Connect with us

BANK

AFRICA – Rumor of a devaluation of the CFA franc, the BCEAO reacts!

Publie

le

Following rumours of the devaluation of the CFA franc, the BCEAO reacted with a statement.

The Central Bank of West African States (BCEAO) has read an article published on social networks announcing a devaluation of the FCFA in relation to the euro that would have occurred on 9 March 2022. She reacted with this statement.

The BCEAO formally denies this information and specifies that the exchange rate between the Euro and the FCFA remains unchanged, namely 1 euro = 655.957 FCFA. It also recalls that the official exchange rates of the main currencies are published daily on its website, which can be consulted at www.bceao.int under the heading Statistics – “Exchange rates against CFA francs”.

It therefore invites people to be extremely vigilant and to refer only to the usual official channels of communication of the Issuing Institute.

In this regard, it recalls that all its press releases are published on its website, as well as in the official print and audiovisual press of the Member States of the West African Monetary Union (UMOA).

Advertisement

The BCEAO reserves the right to institute legal proceedings against the perpetrators and accomplices of acts and messages of such a nature as to prejudice the monetary signs having legal tender in the Member States of the UMOA».

Continuer la lecture
Advertisement
Cliquez ici pour commenter

Leave a Reply

BANK

BAD: Mauritanian Sidi Ould Tah takes the reins of the institution

Publie

le

Mauritania is in the spotlight. On Thursday, May 29, 2025, Sidi Ould Tah was elected president of the African Development Bank (AfDB), at the annual meeting of the institution held in Abidjan. He succeeds Akinwumi Adesina of Nigeria, in office since 2015.

His election came after a hard-fought duel against Samuel Munzele Maimbo of Zambia, who finished in second place. The election, which was marked by major geopolitical and economic issues, took place against a background of high expectations regarding governance and development financing on the continent.

The Senegalese Amadou Hott, long perceived as one of the favorites, finishes in third place, followed by the South African Bajabulile Swazi Tshabalala. Despite significant diplomatic support, notably for Hott, the momentum in favour of Sidi Ould Tah has prevailed in the last few rounds.

Former minister and general manager of the Arab Bank for Economic Development in Africa (BADEA), Sidi Ould Tah is recognized for his experience and strategic vision. He will officially take office on 1 September 2025.

Photo credit: Forbes Africa

Advertisement
Continuer la lecture

BANK

SENEGAL – 511.3 billion CFA francs in savings and 677 billion CFA francs in loans granted in 2022 in microfinance

Publie

le

The Senegalese Minister of Microfinance and Social and Solidarity Economy chaired, this Thursday, July 27, 2023, the 27th meeting of the National Committee for the Coordination of Microfinance Activities. Victorine Ndeye reported that microfinance affects 22% of the population with 511, 3 billion CFA francs in savings and 677, billion CFA francs in loans granted in 2022.

The 27th edition of the National Coordination Committee for Microfinance Activities was held on Friday.
According to the Minister of Microfinance and Social and Solidarity Economy, Victorine Ndeye, microfinance plays a crucial role in financial inclusion by providing accessible financial services to low-income populations and small entrepreneurs. It is a powerful tool to reduce poverty, create jobs, support local entrepreneurship and promote the economic empowerment of women and youth,” she says. “In 2022, microfinance expanded with a total of 296 institutions with 995 points of service across the country. Today 4,034,538 accounts remain active and Microfinance reaches 22% of the population, with 511.3 billion in savings and 617.3 billion in loans granted”. The minister indicates that his department is aware that we must reinvent to meet the new requirements and needs of a more vulnerable population in times of major crises that our country is going through in the face of exogenous shocks related to the Covid pandemic 19 and the Ukrainian crisis. “We intend to strengthen the synergy of microfinance actors, the government, technical and financial partners and microfinance institutions to meet the challenges we face. We must continue to promote financial stability, inclusion and transparency in the sector, but we must also address universal access to financial services through a better perception of the sector,’ she said. In his view, this requires a target-based approach, better risk management and strong governance. We also need to encourage innovation in the microfinance sector. Emerging financial technologies, such as mobile banking, innovative financing and our proven savings and credit models, offer real opportunities to expand access to financial services,’ she says. It is their responsibility to ensure that these innovations benefit everyone, including the most vulnerable and the most remote. ‘ We will continue to work towards a favourable regulatory environment that encourages investment, diversification of offerings and the expansion of microfinance institutions,’ she says.

Continuer la lecture

BANK

WAEMU AREA – Growth of 5.4% of Gdp over one year

Publie

le

Economic activity in WAEMU remained buoyant in the first quarter of 2023, with a 5.4% increase in GDP over one year, after 5.3% in the previous quarter.

According to the information provided by BCEAO, the business climate indicator, which synthesizes the views of business leaders, remained above its long-term trend at 101.1 percentage points. This development reflects the continuing confidence of business managers in the favourable economic outlook. The growth gain, which is an indication of the minimum level of growth that would be achieved by the end of the year, is estimated at 3.4% in the first quarter of 2023,” the BCEAO informs.

The growth of Gdp in volume terms in the Union is the result of the continued good orientation of economic activity, particularly in the secondary and tertiary sectors. The contribution of the secondary sector increased from 0.6 percentage points (pdp) in Q4 2022 to 0.7 PDP in the quarter under review.

The contribution to growth in the tertiary sector was 3.4 pdp in the first quarter of 2023 compared to 3.3 pdp in the previous quarter. In contrast, the primary sector contribution edged down to 1.3 PDP in Q1 2023 from 1.4 PDP in Q4 2022.

Continuer la lecture
Advertisement

DERNIERS ARTICLES

FACEBOOK

PUB

NEWS +