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 3III. 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 4LIST 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 5Table 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 Table 39: Progress of average debit rate..............................................................94 Table 40: Progress of average credit rate.............................................................94 Table 41: Comparison of MFI-Bank activities in September 2017........................95 Table 42: Listed bonds with BVMAC as of 31 December 2017 ............................98 Table 43: Listed bonds with DSX as of 31 December 2017..................................99 Table 44: Total transactions per share at DSX in 2017.........................................99 Table 45: Growth in the number of staff at BEAC in 2017 ..................................115 Table 46: Progress report of the Central Bank....................................................132 Table 47: Development of products ....................................................................133 Table 48: Increase in taxes .................................................................................134 Table 49: Income Statement for the 2017 Financial Year....................................135 6LIST OF FIGURES Figure 1: Key metrics of the international environment ..................................... 20 Figure 2: Composite index of basic commodity prices exported from CEMAC . 27 Figure 3: Distribution of nominal CEMAC GDP in 2012 and 2017 .................... 30 Figure 4: Distribution of CEMAC GDP - oil and non-oil sectors......................... 31 Figure 5: Actual growth in CEMAC Member States........................................... 31 Figure 6: Annual average inflation rate from 2012 to 2017................................ 35 Figure 7: Contribution of consumption purposes to the price index of consumption within CEMAC........................................................... 36 Figure 8: Progression of REER and NEER ....................................................... 37 Figure 9: Total contributions to global REER ..................................................... 37 Figure 10: Progression of REER ......................................................................... 38 Figure 11: Progression of budgetary balance, commitment basis, including grants .41 Figure 12: Rate of public sector external debt..................................................... 42 Figure 13: Monthly progress of foreign exchange reserves in the Zone since January 1993 ............................................................................ 59 Figure 14: Foreign exchange reserves and performance criteria in terms funding capacity for balance of payment ............................................ 60 Figure 15: Initial projection for foreign exchange reserves in 2017 and the observed level........................................................................ 62 Figure 16: Progression of contributions from explanatory factors for stabilising foreign exchange reserves in 2017..................................................... 62 Figure 17: Age pyramid of BEAC staff as at 31 December 2017....................... 115 7LIST OF BOXES Box 1: Progress on Monetary Policy Reforms ........................................................ 70 Box 2: Illustrated calculation compulsory reserve bases........................................ 74 Box 3: Emergency liquidity provision from BEAC ................................................... 77 Box 4: Risk management system handled by the Trading Room............................ 80 Box 5: Consultation on the new CEMAC financial market facilitation system......... 92 8LIST OF ACCRONYMS AND ABBREVIATIONS AMCP CAR : African Monetary Cooperation Programme : Central African Republic CIEA DGCG DIPG DPRAI DPSBCG DSX : Composite Index of Economic Activities : Directorate General for General Control : Directorate for Investment, Wealth Management and Administration : Risk Prevention and IT Audit Department : Department for Strategic Planning, Budgeting and Management Control : Douala Stock Exchange ECB : European Central Bank EONIA EURIBOR ECF : Euro OverNight Index Average : Euro Interbank Offered Rate : Extended Credit Facility FED : Federal Reserve System GRAINE : Gabonese Agricultural Achievements and Initiatives of Committed