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Annual Report 2017 BANK OF CENTRAL AFRICAN STATES ANNUAL REPORT 2017 SUMMARY LIST OF TABLES ..................................................................................................5 LIST OF FIGURES ................................................................................................7 LIST OF INSETS ...................................................................................................8 LIST OF ACCRONYMS AND ABBREVIATIONS ...................................................9 MAP OF MEMBER STATES OF THE ECONOMIC AND MONETARY COMMUNITY OF CENTRAL AFRICA (CEMAC) ................................................11 THE GOVERNOR’S ADDRESS ..........................................................................13 OVERVIEW OF THE YEAR 2017 ........................................................................15 I. ECONOMIC AND MONETARY GROWTH .......................................................17 1. INTERNATIONAL CONTEXT ......................................................................19 1.1. Economic conditions of major partners to CEMAC Member States ... 19 1.2. Financial, Foreign Exchange and Gold Markets ..................................23 1.3. Markets for basic commodities .................................................................. 27 2. 2.ECONOMIC AND MONETARY SITUATION IN CEMAC .........................29 2.1. Economic growth .................................................................................29 2.2. Prices and competitiveness .................................................................34 2.3. Public finance and external debt .........................................................39 2.4. External sector ....................................................................................43 2.5. Monetary sector ...................................................................................45 3. REGIONAL INTEGRATION .......................................................................55 3.1. Multilateral surveillance .......................................................................55 3.2. Topical issues ......................................................................................58 II. MISSIONS AND GOUVERNANCE .................................................................67 1. MISSIONS...................................................................................................69 1.1. Monetary policy ............................................................................................. 69 1.2. Currency issuance ........................................................................................ 76 1.3. Management of foreign exchange reserves ................................................ 77 1.4. Management of payment systems and methods ........................................ 79 1.5. Financial stability ........................................................................................... 81 1.6. Setting foreign exchange policy within the Community ............................... 98 2. GOVERNANCE ...........................................................................................99 2.1. Decision-making bodies ................................................................................ 99 2.2. Supervisory authorities ............................................................................... 103 2.3. Other bodies ............................................................................................... 104 3 III. MANAGEMENT AND COOPERATION .......................................................109 1. ACTIVITIES AND PROJECTS OF BEAC .................................................111 1.1. Research ..................................................................................................... 111 1.2. Human Resource Management ................................................................. 112 1.3. Capacity building ......................................................................................... 114 1.4. Audit and Control ......................................................................................... 115 1.5. IT and telecommunications ......................................................................... 116 1.6. Legal affairs and contracts ......................................................................... 116 1.7. Investment and wealth management ......................................................... 118 1.8. Strategic planning and budgeting ............................................................... 118 1.9. Communication ........................................................................................... 119 2. REGIONAL AND INTERNATIONAL COOPERATION ..............................121 2.1. Regional cooperation .................................................................................. 121 2.2. International cooperation ............................................................................ 123 3. BEAC ACCOUNTS ...................................................................................127 3.1. Balance sheet .............................................................................................. 127 3.2. Income statement ........................................................................................ 131 3.3. Auditors’ Report ........................................................................................... 133 APPENDICES ...................................................................................................135 A. GENERAL INFORMATION .......................................................................137 B. ECONOMIC, MONETARY AND FINANCIAL APPENDICES ....................157 BEAC - 2017 Annual Report 4 LIST OF TABLES Table 1: Key metrics in financial markets ............................................................26 Table 2: Evolution of Gross Domestic Product by country from 2012 to 2017 ....30 Table 3: Contribution of aggregate demand to actual growth from 2012 to 2017 ....32 Table 4: Contribution of various sectors to actual GDP growth from 2012 to 2017 ..34 Table 5: Table of financial transactions by CEMAC Member States from 2012 to 2017 ......................................................................40 Table 6: CEMAC Balance of Payments from 2015 to 2017 ................................44 Table 7: Summary monetary situation of CEMAC ..............................................46 Table 8: Increase in money supply......................................................................47 Table 9: Increase in the components of money supply trends ............................48 Table 10: Evolution of net foreign assets of the monetary system ........................49 Table 11: Evolution of net foreign assets of BEAC ................................................49 Table 12: Evolution of gross foreign assets of BEAC ............................................50 Table 13: Evolution of official external commitments ............................................50 Table 14: Evolution of the net foreign position of banks ........................................51 Table 15: Expansion of domestic credit ................................................................51 Table 16: Evolution of net foreign assets on States per component .....................52 Table 17: Evolution of net foreign assets on Public Treasuries .............................53 Table 18: Changes in credits to the economy by maturity ....................................54 Table 19: Results of multilateral surveillance within CEMAC ............................... 57 Table 20: Monetary and credit targets as of 31 December 2017 ..........................72 Table 21: Public placements remuneration scale at BEAC ...................................73 Table 22: Minimal coefficients and thresholds for compulsory reserves at BEAC .....74 Table 23: Distribution of BEAC support schemes to Public Treasuries .................75 Table 24: Interbank rates in CEMAC, WAEMU and the Euro Zone ......................77 Table 25: Progress of transactions on payment systems and methods ................81 Table 26: Situation in 2017 on monthly reporting of taxpayers. ............................82 Table 27: Progress on the situation of balance sheets .........................................83 Table 28: Trend in customer deposits per type of depositor ..................................84 Table 29: Trend in customer deposits per type of account ....................................85 Table 30: Trend of gross credits per type of beneficiary as of 31 December 2017...... 86 Table 31: Trend of transactions with BEAC ...........................................................87 Table 32: Trend of transactions with associated correspondents ..........................87 Table 33: Trend of transactions with non-associated correspondents...................88 Table 34: Number of banks in compliance with prudential requirements ..............89 Table 36: Number of assents per category and country as of 31 December 2017 ....90 5 Table 35: Statistics on the number of assents from December 2013 to December 2017 .................................................................................90 Table 36: Number of assents by category and country as of 31 December 2017 .......................................................................90 Table 37: Progress on the situation of balance in MFI ..........................................91 Table 38: Progress of some indicators in the microfinance sector as of 30th September 2017 ...................................................................93
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