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299Financial SystemINTRODUCTIONIn 2014, the State consolidated its financing strategy of the economy by diversifying its instru- ments through the issuance of government securi- ties on the domestic and international market.The strategy leaned on boosting and consolida- ting the banking and financial sectors, and a more accommodating monetary policy of the Bank of Central African States (BEAC).MONETARY POLICYBEAC defines and implements a common mone- tary policy to all CEMAC member states.It issues currency, guarantees its stability and supports economic policies developed by the member states.The CFA Franc has a fixed parity with the Euro. Monetary stability is manifested through control- ling inflation and maintaining the coverage rate of currency at a level above 20%.To carry through its missions, the BEAC has two instruments: the refinancing policy and manda- tory reserves policy.REFINANCING POLICYTo implement the refinancing policy, the BEAC uses two instruments: the interest rate policy and refinancing goals.INTEREST RATE POLICYOn 9 July 2015, the BEAC’s monetary policy com- mittee scaled down the main base rates on the money market; they equally reduced the interest rate on tenders (TIAO) by 50 basis points to bring it back to 2.45%. The repurchase agreement rate(TIPP) declined from 4.70% to 4.20%. Rates for credit to governments rose from 2.95% to 2.45%.Interest rates on banks investments at the Central Bank and public deposits rates remained unchan- ged. In terms of banking conditions, the customers’ minimum interest deposit rate remains at 2.45%.REFINANCING GOALSTo make up the growth objectives of monetary and refinancing aggregates compatible with the needs of funding the economy, the Central Bank uses monetary programming. Therefore, BEAC makes up the volume of liquidity to pump into each State under the constraint of preserving large macroeconomic balances.LES ATOUTS ECONOMIQUES DU CAMEROUN

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