Bank of Central African States

Bank Of Central African States

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The central bank serving the Economic and Monetary Community of Central Africa (CEMAC). CEMAC consists of six countries, Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of the Congo, and it is a member of the larger African Economic Community.

BEAC's responsibilities as a central bank include overseeing the monetary system and issuing currency. BEAC's official currency is the Central African CFA franc, which had an exchange rate that was formerly fixed to the French franc but is now fixed to the euro.

Investopedia Says:

Established in 1972, the bank's official name is Banque des Etats de l'Afrique Centrale (BEAC). In late 2010, Lucas Abaga Nchama of Equatorial Guinea became the bank's new leader, after a 2009 embezzlement scandal that cost the bank $28 million and lost Philibert Andzembe of Gabon his position as head of the bank.

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Bank of Central African States

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Bank of Central African States

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Bank of Central African States Banque des États de l'Afrique Centrale (BEAC) (French)
Headquarters	Yaoundé, Cameroon
Established	1972
President	Lucas Abaga Nchama^[1]
Central bank of	Economic and Monetary Community of Central Africa
Currency	Central African CFA franc
ISO 4217 Code	XAF
Website	www.beac.int
Preceded by	Banque Centrale des Etats de l'Afrique Equatoriale et du Cameroun

BEAC is the central bank of the states in red.

The Bank of Central African States (French: Banque des États de l'Afrique Centrale, BEAC) is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa:

Philibert Andzembe of Gabon was Governor of the BEAC from July 2007 until October 2009, when he was fired by the new president of Gabon, Ali Bongo, in response to a bank scandal in which $28.3 million went missing from the bank's Paris branch. Jean Félix Mamalepot, also from Gabon, was Governor for preceding 17 years.^[2]

In December 2010, a WikiLeaks memo dated July 7, 2009, said that Gabonese officials working for the Bank of Central African States stole US$36 million over a period of five years from the pooled reserves, giving much of the money to members of France’s two main political parties.^[3]

References

^ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aAI2ENyyHBrU
^ "Le Gabonais Philibert Andzembe, nouveau gouverneur de la BEAC", Panapress (Grioo.com), July 6, 2007 (French).
^ Gabon 'siphoned funds' to France Al Jazeera

External links

(French) Official site of Banque des Etats de l'Afrique Centrale

Central banks

Global

Global	Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board

By continent

Africa	Bank of Central African States Central Bank of West African States Bank of Algeria Central Bank of Angola Bank of Botswana Bank of the Republic of Burundi Bank of Cape Verde Central Bank of the Comoros Central Bank of the Congo Central Bank of Djibouti Central Bank of Egypt Bank of Eritrea National Bank of Ethiopia Central Bank of The Gambia Bank of Ghana Central Bank of the Republic of Guinea Central Bank of Kenya Central Bank of Lesotho Central Bank of Liberia Central Bank of Libya Reserve Bank of Malawi Bank of Mauritius Bank Al-Maghrib Bank of Namibia Central Bank of Nigeria Bank of Somaliland South African Reserve Bank Bank of South Sudan Bank of Sudan Central Bank of Swaziland Bank of Tanzania Central Bank of Tunisia Bank of Uganda Bank of Zambia Reserve Bank of Zimbabwe

Americas	Central Bank of Argentina Central Bank of Aruba Central Bank of The Bahamas Central Bank of Barbados Central Bank of Brazil Bank of Canada Central Bank of Chile Bank of the Republic (Colombia) Central Bank of Cuba Central Bank of Curaçao and Sint Maarten Eastern Caribbean Central Bank Bank of the Republic of Haiti Central Bank of Honduras Bank of Jamaica Bank of Mexico Central Bank of Nicaragua Central Reserve Bank of Peru Central Bank of Suriname Central Bank of Trinidad and Tobago Federal Reserve System (United States) Central Bank of Venezuela

Asia	Da Afghanistan Bank Central Bank of Bahrain Bangladesh Bank Royal Monetary Authority of Bhutan Brunei Currency and Monetary Board National Bank of Cambodia People's Bank of China Hong Kong Monetary Authority Reserve Bank of India Bank Indonesia Central Bank of the Islamic Republic of Iran Central Bank of Iraq Bank of Israel Bank of Japan Central Bank of Jordan National Bank of Kazakhstan National Bank of the Kyrgyz Republic Bank of Korea Central Bank of the Democratic People's Republic of Korea Central Bank of Kuwait Banque du Liban Monetary Authority of Macao Bank Negara Malaysia Maldives Monetary Authority Bank of Mongolia Central Bank of Myanmar Nepal Rastra Bank Central Bank of Oman State Bank of Pakistan Palestine Monetary Authority Bangko Sentral ng Pilipinas Qatar Central Bank Monetary Authority of Singapore Central Bank of Sri Lanka Central Bank of Syria Central Bank of the Republic of China (Taiwan) Bank of Thailand Central Bank of the United Arab Emirates Central Bank of Uzbekistan State Bank of Vietnam

Europe	European Central Bank (Eurosystem) National Bank of the Republic of Abkhazia Bank of Albania Central Bank of Armenia Central Bank of Azerbaijan National Bank of the Republic of Belarus Central Bank of Bosnia and Herzegovina Bulgarian National Bank Croatian National Bank Czech National Bank Danmarks Nationalbank Bank of England Bank of Estonia National Bank of Georgia Hungarian National Bank Central Bank of Iceland Central Bank of Kosovo National Bank of Latvia Bank of Lithuania National Bank of the Republic of Macedonia National Bank of Moldova Central Bank of Montenegro Norges Bank Central Bank of the Turkish Republic of Northern Cyprus National Bank of Poland National Bank of Romania Central Bank of Russia National Bank of Serbia Sveriges Riksbank Swiss National Bank Central Bank of the Republic of Turkey National Bank of Ukraine

Oceania	Reserve Bank of Australia Reserve Bank of Fiji Reserve Bank of New Zealand Bank of Papua New Guinea Central Bank of Samoa Central Bank of Solomon Islands National Reserve Bank of Tonga

Policies and implementation

Policies	Capital requirement Contractionary monetary policy Expansionary monetary policy

Implementation	Capital control Discount rate Interest rates Money creation Open market operations Sovereign wealth fund

Bretton Woods system

International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency

Lists

List of central banks Central banks and currencies of Africa Central banks and currencies of the Caribbean Central banks and currencies of Central America and South America

Names in italics indicate non-sovereign (dependent) territories, former countries, or states with limited recognition

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