis imposed by the new coronavirus. The impact of the interruption already witnessed in production chains and the consequent upsurge in living costs are expected to be cushioned, experts say. The experts have also expressed hopes that the increase in cash flow could be translated in the readjustment of loan acquisition conditions, which had been made more difficult for the most part.
A branch manager of a commercial bank confirmed to Cameroon Insider that given the current crisis, lenders face a high risk of not recovering money given out as loans.
Culled from Cameroon Insider