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Cameroon is a mountainous, central African nation on the Gulf of Guinea. One of the strongest economies in sub-Saharan Africa, Cameroon faces several economic disadvantages. With rich oil reserves and encouraging agricultural conditions in the country, the Cameroonian economy is primarily commodity-based. The economy has high potential for growth.
The BEAC or the Bank of the States of Central Africa is an official institution grouping several states in central Africa, Cameroun being one of them. The bank was established on 22nd Nov 1972. As the common central bank of these West African states, the bank has following objectives:
- Implementing the common monetary policy of the member states
- Fixing the interest rates
- Management and control of foreign exchange reserves of the member states
- Management of the foreign debt
The Bank is the monetary issuing house of Franc CFA, which is a legal tender in the member states of this central African institution including Cameroun.
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The Banque Des Etats de I’Afrique Centrale is responsible for following functions:
- Issuing the currency throughout the member states
- It is also responsible for the formulation and implementation of the monetary policy of the member states.
- Organization and supervision of the activities of banks and other financial institutions in the member countries
- Perform several other functions as may be expected from a central bank
The Central Bank provides assistance to the Governments of the states of the Union at their request.
The Address and Contact details of the bank is as follows:
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Bank of Central African States
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Address:
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B.P. 1917 Yaoundé CAMEROON
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Phone No.:
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++237-223 40 30; -40 60; -35 73
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Fax:
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++237-223 33 29
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