BEAC,BCEAO bank governors to meet in Y'de

The Bank of Central African States (BEAC) and the Central Bank of West African States (BCEAO) are working for the convertibility of the CFA franc in both currency areas, Governor of BEAC, Lucas Abaga Nchama told APA on Wednesday.

In preparation for the franc zone meeting to be held in April in Yaounde, the Cameroonian capital, the Council of Ministers of the franc zone and central bank governors of Central and West Africa, will meet during the week in the Cameroonian capital to go through documents relating to the event.

In the current economic and international financial environment, the Economic and Monetary Community of Central African Countries (CEMAC) are campaigning for “the stability of our currency”, the Governor of the Central Bank said.

However, he warned, “I am adamantly opposed to money laundering”, this is why before reaching convertibility of the CFA franc between the two currency areas, we should ensure that all precautions are taken, in order to “avoid falling into terrorist financing”, Mr. Nchama insisted.

Although the CFA franc in both zones has the same parity, the convertibility problem arises depending on whether one is in the BEAC area or the BCEAO area.