Chad – 31 Chad

2006 At a Glance Population (mn) 10

H ª Q A M A RZ M U D E Y EA A A T PL N HU G D E TCHAD N S E M I D E S E R T D E � B R T E L D S E A R E Population Growth (annual %) A B B I 2.9 A N A C A J H MOURZOUK 573 m

E D E S E R T � L

E T LIBYE S A ALGERIE R + Official Language (s) French/Arabic R JABAL Bª SUNBUL P L T A I T B E A A S U T I D U M A N G Bette� U 2266 m ÉN I TIBESTI Currency CFA Franc (XAF) PLATEAU� PLATEAU� Tarso Ouri� DU DJADO DU TCHIGAÏ Ehi Timi Ouli� 3150 m 2500 m Tarso Emissi� 2650 m É Pic Tousside� TÉNÉRÉ� 3315 m Ehi Soni � Tarso Tieroko� D E L I B Y E DU TAFASSÂSSET 2500 m 2910 m Tarso Ahon� 3225 m R Emi Koussi� GDP (Current US$ bn) 6.8 3415 m A

É M L I B E D B G N R O E R GDP Growth (annual %) K 1.3 D D O EP R ES R D N U S IO N D U M O U A

É R Faya G É NIGER L E Hadjer Mornou� É N 1310 m T B D R A N GDP Per Capita (US$) B O O U E D 679 J I D D U G ER MASSIF� DE TERMIT

Z A G Jabal Kuluha� A 936 m FDI, net inflows (US$ mn) (2005) 705 O U A PLATEAU� Hadjer Niéré� Biltine1320 m DE TEIGA A G Mao Jabal Mun� Jabal Gurgei� N 1309 m 2396 m A M External Debt (US$ mn) 1.6 Abéché be Lac� Bol u Yo Ati Al-Junaynah Diffa ug ad Tchad m o K Jabal Marrah� Batha 3088 m Hadjer Kamaran� 1040 m a an a G d Jabal Kodo� u d ug a 1441 m d g a N'Djamena N ahrA zo External Debt/GDP (%) 22.9 m B um o m Mont Guédi� K a r Mongo 1506 m e Damaturu s d Massif de Guéra� Maiduguri e Y 1613 m Jabal Tungsunga� 1045 m hrErg Ba uig

ola g A on R G A Am Timan� L Chari D o g N o � A n NIGERIA e u CPI Inflation (annual %) 6.3 M lo u ts Maroua O r Bongor ah M B Birao t K C a Tinga� a m ha a r al O ua dja 1282 m bi i S n a Bah r Mont Toussoro� Pala Laï lé 1330 m B ka é A ou no Garoua ué Sarh Exports of goods and services (% of GDP) 53.4 Yola Koumra G o Jalingo r N A a S B O IK F Doba E l D SOUDAN T B Dimlang� Moundou u F N o a m I 2042 m d m S o A Hoséré� n in tt a g Ndélé S L a o Vokré� h u M A K Mts SHEBSHI A i

M u

G s 2049 m O

r i M Tchabal� b u i o n g Gangdaba� g n a u in o 1960 m V i o é B r r Tchabal� é 1500 m a 1923 m b Gross official reserves (US $ bn) F 0.3 Mbabo� M l D ta o 2460 m n n U A É ie m g Mts� M A O Ngaoundéré r a Kaga Bandoro u A O h o a A D D e K r GOTEL L' u oukou E A n fD o O M Y og Mont Ngaoui� L i 2019 m r 1410 m U a D Bossangoa b M F REPUBLIQUE� I S Bria S A CENTRAFRICAINE Bouar Bozoum F CAMEROUNam M a b D o M M la j 929 m k é a n r m i Gross official reserves (in months of imports) e 3.6 h b m é r Sibut C é Bambari m 1500 m Lo

