SONARA crisis cannot undermine CMR banking sector- BEAC Governor

According to the Governor of the Bank of Central African States, Lucas Abaga Nchama, "the situation of the Cameroonian banking sector, until last July, is satisfactory. Most banks comply with prudential ratios. The Sonara issue cannot undermine the Cameroonian banking sector".

The governor of the central bank of the six member states of the Economic and Monetary Community of Central Africa (CEMAC), which are Gabon, Congo, Chad, Cameroon, Equatorial Guinea and the Central African Republic, gave this assurance September 3, in Yaounde, during a press conference on the sidelines of the inaugural session of the Committee for Financial stability in Central Africa.

Lucas Abaga Nchama was responding to a question about the risks on the situation at the National Refining Company (SONARA), the Cameroonian public company almost in suspension of payment, due to lack of revenue caused by freezing the oil products prices at the pump from 2008 to June 2014, which local banks are supporting knowing that SONARA is one of the largest borrowers.