BEAC, the Bank of Central African States, central bank of the CEMAC

BEAC: definition and role as central bank

The BEAC (Bank of Central African States) is the common central bank of Cameroon, the Central African Republic, Congo, Gabon, Equatorial Guinea and Chad. As the note-issuing institution of the UMAC, it issues the Central African CFA franc, code XAF, conducts the monetary policy of the zone and has its headquarters in Yaoundé, where its Monetary Policy Committee meets.

Mandate of the central bank

Its main mission is to ensure monetary stability, while supporting the general economic policies of the member states. The UMAC convention makes it the common note-issuing institution: the Ministerial Committee decides on the creation, issue and withdrawal of banknotes and coins, and ratifies the annual accounts of the bank.

The governor of the BEAC also chairs the Central African Banking Commission, responsible for supervising the banks of the zone.

Governance of the BEAC

The governor is Yvon Sana Bangui, a Central African national, designated on 9 February 2024. His predecessor, Abbas Mahamat Tolli, of Chad, had been in post since 2016. Leadership posts in the community institutions are distributed among the states on a rotating basis, and the appointment of the governor is a matter for the heads of state.

The governor is the statutory chair of the Monetary Policy Committee. Above the bank, the Ministerial Committee of the UMAC brings together the finance ministers of the six states and decides on any change to the capital.

BEAC monetary policy and policy rates

The Monetary Policy Committee adopts monetary policy resolutions for the economies of the CEMAC. Its instruments are the tender rate, the marginal lending facility rate, the deposit facility rate and the reserve requirement ratios.

Meeting in Yaoundé on 2 April 2026, it kept the tender rate at 4.75%, marginal lending at 6.25% and the deposit facility at 0%, with inflation projected at 2.3% on an annual average. On 29 June 2026, at its second ordinary session, it lowered the tender rate to 4.50% and marginal lending to 5.75%. The deposit facility remains at 0%. Reserve requirements fall from 7.00% to 6.50% on sight liabilities and from 4.50% to 4.00% on term liabilities. On 28 September 2026, at its third ordinary session, it kept these rates and ratios unchanged.

XAF CFA franc, parity and guarantee

The BEAC issues a currency pegged to the euro at 655.957 CFA francs to the euro. According to the Banque de France, the French Treasury guarantees the convertibility of this currency and provides advances without condition or ceiling if foreign exchange reserves are exhausted.

This currency differs from the West African CFA franc, the XOF, issued by the BCEAO for the states of the WAEMU. The two currencies are distinct, although both have a fixed parity to the euro.