Created in 1972, the Bank of Central African States (BEAC) is the central bank common to the six states that constitute the Economic and Monetary Community of Central Africa (CEMAC). They are respectively Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad.
The BEAC's missions are:
promote financial stability.
promote the smooth functioning of payment and settlement systems;
hold and manage the official foreign exchange reserves of the Member States;
lead the CEMAC exchange rate policy;
issue fiduciary money (banknotes and coins that are legal tender and discharging power in the CEMAC);
define and conduct the monetary policy of CEMAC;
The Central Bank makes available to the Banking Commission of Central African States (COBAC), the financial, material and human resources necessary for the execution of its banking supervision mission; indispensable mission to guarantee the economic stability of the CEMAC. It also maintains regular and effective relations with international partners, making it a leading monetary and financial institution.
