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Financial Market: BEAC to release some fcfa 600 billion.
Financial Market: BEAC to release some fcfa 600 billion.
Meeting on July 22, during an extraordinary session, the Monetary Policy Committee of the Bank of Central African States, BEAC, announced it would be injecting some FCFA 600 billion into the financial market. The bank said beneficiaries will be countries that will issue treasury bonds, as a means to seek funds for their local development efforts.
Meeting under the chairmanship of Abbas Mahamat Tolli, the bank’s Statutory President, the Committee evaluated the progress made in cushioning the economic impact of the Coronavirus pandemic on its member countries.
In a final communiqué issued at the end of the video conference, the bank observed that new policies do not permit them to directly fund member countries. That’s why their will to stand by its members could only have been achieved through the willingness to buy to buy treasury bonds that will be issued by the member countries. Given that the bonds concerned with this new agreement must not be over 10 years, the bank has called on the different Treasury Departments to modify their offers, and get ready to benefit from the new move.
Culled from Cameroon Insider.