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Meeting of the Monetary Policy Committee of the Bank of Central African States

posted by www.equatorialguineaonline.com – April 8th, 2012

Lucas Abaga Nchama chaired the 28th meeting of the Monetary Policy Committee of the Bank of Central African States, held at its headquarters in Yaounde (Cameroon).

05/04/2012

In this first session, the Governor of the Bank of Central African States (BEAC), Lucas Abaga Nchama, and representatives of the six States of the Economic and Monetary Community of Central Africa (CEMAC) analyzed the economic and monetary past year and discussed the prospects for 2012.

The delegations of Equatorial Guinea, Gabon, Congo, Cameroon, Chad and the Central African Republic welcomed the acceleration of economic growth in 2011, with a rise of the gross domestic product (GDP) of 5.0%, compared to 3.9% in 2010. Also noted was the increase in inflation, which grew from 1.6% last year to 2.7%.

After the analysis and review of the different factors influencing the economic and financial stability, the Monetary Policy Committee decided to maintain and not change the BEAC’s conditions applied to banks, such as the interest rate on public bond placements, or the coefficients and the remuneration rate of required reserves.

The meeting also discussed the global economic outlook of 2012, the growth forecasts in the Euro area, the budget’s austerity measures and progress in employment in most advanced economies.

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