BEAC

BEAC

THE CENTRAL BANK OF CENTRAL AFRICAN STATES (BEAC): CENTRAL BANK IN CENTRAL AFRICA

Established in 1972, the Central Bank of Central African States (BEAC) is the central bank serving the six member states of the Economic and Monetary Community of Central Africa (CEMAC). These include Cameroon, the Central African Republic, the Republic of Congo, Gabon, Equatorial Guinea, and Chad. BEAC’s missions are:

• Defining and implementing the monetary policy of CEMAC;
• Issuing fiduciary currency (banknotes and coins that are legal tender and have purchasing power in CEMAC);
• Managing the exchange policy of CEMAC;
• Holding and managing the official foreign exchange reserves of member states;
• Promoting the smooth functioning of payment and settlement systems;
• Promoting financial stability.

The Central Bank provides the Banking Commission of Central African States (COBAC) with the financial, material, and human resources necessary for the execution of its banking supervision mission; an essential mission to ensure the economic stability of CEMAC. It also maintains regular and effective relations with international partners, making it a reference institution in monetary and financial matters.