Citizens programme HIPCI IMF : Heavily Indebted Poor Countries Initiative : International Monetary Fund IMA : Investment Management IOSCO ITB MFI : International Organization of Securities Commissions : Institute of Banking Techniques : Microfinance Institution MSRC-AC : Sub-Regional Coordination Mechanism for United Nations System Support - Central Africa MUCODEC OECD OPEC OTA : Congolese Savings and Loans Scheme : Organisation for Economic Co-operation and Development : Organisation of Petroleum Exporting Countries : Assimilable Treasury Bond PDRH PI : Human Resource Master Plan : Investment Portfolio PNG : Overall Net Position PSB : Central Bank Strategic Plan <ul style="display: flex;"><li style="flex:1">PT </li><li style="flex:1">: Trading Portfolio </li></ul><ul style="display: flex;"><li style="flex:1">PR </li><li style="flex:1">: Penalty rate </li></ul>REER SADC SDM : Real Effective Exchange Rate : Southern African Development Community : Trading Room SDR : Special Drawing Rights SIFI - JA SME SVT : International Finance and Investment Company - Jeune Afrique : Small and Medium-Sized Enterprise : Primary Dealer SYGESBEAC : BEAC Management System SYGMA : Automated Gross Amount System SYSCOBEAC : Accounting System of the Bank of Central African States 9SYSTAC TCM : Central African Telecompensation System : Minimum Credit Rate TEG : Annualized percentage rate <ul style="display: flex;"><li style="flex:1">TIAO </li><li style="flex:1">: Auction rate </li></ul>TIMP TIPP TISPP UGRIF VAR : Weighted-average Interbank Rate : Repurchase Agreement Interest Rate : Interest Rates on Public Investments : Financial Institutions Reform Management Unit : Vector Autoregressive WAEMU : West African Economic and Monetary Union 10 MAP OF MEMBER STATES OF THE ECONOMIC AND MONETARY COMMUNITY OF CENTRAL AFRICA (CEMAC) 1 6¡ <ul style="display: flex;"><li style="flex:1">8¡ </li><li style="flex:1">1 2¡ </li><li style="flex:1">2 0¡ </li><li style="flex:1">2 4¡ </li></ul>EGYPTE L Y B I E <ul style="display: flex;"><li style="flex:1">20¡ </li><li style="flex:1">20¡ </li></ul>FAYA LARGEAU N I G E R Fada 16¡ 12¡ 8¡ 16¡ 12¡ 8¡ T C H A D S O U D A N BILTINE ABÉCHÉ MAO LAC BOL TCHAD ATI MONGO Kouss ri N I G E R I A MASSENYA AM TIMAN MAROUA BONGOR LAÏ BIRAO GAROUA HSARH DOBA MOUNDOU NDÉLÉ NGAOUNDÉRÉ C E N T R A F R I Q U E KAGA BANDORO BOSSANGOA BRIA BOZOUM BOUAR Dj ma BAMENDA BAMBARI Foumban SIBUT Obo BAFOCUSASAMM E R O U N BANGASSOU MOBAYE Nkongsamba BERTOUA BANGUI MBAIKI BUEA Limbe 4¡ 4¡ DOUALA YAOUNDE NNOLA Ed a MALABO Yokadouma LUBA Kribi EBOLOWA Sangmelima REPUBLIQUE DEMOCRATIQUE DU CONGO OCEAN Bitam EBEBIYIN BATA IMPFONDO MONGOMO Souanké Mbini OYEM EVINAYONG OUESSO GUINÉE EQUATORIALE MAKOKOU Kell Okondja LIBREVILLE <ul style="display: flex;"><li style="flex:1">2</li><li style="flex:1">4¡ </li></ul>0¡ Makoua OWANDO éPORT-GENTIL LAC LEGENDE LAMBARÉNÉ Lastourville KOULAMOUTOU Moanda EWO TOUMBA Oyo Capitale d'Etat G A B O N MOUILA LAC Chef lieu de région Autres localités FRANCEVILLE LEOPOLD II DJAMBALA TCHIBANGA Contour Afrique Centrale Limites d'Etats <ul style="display: flex;"><li style="flex:1">K</li><li style="flex:1">S</li></ul>Mayumba SIBITI MADINGOU N’kayi A T LANTIQUE 4 ¡ Cours d'eau 4¡ DOLISIE POINTE NOIRE BRAZZAVILLE KINSHASA Chemin de fer KINKALA CABINDA Echelle 1:11 000 000 <ul style="display: flex;"><li style="flex:1">50 Km </li><li style="flex:1">0</li><li style="flex:1">100 </li><li style="flex:1">200 </li><li style="flex:1">300 Km </li></ul>Realis e par : INSTITUT NATIONAL DE CARTOGRAPHIE 779 Avenue Mgr VOGT CAMEROUN 2 0¡ <ul style="display: flex;"><li style="flex:1">INC - CAMEROUN 2004 </li><li style="flex:1">C</li></ul>A N G O L A 8¡ <ul style="display: flex;"><li style="flex:1">1</li><li style="flex:1">2¡ </li></ul>1 6¡ 11 THE GOVERNOR’S ADDRESS The Governor of BEAC The economic situation of countries within the Economic and Monetary Community of Central Africa (CEMAC) greatly improved in 2017, after a slight recession in 2016 as a result of the fall in commodity prices on the international market, especially crude oil, which is the main export of the Sub-region. Hence, strengthening the macroeconomic sector through vigorous and concerted action of Member States and Community institutions, including the Central Bank, made it possible to contain the drop in foreign exchange reserves.

Annual Report 2017

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