New Coins Now Available

True to his word that BEAC has placed an order for new coins that were expected to arrive in the country in November, the Governor of BEAC, Abbas Mahamat Tolli, said the coins have effectively been delivered and they were in the process of injecting into the economy of member countries. Speaking in a press conference at the end of the 4th ordinary session of the Monetary Policy Committee of BEAC, the Governor said he could now confirm the coins were available in Gabon and Cameroon. He said companies will henceforth be paid mostly with coins so as to inject the money into the economy in such a way that it doesn’t lead to inflation. He however stopped short of saying how much money has been received in terms of coins saying the money was still being delivered. For now the coins received have to do with coins of high value such as 100 FCFA and 500 coins.

As concerns measures to make sure the coins are not trafficked out of the CEMAC zone and that the coins should be used essentially for the purpose for which they made, that is legal tender, he said some States have taken judicial steps towards pre-empting the situation and that the central bank was monitoring the measures to see how they can help control the illegal transfer of currency. The arrival of the coins is highly welcomed as some individuals and companies have been making direct request for coins at the level of the central bank.

Meanwhile, the Governor announced a slowdown in the growth rate in the CEMAC region due to commercial tensions between the US and China and also due to the uncertainty around the BREXIT coupled with a drop in exports and the industrial production of China. However, he said the economies of CEMAC member...