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The Governor of the BEAC chaired the meeting of its monetary committee

posted by www.equatorialguineaonline.com – August 1st, 2012

The meeting was held at the headquarters of the organization in Yaounde (Cameroon) on July 27. In the 2012 Subregional Plan, the updated macroeconomic prospects confirm the acceleration of economic growth, with an increase in the real GDP of 5.7% compared to the 5.1% of 2011.

01/08/2012

The Governor of the Bank of Central African States (BEAC), the Equatorial Guinean Lucas Abaga Nchama, has chaired the meeting of the Monetary Policy Committee (MPC) of the entity. During the event, representatives of six Member States have decided to lower the Remuneration Rate on Public Deposits by twenty-five base points and the interest rate on bank placement by twenty-five base points.

The meeting took place at the headquarters in Yaounde (Cameroon), on July 27, also served to approve the monetary and credit objectives, reviewed by the six States of the Economic and Monetary Community of Central Africa (CEMAC), proposed by the national monetary and financial committees for the fourth quarter of 2012 and the first quarter of 2013, compatible with different macroeconomic approaches in each country.

The MPC of the BEAC, which held its second regular session of the year, was also informed of the trends in the global economy in the first half of 2012, as well as economic and monetary forecasts, as well as the financing of the CEMAC this year.

In the 2012 Subregional Plan, the updated macroeconomic prospects confirm the acceleration of economic growth, with an increase of the real GDP of 5.7% versus 5.1% in 2011, according to the statement signed by Abaga.

This dynamic is supported by the rising oil and gas production and by the favorable orientation of the non-oil sector. Another influence is the maintenance of national demand, with the intensification of construction work on public infrastructures in member countries.

At the same time, the public finances will improve, with a budget surplus of over 3.2% of GDP in 2011 increasing to 4.4% in 2012, while recognizing a reversal of the current external deficit of -4.4% of GDP in 2011, to ‑3.0% in 2012.

The MPC, on the other hand, celebrates the fact that the external coverage rate of currency will remain comfortable, over 100%.

The committee also decided to maintain the Interest Rate of Tenders (TIAO), the required reserve coefficients and the rate of remuneration of these reserves.

As for other issues relating to reserves, the MPC was informed of the situation up to late April, and adopted the strategy of management of reserves for the second half of this

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