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REQUIRED RESERVE POLICYThe increase in the ratio of reserve requirements limit credit expansion opportunities and helps fight against inflation. The ratio of reserve requi- rements applied to Cameroonian banks is still unchanged since July 2009. It is set at 11.75% for deposits and 9.25% for term deposits.Yielded 0.05%, the outstanding loans of reserve requirements was at 315.6 billion at the end of2014, for 290 the previous year. It is estimated at 343.4 billion at end-June 2015.MONETARY SITUATIONAt the end of December 2014, the monetary situation was balanced in resources and employ- ments at 3,943.1 billion, an increase by 11% year on year. On June 30, 2015, it balanced at 3,801 billion, an increase by 2.2% compared to the end of June 2014.Consolidated monetary situation (in billions of CFAF)WORDINGResource compensations of monetary systemNet external assetsBEAC’s net external assetsIncluding operations accountBCM’s net external assetsExternal creditNet claims on the governmentGovernment’s net positionCredit to the economyCredit to the non-financial private sectorCredit to the non-financial public enterprisesMonetary system resourcesMoney stock (M2)Banknote circulationBook moneyQuasi moneyOther net itemsMONEY STOCKNET FOREIGN ASSETSDEC. - 13(a)3,553.51,551.21,418.2939.7133.02,002.3-271.5-185.72,273.82,072.7146.33,553.53,280.8JUNE-14(b)3,719.81,627.11,400.6739.4226.52,092.7-253.3-192.82,346.02,158.3128.13,719.83,270.5DEC. -14(c)3,943.11,668.61,447.1768.4221.52,274.5-202.6-152.82,477.12,313.2128.13,943.13,646.0636.51,697.11,312.4297.1JUNE-15(d)3,801.01,534.41,300.1660.5234.3VARIATIONS (EEIN %)(c)(a) (d)(b) (d)(c)11.0 2.2 -3.67.6 -5.7 -8.02.0 -7.2 -10.2-18.2 -10.7 -14.066.5 3.4 5.82,266.6 13.6 8.3 -0.3-292.4-200.82,559.12,341.7191.73,801.03,646.6636.51,605.21,314.6338.0-25.4-17.78.911.6-12.411.011.115.4 44.34.1 31.49.1 3.38.5 1.252.3 49.62.2 -3.65.9 -5.0560.1 486.613.6 11.7 -14.614.9 7.4 -5.45.5 2.0 0.28.9 -24.8 13.8Source : BEAC1,477.01,243.6272.71,494.91,289.1449.3In 2014, the overall net external position of the monetary system had improved compared to2013. The net foreign assets (NFA) were up by 7.6% to stand at 1,668.6 billion at end of December 2014, as a result from the 2% increase of BEAC’s net foreign assets and that of 66.5% of the banks. This was due to the increase by 10% in banks’ gross foreign assets, boosted by the decline by 14% of their foreign commitments.On June 30, 2015, net foreign assets dropped by 5.7% compared to the end of June 2014, to stand at 1,534.4 billion 1. This development is attributable to the 7.2% decline in BEAC’s net foreign assets.At December 2014, domestic credit amounted to 2,274.5 billion, an increase by 13.6% com- pared to the end of December 2013.This reflects the increase of both the loans to the economy and net claims on the State.Lending to the economy slowed down, with a growth rate that rose from 14.4% in 2013 to 8.9% in 2014. This development was attributa- ble to a 12.4% decline of the liabilities of non- financial public enterprises.depending on the duration, credits to the economy show as follows: 62.3% for short term loans, 35% for the medium term and 2.7% for the long term.DOMESTIC CREDITLES ATOUTS ECONOMIQUES DU CAMEROUN301

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