Bank of Central African States (BEAC)

THE BANK OF THE CENTRAL AFRICAN STATES: INSTITUTE OF ISSUANCE IN CENTRAL AFRICA

Created in 1972, the Bank of Central African States (BEAC) is the central bank common to the six states that make up the Economic and Monetary Community of Central Africa (CEMAC). These are respectively Cameroon, the Central African Republic, the Congo, Gabon, Equatorial Guinea and Chad. The BEAC's missions are:

• define and conduct the CEMAC monetary policy;
• issue fiat money (banknotes and coins which are legal tender and liberating power in the CEMAC);
• conduct the CEMAC exchange policy;
• to hold and manage the official foreign exchange reserves of the member states;
• promote the proper functioning of payment and settlement systems;
• promote financial stability.

The Central Bank makes available to the Banking Commission of the States of Central Africa (COBAC), the financial, material and human resources necessary for the execution of its banking supervision mission; mission essential to guarantee the economic stability of CEMAC. It also maintains regular and effective relationships with international partners, making it a benchmark monetary and financial institution.