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. Central African CFA Franc - XAF

    The currency of six independent states in central Africa. The ...
  2. Central Bank

    The entity responsible for overseeing the monetary system for ...
  3. West African CFA Franc - XOF

    The currency of eight independent states in West Africa. The ...
  4. South African Reserve Bank

    The South African Reserve Bank is the reserve bank of the Republic ...
  5. CFA Franc

    One of two African regional currencies backed by the French treasury, ...
  6. African Development Bank - ADB

    A financial institution comprising 53 African and 24 non-African ...
Related Articles
  1. Personal Finance

    What Does a Central Bank Do?

    A central bank oversees a nation’s monetary system.
  2. 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.
  3. Investing

    Equatorial Guinea Oil And Gas Review

    Equatorial Guinea is seeing increased exploration and development from the oil and gas industry and will have higher production over the next few years as a number of projects come on line.
  4. Investing

    The 3 Reasons Why Chinese Invest in Africa

    Learn about the increasing level of foreign direct investment by China in Africa, and understand the major reasons for China's African investments.
  5. Personal Finance

    What Is The Bank For International Settlements?

    Get the scoop on the structure and functions of the oldest global financial institution.
  6. Investing

    4 African ETFs Traded in the U.S.

    African markets have become more interesting for private and institutional investors. ETFs with exposure to Africa are an interesting investment option.
  7. Investing

    The European Central Bank’s Bond Buying Program

    Assisting countries like Greece and Portugal through bond purchase may be a good idea in the short term, but what happens to the ECB in the long term?
  8. 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.
  9. Trading

    Quantitative Easing

    Learn more about this monetary policy employed by central banks.
  10. Financial Advisor

    Interested In West African Debt? Look Here First

    Promising high yields that the Eurozone and U.S. can't match, West African sovereign debt has caught the attention of savvy investors.
RELATED FAQS
  1. How do central bank decisions affect volatility?

    Using an aggregate, macroeconomic perspective, take a look at how some of the ways central bank decisions can impact market ... Read Answer >>
  2. 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 >>
  3. How can central banks use open market operations to manipulate short-term interest ...

    Discover how central banks use open market operations to manipulate short-term rates. Short-term rates are key inputs into ... Read Answer >>
  4. How does the balance of trade impact currency exchange rates?

    Find out how the balance of trade affects a country's exchange rates and how those exchange rates can, in turn, affect the ... Read Answer >>
  5. 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 >>
  6. 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 >>
Hot Definitions
  1. Universal Health Care Coverage

    An organized healthcare system that provides healthcare benefits to all persons in a specified region. Many countries, such ...
  2. Davos World Economic Forum

    The annual meeting of the World Economic Forum hosted at Davos—a small ski town in Switzerland—in January each year is among ...
  3. Smart Home

    A convenient home setup where appliances and devices can be automatically controlled remotely from anywhere in the world ...
  4. Efficient Frontier

    A set of optimal portfolios that offers the highest expected return for a defined level of risk or the lowest risk for a ...
  5. Basis Point (BPS)

    A unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly ...
  6. Initial Public Offering - IPO

    The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the ...
Trading Center