Page 307 - Atouts Economiques Cameroun-2019-GB
P. 307

                year-on-year. The monetary situation is characteri- zed by: a decline in net foreign assets; an increase in domestic credit; an increase in the money stock.
At the end of June 2017, the monetary situation is balanced at 4821.4 billion, an increase of 5.7% compared to 30 June 2016.
Strengthened (in
DEC. - 15
(a)
4 441,6
2 202,2
1 848,2
1 117,2
1 000,0
354,0
2 239,4
-565,2
-511,3
2 804,6
2 582,1
190,0
4 441,6
3 957,9
801,9
1 734,2
1 421,8
483,7
monetary situation billions)
         WORDINGS
Money system’s resources compensations
Net foreign assets
BEAC’s net foreign assets
Including : the current account
Foreign currency holdings
BCM’s net foreign assets
Domestic credit
Net claims on the government
Government’s net position
credit to the economy
Credit to the non-financial sector
Credit to the non-financial public companies
Monetary system’s resources
Money stock (M2)
Currency in circulation
Book money
Quasi-money
Other net positions
JUN-16
(b)
4 560,0
1 890,8
1 361,9
660,3
975,0
528,9
2 669,2
-93,1
-56,1
2762,3
2 559,0
165,4
4 560,0
3 965,6
711,3
1 776,1
1 478,2
594,4
DEC. -17
(c)
4 794,3
1 706,4
1 105,8
356,1
1 015,4
600,6
3 088,0
116,7
172,0
2 971,2
2 766,2
165,1
4 794,3
4 163,1
904,7
1 773,2
1 485,2
631,2
JUN-17
(d)
4 821,4
1 656,3
999,9
1 054,2
216,2
656,4
3 165,0
129,7
221,2
3 035,3
2 815,4
157,2
4 821,4
4 158,0
833,3
1 784,7
1 540,0
663,3
VARIATIONS (IN %)
 (c)(a)
7,9
-22,5
-40,2
-68,1
1,5
69,7
37,9
-120,6
-133,6
5,9
7,1
-13,1
7,9
5,2
12,8
2,2
4,5
-13,9
(d)(b) (d)(c)
5,7 0,6
-12,4 -2,9
-26,6 -9,6
-59,7 196,0
-77,8 -78,7
24,1 9,3
18,6 2,5
-239,2 11,1
-494,0 28,6
9,9 2,2
10,0 1,8
-4,9 -4,8
5,7 0,6
4,9 -0,1
17,1 -7,9
0,5 0,7
4,2 3,7
11,6 5,1
Source : BEAC
                  CONTRIBUTIONS TO THE MONEY STOCK
NET EXTERNAL ASSETS
currency assets to 216.2 billion, compared to 1,015 billion at the end of December 2016.
DOMESTIC CREDIT
As at 31 December 2016, domestic credit amounted to 3,088 billion, up 37.9% compared to the end of December 2015. The development is the result of the 681.9 billion increase in the monetary system’s net debts on the state and 166.7 billion of credit to the economy.
The Net Position of the Government (PNG), which is an essential component of the monetary system’s net debts on the State, has been rever- sed, from a credit position of 511.3 billion in favour of the State in 2015, to a debit position of 172 billion. PNG to the BEAC shifted from a credit position of 632.7 billion to 60.8 billion, and the one to the banks from a debit position of 53.8 billion to 181.5 billion.
Credits to the economy increased by 166.6 bil- lion to reach 2 971.2 billion. Credit to the pri- vate non-financial sector increased by 7.1%, and those to non-bank financial institutions by 33.4%.
As at 31 December 2016, and compared to the same date in 2015, net foreign assets redu- ced by 22.5% to stand at 1,706.4 billion. The development is due, among other things, to the use of resources raised through the Eurobond and housed in the current account, and the low repatriation of export earnings. Consequently, the trading account balance decreased by 68.1% to stand at 356.1 billion.
As at 30 June 2017, net foreign assets decrea- sed by 234.4 billion from end-June 2016 to 1,656.3 billion. The development results from the decrease of BEAC's net foreign assets by 361.9 billion, which was softened by an increase of 127.5 billion of those in the money-generating banks. Regarding the BEAC's net foreign assets, a withdrawal of 800 billion was made from the foreign cur- rency assets account in March 2017 to fund the current account, in order to preserve mone- tary stability. The transaction moved foreign
LES ATOUTS ECONOMIQUES DU CAMEROUN
307
 
   305   306   307   308   309