1. overview of Financial System • The Council of Ministers; Chad is a member of the Central African Economic • The central bank, Bank of Central African States and Monetary Community (Communauté Economique (Banque des Etats de l’Afrique Centrale -BEAC- et Monétaire de l’Afrique Centrale-CEMAC), which ), the common independent central bank; is composed of six member countries: Cameroon, • The Banking Commisssion, ( Commission Central African Republic, Chad, Republic of Congo, Bancaire de l’Afrique Centrale (COBAC), Equatorial Guinea and Gabon. The CEMAC is harmonises and controls banking activities; composed of the following four institutions: • The stock market, Bourse des valeurs mobilières. 1. Central African Economic Union (Union The BEAC was established in 1972, the successor Economique de l’Afrique Centrale –UEAC-) to the Banque Centrale de l’Afrique Equatoriale et 2. Central African Monetary Union ( Union du Cameroon (established in 1955). It formulates Monétaire de l’Afrique Centrale- UMAC-) and implements the monetary policy of its member 3. Community Parliament countries, and also preserves the stability of the 4. CEMAC court of justice common currency of the member states, the CFA The UMAC, headquartered in Yaoundé, is responsible Franc, which is pegged to the Euro. The French treasury for the monetary policy of its member countries. It guarantees the convertibility, but not the exchange also involved, with the UEAC, in the coordination rate, of the CFA Franc (Franc de la Coopération of economic policy to ensure consistency between Financière). BEAC uses both reserve requirements national budget policies and the common monetary and the discount window to implement its policy. The policy. The UMAC is administered through: financing of the economy of the CEMAC region has • The Conference of Heads of States, created increased by 9.2% from XAF 1,850 billion in 2005 to through the Agreement establishing the 2,019 billion in 2006. The target inflation rate for the CEMAC, the supreme authority of the UMAC; region has been set at a maximum of 3%. 32 – Chad

There are 29 banks operating in the CEMAC region stock exchange was established in Gabon, the (Cameroon: 10; Central African Republic: 3; Chad: Central African Stock Exchange (BVMAC). 5; Congo: 4; Equatorial Guinea: 2 ; Gabon: 5), with The legal framework of the region’s capital markets is total assets of XAF 659 billion as of February 2007. defined by Act n° 03/01-CEMAC-CE 03 of 8 December 2001. Under the provisions of the Act, the Financial Bank and Non-Bank Financial Sector Markets Surveillance Committee (Commission de Banking activity is supervised by the COBAC. Surveillance du Marché Financier de l’Afrique Centrale- Privatization of the banking sector was completed COSUMAF) has sole jurisdiction for approving securities in 1999. Five commercial banks are operating in the for listing on the BVMAC, and is the agency responsible country, and all major banks have undergone internal for administering securities laws in the BVMAC member reforms to reduce the volume of non-performing loans countries. Two companies, SFA Gabon and BGFI and improve lending practices. The weaknesses Bourse have been authorized to act as brokers for the in the financial system are a constraint to savings BVMAC, however operations have not started yet. mobilization, investment financing and access to credit. Banks are unwilling to extend medium to long- 2. Foreign Exchange term loans. Microfinance plays a marginal role in the The CFA Franc is the common currency of 14 countries C financial system. The objective of the government is to located in West Africa (WAMU) and Central Africa strengthen both the financial sector and microfinance. (CEMAC), and has a fixed parity with the Euro at XAF The insurance sector is regulated and supervised by 655.957 / 1 EUR. The French treasury guarantees a regional body, the Interprofessional Committee of the convertibility and stability of the XAF. Payments the Insurance Market, (Conférence Internationale des and transfers of capital within the CEMAC region and Marchés d’Assurances-CIMA) which has jurisdiction current account transactions with all countries are over insurance companies for the whole CFA Franc unrestricted. However, restrictions on transactions zone. It was established on July 10, 1992 in Yaounde of capital accounts apply for outflows to countries (Republic of Cameroon) and includes the following outside the CEMAC. countries: Benin, Burkina, Cameroon, Central Africa, the Comoros, Ivory Coast, Gabon, Equatorial Guinea, CFA Per Unit of USD (Year End) Guinea Bissau, Mali, Niger, Senegal, Chad and Togo. 800 The CIMA Treaty came into effect on February 15, 700 1995. The regulatory body of the CIMA is the Regional Commission of Insurance Control (CRCA) whereas 600 the Council of Ministers is the supreme body. 500

Capital Markets 400 As is the case in the CFA West Africa zone which 2000 2001 2002 2003 2004 2005 2006 has a common stock exchange (Bourse Régionale Source: Bloomberg des Valeurs Moblières-BRVM), the Central African Region also sought to establish a common stock 3. Key Contacts exchange. However, plans for these were temporarily • Banque des Etats de l’Afrique Centrale (BEAC) shelved, as agreement could not be reached between BP 50, N’Djamèna, Chad the member countries regarding a host country. Tel: +235-52-5014, Fax: +235-52-4487 Cameroon decided to create its own exchange, the E-mail: [email protected] Douala Stock Exchange (DSX), whilst a separate Web: www.beac.int