Bank of Central African States

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Bank of Central African States
Banque des États de l'Afrique Centrale (BEAC) (in French)
Economic and Monetary Community of Central Africa
CurrencyCentral African CFA franc
XAF (ISO 4217)
Reserves9 790 million USD[2]
Preceded byBanque Centrale des Etats de l'Afrique Equatoriale et du Cameroun
Websitewww.beac.int
BEAC is the central bank of the states in red.

The Bank of Central African States (

Economic and Monetary Community of Central Africa: Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo
.

History

Background

In 1920, the French government expanded the note-issuance privilege of the

CFA Franc.[3]

In 1955, the French government transferred the CCFOM's monetary role in the colonies of

BCEAO for the former colonies of French West Africa
.

Establishment and development

On 1972-11-22, the five countries gathered in

Fort-Lamy and decided to locate the new institution in Cameroon. The BEAC held its first board meeting on 1973-03-13 and started operations on 1973-04-02. The full transfer of head office activity from Paris to Yaoundé was completed in early 1977.[6]

Equatorial Guinea joined the currency arrangement and BEAC on 1985-01-01.[6]

On 1990-10-16, following similar reform pioneered by the BCEAO earlier the same year, the member states decided to pool their banking supervision and created the

banking regulation in the region, paving the way for the effective establishment of the COBAC in January 1993.[7]

The BEAC's statutes were revised in late 1999,[6] and again in 2010,[8]: 6  to grant it greater independence.

Organization and governance

The BEAC has main branches known as National Directorates (

Ouesso and Pointe-Noire (Congo), Bata (Equatorial Guinea), Franceville, Oyem, and Port-Gentil (Gabon).[6]

As of 2019, the BEAC is governed by a Board of Directors (French: Conseil d'administration). Its highest monetary policy making body is the Monetary Policy Committee (MPC, French: Comité de politique monétaire). The MPC consists of the Governor, two representatives of the French Government, and two representatives from each of the six CEMAC member states, one of which is the BEAC National Director for the country.[9]

Buildings

The buildings of the National Directorates typically dominate the local skyline,[10] respectively inaugurated in Bangui (1979), Libreville (1981), Yaoundé (1982), and N'Djamena (1994). In Malabo, the BEAC took over the former building of the Bank of Equatorial Guinea in July 1985. The BEAC's current head office tower in Yaoundé was inaugurated in 1988.[6] In Paris, the BEAC was located on 29, rue du Colisée, together with the BCEAO,[11] until it moved its representative office to another location in 2007.[6]

  • Building at 29, rue du Colisée in Paris, seat of the BCEAEC then BEAC in the 1960s and 1970s
    Building at 29, rue du Colisée in Paris, seat of the BCEAEC then BEAC in the 1960s and 1970s
  • BEAC Tower in Yaounde
    BEAC Tower in Yaounde
  • BEAC tower in Brazzaville
    BEAC tower in Brazzaville
  • 48, avenue Raymond-Poincaré, the Paris office of BEAC
    48, avenue Raymond-Poincaré, the Paris office of BEAC

Governors

Christian Joudiou, a French national, was the General Manager (French: directeur général) of the BEAC from 1973 to 1978.[12]

Controversy

Philibert Andzembe of

US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France's two main political parties.[13]

See also

References

  1. ^ "Le Centrafricain Yvon Sana Bangui, nouveau gouverneur de la Banque des États de l'Afrique centrale". Radio France International. 9 February 2024.
  2. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  3. ^ a b c d "Histoire de l'Emission Monétaire en Afrique Centrale". beac.int.
  4. ^ "Caisse centrale de la France libre". Bibliothèque nationale de France.
  5. ^ "Banque centrale des états de l'Afrique équatoriale et du Cameroun". Bibliothèque nationale de France.
  6. ^ a b c d e f "1972–2012 : 40 ans d'histoire de la BEAC". beac.int.
  7. ^ "La Commission Bancaire de l'Afrique Centrale". beac.int.
  8. ^ Sylviane Guillaumont Jeanneney & Patrick Guillaumont (May 2017), "Quel avenir pour les francs CFA ?" (PDF), Ferdi Document de travail (P188)
  9. ^ "La BEAC : Un organisme de conception et de gestion de la politique monétaire dans la CEMAC". christattouh blog. 22 March 2019.
  10. ^ René Boer (10 January 2014). "Two Banks Shaping the African Skyline". FA Failed Architecture.
  11. ^ "Records of the Office of the Chief Economist". World Bank.
  12. ^ a b c d "L'INSTITUT D'ÉMISSION DE L'AFRIQUE CENTRALE À TRAVERS LE XXE SIECLE". Banque des États de l'Afrique Centrale. 25 June 2008. Archived from the original on 16 February 2010.
  13. ^ Gabon 'siphoned funds' to France Al Jazeera

External links

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