BEAC Monetary Policy Committee Goes Operational<\/p>\n
The committee members met in their inaugural session last Friday, January 11, in Yaounde. <\/p>\n
The organ that will henceforth manage the monetary policy of the Bank of Central African States (BEAC), created within the framework of the revised statute of the bank, effectively started work last Friday. The 14 members met in their very first session under the committee’s statutory president, Philibert Andzembe, who doubles as the governor of the bank. Three major issues were tackled during the deliberations: adoption of the internal regulations of the organ, examination of the monetary situation of the Central African Economic and Monetary Community (CEMAC) as of 30 September, 2007 and macroeconomic forecast for the sub-region.<\/p>\n
The governor of BEAC in his presentation during a synchronised video press conference in which journalists of the sub-region participated from their various countries, gave a relatively satisfactory performance of the economy in the sub–region with a recorded sustained growth rate of 4.5 % against 3.2 % in 2006. The increase is as a result of the dynamism of the oil sector and inflationary relief. Inflation rate, he said dropped from 5.3 % in 2006 to 2.8 % thanks to the following: less pressure on oil prices, improved public finance, and reduced external borrowing. <\/p>\n
Forecast for 2008 indicates a growth rate of 6.2 % thanks to the oil growth rate which will witness an increase from 4.3 % to 4.7 % and the non oil sector which will improve from 4.5 % to 6.5 %. Inflation rate, he said will witness a slight increase of 0.2 %, that is, from 2.8 to 3 %. This stability will be accounted for by the stability in the price of food stuff. The year 2008 will equally witness the following: increase in budgetary engagements excluding loans to 13.3 %, improvement in external debt situation and reinforcement of external monetary coverage rate. As fas as Cameroon is concerned, Philibert Andzembe, said 2008 will witnessed a growth rate of 5.3% <\/p>\n
The putting in place of a monetary committee in charge of decision making on monetary policy, is a relatively recent practice among central banks. It aims at ensuring transparency in monetary policies and reinforcing independence of the central bank. The committee has as mission to among others: define strategies and objectives of monetary and management policies as well as clarify the general conditions for loan operations by the central bank. <\/p>\n
The 14 members are drawn from member States, two from each including the national director and two from France.<\/p>\n
LUKONG Pius NYUYLIME<\/p>\n","protected":false},"excerpt":{"rendered":"
BEAC Monetary Policy Committee Goes Operational The committee members met in their inaugural session last Friday, January 11, in Yaounde. The organ that will henceforth manage the monetary policy of the Bank of Central African States (BEAC), created within the framework of the revised statute of the bank, effectively started work last Friday. The 14 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[],"adace-sponsor":[],"class_list":["post-7750","post","type-post","status-publish","format-standard","hentry"],"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/posts\/7750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/comments?post=7750"}],"version-history":[{"count":0,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/posts\/7750\/revisions"}],"wp:attachment":[{"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/media?parent=7750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/categories?post=7750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/tags?post=7750"},{"taxonomy":"adace-sponsor","embeddable":true,"href":"https:\/\/camerfeeling.fr.fo\/fr\/wp-json\/wp\/v2\/adace-sponsor?post=7750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}