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333Foreign Exchange SystemMONETARY ZONE:Cameroon shares a common currency and bank pre- cisely the Bank of Central African States (French acro- nym BEAC) with five other countries namely: Congo Brazzaville, Gabon, Equatorial Guinea, Central African Republic and Chad. Besides being responsi- ble for more than 50% of the monetary mass of the BEAC zone, 60% of refinancing of commercial banks via the central bank and more than 60% loans issued by BEAC to its member states. Also Cameroon has the highest and most diversified financial institu- tions in the zone. The Bank of the Central African States (BEAC) operates a regional monetary market.Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad created the Central African Monetary Union (French Acronym UMAC.) This union is characterised by a common monetary unit whose release is the exclusive right of one issuing institution, the Bank of Central African States. (BEAC)The member states are committed to respect: • The pooling of foreign reserves.• Free circulation of monetary signs and inter transfer among member states.• Measures for harmonising monetary, banking, financial legislations and exchange rate legislations.BEAC centralises its members’ foreign credit notes in a common monetary reserve fund. The monetary reserves constitute the deposit in Frances’ treasury in a current account called “operations account.”The currency issued in UMAC, which is equally legally used in Cameroon, Central Africa, Congo, Gabon, Equatorial Guinea and Chad is the Franc CFA. It is convertible to the Euro, the intervention Monetary unit by the relationship: 1€ is worth 655.9 FCFA.The sales and purchase of other foreign curren- cies are done based on the fixed exchange rate of the Franc CFA in comparison to the Euro and exchange rate of these currencies in comparison to the Euro in the exchange markets.FINANCING MODALITIES:Prior to the economic crisis, the loan policy of the Bank of Central African States was mainly based on establishing overall credit limits per country, per bank and sometimes per company. During this period, the low interest rate and selectivity of the loan type targeted both the emergence of small and medium size enterprises in addition to support the highly prioritised Sectors as pinpoin- ted by national authorities.LES ATOUTS ECONOMIQUES DU CAMEROUN

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