This represents an increase of 35% compared to those generated at the end of 2018 (9.5 billion FCFA).
The reserves of the countries of the Economic and Monetary Community of Central Africa (CEMAC), deposited with the French Treasury, generated 13 billion FCFA of interest in 2019.
This performance was made possible thanks to “a significant improvement in the rate of centralization of foreign exchange reserves and a stable level of remuneration compared to that of market. Under the operating account agreement that links BEAC to the French Treasury, this sub-region must centralize 50% of the currencies generated by member countries in this account. This money is remunerated at a fixed rate of 0.75% when the rates of the European Central Bank (ECB) are below this level and at 1% when they are above “.
In a context where the ECB lowered its rates to practically 0.25%, “this stability clause proved to be an asset for the BEAC, which managed at the end of December, to maintain a level of centralization of 100% of foreign exchange reserves. Throughout 2019, the centralization rate even approached 107%, which has increased the basis for calculating interest. ” In view of the elements of this CEMAC operations account management report, it appears that the mechanism currently in place benefits the sub-region. All foreign currency assets centralized by the BEAC are already converted into local currency (FCFA), for the benefit of their various beneficiaries. The interest received on foreign exchange reserves is therefore akin to the creation of value on an immobilization of capital.
