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BEAC Disclaims Allegations of a Possible Devaluation of FCFA
Category :- Business Author :- N Gelmin S 
Posted on May 14, 2020, 10:23 am
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Recent rumors have had it that the CFA Francs is already facing devaluation as a result of the effects of coronavirus pandemic on the economy. In a press release signed on May 12th, 2020 by the Governor of Bank of Central African States (BEAC), Abbas Mahamat Tolli, disclosed that these rumors are, fake.

Beac Governor

Following the release, BEAC’s foreign exchange reserve still stands above FCFA 5,348.8 billion as of May 10th, 2020, compared to the FCFA 4,113 billion in 2019.

Beac Cameroon

For Dr. Ariel Ngnitemed, an economist, it is no doubt that the pandemic has a considerable effective on the economic activities but the CEMAC region and Cameroon in particular have been able to stand the crisisFCFA Bank notes.

 

However, the production of cocoa in Cameroon is said to have witnessed a decline this year. According to the economist, if Cameroon must get on successfully, it should be able to step up the CDC to its production capacity as well as improve cocoa production in the country.

Dr Ariel

Meantime, BEAC says it will continue to monitor the impact of the pandemic on the flow of economic activities within its zone as well as on the currency, ensuring the implementation of its policy instruments to maintain a steady cash flow.

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Tagged Keywords: , fcfa, devalustion, beac
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