Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs
IMF Staff Country Reports, July 12, 2017
Source details
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- Central African Economic and Monetary Community (CEMAC): Staff Report on the Common Policies in Support of Member Countries Reform Programs
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Bibliographic details
- Published: July 12, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484305775.002
Overview and purpose
- Examines common policies supporting reform programs in member countries of the Central African Economic and Monetary Community.
- Focuses on the implications of the sharp decline in oil prices for the region’s external and fiscal balances and on policy responses coordinated by the Bank of Central African States (BEAC).
External and fiscal impact
- Oil export proceeds and budget oil revenues have plummeted between 2014 and 2016.
- The decline has profoundly impaired the region’s external and fiscal balances.
BEAC actions and planned measures
- BEAC has started to tighten the monetary policy stance with a first increase in its policy rate.
- BEAC will gradually eliminate its statutory advances to member countries.
- BEAC will ensure implementation of strict limits aimed at restricting bank refinancing using government securities as collateral.
- Several measures have been taken or are planned by BEAC to support countries’ adjustment programs and help re-build reserves.
Subjects and thematic coverage
- Banking
- Credit
- Fiscal policy
- Fiscal stance
- Imports
- International trade
- Monetary base
- Money
- Public debt
Keywords and actors referenced
- BEAC Board of Directors
- BEAC government
- CEMAC authorities
- CEMAC Commission
- CEMAC country
- Central Africa
- CR
- Credit
- Fiscal stance
- government
- Imports
- ISCR
- Monetary base, net
- programs objective
- support CEMAC countries reform programs
Content in this bundle
- Country Report