BEAC recorded hike in retrocession to FCFA 6,200B in 2019

BUSINESS 14 Sep 2020
BEAC recorded hike in retrocession to FCFA 6,200B in 2019

BY NDUMBE BELL GASTON

 

Reports from the central bank of the Central African Economic and Monetary Community (CEMAC zone), say the central bank (BEAC) received reimbursements, repayments and commissions to the total value of FCFA 6, 200billions in December 2019.

This receipts, the recent reports say, is said to be equal to 89% and is said to be generated from the implementation of the new foreign exchange regulations in the CEMAC Zone as at December 31, 2019.

 

As at same period in 2018, commercial banks operational in this zone comparatively retrocede just FCFA 3,277 billion.

The central bank again computed that the increase also bore fruit by positively impacting on the zone’s foreign exchange reserves to FCFA 4,348 billion as at December 31, 2019 as against FCFA 3,777 previously.

Governor Abbas MahamatTolli of BEAC maintains that, “the documentary and on-site control activities carried out by BEAC since the start of 2020 and sanctions applied to offenders” led to hike in retrocession.

Figures of the financial report of the first six months according to the issuing institute of the six, namely Cameroon, Chad, Congo, Central Africa Republic, Equatorial Guinea and Gabon, demonstrated a spike in commercial bank retrocessions to the value of FCFA 4,182 billion at the end of June 2020 which is almost double that of same period in 2019 that recorded FCFA 2,167 billion.

BEAC was delighted that the first figures of the 2020 semester representing 127%, rose sharply over the total amount retroceded in 2018 and was comfortably next to the total of 2019 by 67%.

The central bank noted that the results are attributed to “the documentary and on-site control activities carried out by BEAC since the start of 2020 and sanctions applied to offenders”.

 

 

 

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