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.

BREAKING DOWN '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. West African CFA Franc - XOF

    The currency of eight independent states in West Africa. The ...
  2. African Development Bank - ADB

    A financial institution comprising 53 African and 24 non-African ...
  3. CFA Franc

    One of two African regional currencies backed by the French treasury, ...
  4. GNF - Guinea Franc

    The currency abbreviation for the Guinea franc, the national ...
  5. Central Bank

    The entity responsible for overseeing the monetary system for ...
  6. Reserve Assets

    Currency, commodities or other financial capital held by monetary ...
Related Articles
  1. Insights

    What Are Central Banks?

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

    African Equities vs. Bonds: Risks and Rewards

    A look at the risks and rewards of exposure to African equities vs. bonds.
  3. Tech

    Can Bitcoin Kill Central Banks?

    Bitcoin is a peer-to-peer unofficial currency that operates without government or central bank oversight. Can Bitcoin kill off the need for central banks?
  4. Trading

    Quantitative Easing

    Learn more about this monetary policy employed by central banks.
  5. Insights

    Countries With The Fastest And Slowest GDP Growth

    Discover which countries have shown the most growth since 1980, and which have shown the more ignominious fizzle and pop.
  6. Trading

    Top 8 Most Tradable Currencies

    Currencies can provide diversification for a portfolio that's in a rut. Find out which ones you need to know.
  7. Insights

    Should Central Banks Be Independent?

    Find out why more and more experts are calling for an end to central bank independence, any why such provocative calls may be just as dangerous.
  8. Financial Advisor

    Inflation & Interest Rates: Have Central Banks Lost the Plot?

    Economists debate the role of central banks at the 2017 Cayman Alternative Investment Summit.
  9. Insights

    The Rise Of Africa

    Africa has all the natural resources a continent could hope for and is just starting to understand its full potential.
  10. Trading

    How Inflation-Fighting Techniques Affect The Currency Market

    Central banks use these strategies to calm inflation, but they can also provide longer-term clues for forex traders.
RELATED FAQS
  1. Who determines interest rates?

    In countries using a centralized banking model, interest rates are determined by the central bank. In the first step of interest ... Read Answer >>
  2. What precise measures are implemented in most monetary policies?

    Read about some of the precise measures implemented in most monetary policies, and learn why monetary policy is considered ... Read Answer >>
  3. Is there any way to check the historical rates of different currencies?

    Yes, you can create a daily price chart of different currencies going back many years. Price charts can be found on the internet ... Read Answer >>
  4. What are some examples of expansionary monetary policy?

    Learn about expansionary monetary policy and how central banks use discount rates, reserve ratios and purchases of securities ... Read Answer >>
  5. What are some examples of operations management in healthcare?

    Learn how open market operations and monetary policy are related. Since the Great Recession, open market operations have ... Read Answer >>
  6. Under what circumstances will a government change its monetary policy?

    Learn about the kind of variables, including political and theoretical factors, that can bring about change in a government's ... Read Answer >>
Hot Definitions
  1. Notional Value

    The total value of a leveraged position's assets. This term is commonly used in the options, futures and currency markets ...
  2. Interest Expense

    The cost incurred by an entity for borrowed funds. Interest expense is a non-operating expense shown on the income statement. ...
  3. Call Option

    An agreement that gives an investor the right (but not the obligation) to buy a stock, bond, commodity, or other instrument ...
  4. Pro-Rata

    Used to describe a proportionate allocation. A method of assigning an amount to a fraction, according to its share of the ...
  5. Private Placement

    The sale of securities to a relatively small number of select investors as a way of raising capital.
  6. AAA

    The highest possible rating assigned to the bonds of an issuer by credit rating agencies. An issuer that is rated AAA has ...
Trading Center