Bank Of Central African States

AAA

DEFINITION of 'Bank Of Central African States'

The central bank serving the Economic and Monetary Community of Central Africa (CEMAC). CEMAC consists of six countries, Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon and the Republic of the Congo, and it is a member of the larger African Economic Community.


BEAC's responsibilities as a central bank include overseeing the monetary system and issuing currency. BEAC's official currency is the Central African CFA franc, which had an exchange rate that was formerly fixed to the French franc but is now fixed to the euro.

INVESTOPEDIA EXPLAINS 'Bank Of Central African States'

Established in 1972, the bank's official name is Banque des Etats de l'Afrique Centrale (BEAC). In late 2010, Lucas Abaga Nchama of Equatorial Guinea became the bank's new leader, after a 2009 embezzlement scandal that cost the bank $28 million and lost Philibert Andzembe of Gabon his position as head of the bank.

RELATED TERMS
  1. Exchange Rate

    The price of a nation’s currency in terms of another currency. ...
  2. China-Africa Development Fund - ...

    Established in June 2007, the China-Africa Development Fund is ...
  3. Libyan Investment Authority

    The Libyan Investment Authority (LIA) is a government entity ...
  4. Currency

    A generally accepted form of money, including coins and paper ...
  5. GNF - Guinea Franc

    The currency abbreviation for the Guinea franc, the national ...
  6. Monetary Policy

    The actions of a central bank, currency board or other regulatory ...
Related Articles
  1. Forex Education

    Currency Exchange: Floating Rate Vs. Fixed Rate

    Baffled by exchange rates? Wonder why some currencies fluctuate while others are pegged? This article has the answers.
  2. Personal Finance

    How The U.S. Government Formulates Monetary Policy

    Learn about the tools the Fed uses to influence interest rates and general economic conditions.
  3. Forex Education

    Get To Know The Major Central Banks

    The policies of these banks affect the currency market like nothing else. See what makes them tick.
  4. Personal Finance

    The Currency Board: Understanding The Government's Bank

    Currency board, central bank - what's the difference? Find out more about this little-known monetary authority.
  5. Personal Finance

    What Are Central Banks?

    They print money, they control inflation, and much, much more. All you need to know about central banks is here.
  6. Forex Education

    The New World Of Emerging Market Currencies

    Take advantage of foreign currency markets without stepping out of your house.
  7. Personal Finance

    What Is The Bank For International Settlements?

    Get the scoop on the structure and functions of the oldest global financial institution.
  8. Chart Advisor

    Is Now the Time to Invest in North America?

    Bullish chart patterns across the North American markets suggest that now might actually be a wise time to allocate closer to home.
  9. Investing

    How To Trade Foreign Stocks

    We weigh the major ways to trade foreign stocks for investors.
  10. Economics

    Asian LNG Prices: Not Likely To Rise Anytime Soon

    Asian LNG prices could stay low for an extended period of time, due to low oil prices, less demand and new LNG-producing projects on various continents.

You May Also Like

Hot Definitions
  1. Interest Rate Risk

    The risk that an investment's value will change due to a change in the absolute level of interest rates, in the spread between ...
  2. Income Effect

    In the context of economic theory, the income effect is the change in an individual's or economy's income and how that change ...
  3. Price-To-Sales Ratio - PSR

    A valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the ...
  4. Hurdle Rate

    The minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk, ...
  5. Market Value

    The price an asset would fetch in the marketplace. Market value is also commonly used to refer to the market capitalization ...
  6. Preference Shares

    Company stock with dividends that are paid to shareholders before common stock dividends are paid out. In the event of a ...
Trading Center