THE BANK OF CENTRAL AFRICAN STATES:
CENTRAL AFRICAN ISSUANCE INSTITUTE
Created in 1972, the Bank of Central African States (BEAC) is the central bank common to the six States which constitute the Economic and Monetary Community of Central Africa (CEMAC). These are respectively Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad.
The BEAC's missions are to:
define and conduct CEMAC's monetary policy;
issue fiduciary money (banknotes and coins which are legal tender and discharge in the CEMAC);
to conduct CEMAC's foreign exchange policy;
hold and manage the official foreign exchange reserves of member states;
promote the proper functioning of payment and settlement systems;
promote financial stability.
The Central Bank places at the disposal of 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; essential mission to guarantee the economic stability of CEMAC. It also maintains regular and effective relations with international partners, making it a benchmark monetary and financial institution.
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