Report of the Conference on the Monetary Policy Experience of the BCEAO and the BEAC, October 15, 2015

The BRH organized the conference as part of its cooperation with the central banks of francophone Africa, with the governors of the Central Bank of West African States (BCEAO), Tiémoko Koné, and the Bank of Central African States (BEAC), Lucas Abaga Nchama, as guests of honor. The record sets out the BCEAO presentation of the West African Monetary Union, created in 1962 by seven states with a common currency, the CFA franc, and of the monetary policy framework in force since the reform of April 1, 2010, which makes price stability the priority objective and gives policy decisions to a Monetary Policy Committee that meets quarterly.

It also records the BEAC governor's account of the six-country CEMAC, the BEAC's move from direct to indirect instruments after the 1994 devaluation, its three policy rates and the results and prospects of its monetary policy, followed by the exchanges among the governors and the audience. The stated purpose was to draw lessons from francophone countries facing constraints similar to Haiti's.