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Cameroon – Public Management: Despite the oil crisis, the volume of the foreign exchange reserves of the CEMAC states is comfortable, according to the governor of the BEAC

Despite the oil crisis, the volume of the foreign exchange reserves of the CEMAC states is comfortable, according to the governor of the BEAC
Written by Deckson N.

Speaking on 25 January 2017 in Yaounde, on the sidelines of a “high-level conference” on central banks’ responses to exogenous shocks, Lucas Abaga Nchama (photo), the governor of the central bank of the six States of CEMAC, wished to be reassuring about the volume of foreign exchange reserves currently available to countries in this Community area.

The rate of coverage of the currency is a little less than 70% currently, while the minimum is 20%. Before, we were around 100%, “he said, satisfying himself with the” efforts of the Cemac states to adjust “, in the face of an oil crisis that is hurting most of the economies of this subregion.

Lucas Abaga Nchama was all the more optimistic about the situation of these foreign exchange reserves that, he said, “the 21 measures taken by the heads of state of Cemac at the extraordinary summit of 23 December 2016 in Yaounde, are in the direction of monetary stability in the subregion.”

As a reminder, this Equatorial Guinean framework was his last official release in his capacity as governor of the BEAC, since in the coming days he will be replaced by Chadian Abbas Mahamat Tolli.

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Deckson N.