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334LES ATOUTS ECONOMIQUES DU CAMEROUNThe effects of the economic crisis, precisely the bankruptcy of banks resulting from a drastic drop in the loan portfolio of the savings of the issuing zone led BEAC to promote elements of the loan policy which are more suitable to the situation of their economies.MONETARY PROGRAMMING:The bank sector crisis led the monetary authorities to improve on the instrument for the conception and management of monetary policy so as to ensure monetary stability, financial market balance and favour economic development.In time past, goal setting for loans was solely based on an appraisal of the banks’ future needs from which an estimate was obtained based on a comparison between assets and liabilities of the bank’s past balance sheets. Since September 1991 and January 1992 , goal setting for loans is now based on monetary programming which aims at ensuring a coherence of the monetary objectives and decisions with the obvious evolu- tion of other macro-economic elements.It facilitates the execution of a forecast for mone- tary aggregates, external assets, internal loans and monetary mass and also to determine the BEAC optimal refinancing funds from the fore–established budget within the scope of macro-economic.The State guarantees transfers of funds in compliance with the lawTHE NEW REFINANCING BANK POLICY :Since 1994, BEAC strives to no longer use the rediscount system for the regularisation of the liquidity market. Henceforth, it has opted for the use of market mechanisms in which interest rates play a leading role.This led to the creation of the monetary market for the BEAC zone. At the national and sub-regional ladder, this market is made up of two sections: First, an inter-bank section (level 1) in which banks freely interchange their treasury excesses based on demand and supply and secondly through the inter- vention of the Central Bank (level 2) which serves as a platform on which the Central bank can trade the central currency to banks in order to regulate the market in line with its monetary or loan objectives.That notwithstanding , all these efforts are insuffi- cient as compared to the importance and the nature of the relevant resources necessary for developing the productive sector , precisely risk capital and mid and long term loans.In a bid to complete these instruments, the central bank has initiated some studies on the conditions needed to set up long term system of financing for the issuing zone. These studies focus on strengthening the existing structures such as the Development Bank for Central African States (BDEAC) to the creation of other financial institutions and above all the launching of a sub-regional stock exchange.

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