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. West African CFA Franc - XOF

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

    A financial institution comprising 53 African and 24 non-African ...
  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. Central Bank

    The entity responsible for overseeing the monetary system for ...
Related Articles
  1. Personal Finance

    What Does a Central Bank Do?

    A central bank oversees a nation’s monetary system.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Investing

    Gabon Oil And Gas Review

    Gabon's oil and gas production peaked several years ago but should start moving higher, as many operators are exploring and developing assets in the African nation.
  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. 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. 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?
  10. Investing

    Profitable And Easy Ways To Invest In Africa

    Africa may hold the key to long-term portfolio success.
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. 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 >>
  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. 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 >>
  5. 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 >>
  6. How do central banks acquire currency reserves and how much are they required to ...

    A currency reserve is a currency that is held in large amounts by governments and other institutions as part of their foreign ... Read Answer >>
Hot Definitions
  1. Down Round

    A round of financing where investors purchase stock from a company at a lower valuation than the valuation placed upon the ...
  2. Keynesian Economics

    An economic theory of total spending in the economy and its effects on output and inflation. Keynesian economics was developed ...
  3. Portfolio Investment

    A holding of an asset in a portfolio. A portfolio investment is made with the expectation of earning a return on it. This ...
  4. Treynor Ratio

    A ratio developed by Jack Treynor that measures returns earned in excess of that which could have been earned on a riskless ...
  5. Buyback

    The repurchase of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies ...
  6. Tax Refund

    A tax refund is a refund on taxes paid to an individual or household when the actual tax liability is less than the amount ...
Trading Center