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CEMAC
The Economic and Monetary Community of Central Africa, generally referred to by its French acronym CEMAC (for Communauté Économique et Monétaire de l'Afrique Centrale; ), is an organization of states of Central Africa established by Cameroon, Central African Republic, Chad, the Republic of the Congo, Equatorial Guinea and Gabon to promote economic integration among countries that share a common currency, the Central African CFA franc. There is a strong overlap between CEMAC and Economic Community of Central African States (ECMAS) in the areas of membership and mandates. CEMAC's common institutions include its Council of Heads of State () and Council of Ministers; a Commission in Bangui, Court of Justice in N'Djamena, and Parliament in Malabo; the Bank of Central African States (BEAC) in Yaoundé; the Central African Banking Commission (COBAC) and Central African Financial Market Supervisory Commission (COSUMAF), both in Libreville; and the Development Bank of the Central Af ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central African CFA Franc
The Central African CFA franc ( French: ''franc CFA'' or simply ''franc''; ISO code: XAF; abbreviation: F.CFA) is the currency of six independent states in Central Africa: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea and Gabon. These six countries had a combined population of 55.2 million in 2020, and a combined GDP of over US$100 billion (as of 2021). CFA originally stood for ''Colonies françaises d'Afrique'' ("French colonies of Africa"); following the independence of these states, its name was changed to ''Communauté financière africaine'' ("African Financial Community"). The currency is issued by the Bank of Central African States (BEAC; ''Banque des États de l'Afrique Centrale''), located in Yaoundé, Cameroon, for the members of the Economic and Monetary Community of Central Africa (CEMAC; ''Communauté Économique et Monétaire de l'Afrique Centrale''). The franc is nominally subdivided into 100 '' centimes'' but no ce ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Community Of Central African States
The Economic Community of Central African States (ECCAS; , CEEAC; , CEEAC; , CEEAC) is an Economic Community of the African Union for promotion of regional economic co-operation in Central Africa. It "aims to achieve collective autonomy, raise the standard of living of its populations and maintain economic stability through harmonious cooperation". History Foundation At a summit meeting in December 1981, the leaders of the Customs and Economic Union of Central Africa (French acronym UDEAC) agreed in principle to form a wider economic community of Central African states. ECCAS was established on 18 October 1983 by the UDEAC members, São Tomé and Príncipe and the members of the Economic Community of the Great Lakes States (CEPGL established in 1976 by the DR Congo, Burundi and Rwanda). Angola remained an observer until 1999, when it became a full member. ECCAS began functioning in 1985, but was inactive for several years because of financial difficulties (non-payment of mem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central African Financial Market Supervisory Commission
The Central African Financial Market Supervisory Commission (, COSUMAF) is a supranational markets regulator established in 2019 and based in Libreville, Gabon. It is the single securities authority for the six countries of the Economic and Monetary Community of Central Africa (French acronym CEMAC), namely Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo. Overview The COSUMAF results from the merger of the national securities commissions of the six CEMAC member states in March 2019. As part of the same reform package enacted in 2018, the (, BVMAC) absorbed the Douala Stock Exchange and relocated from Libreville to Douala, and the Bank of Central African States was designated as the regional central securities depository. The COSUMAF's head office in Libreville was inaugurated on . Leadership * Nagoum Yamassoum, Chair () 2019-2023 * , Chair 2023- See also * Financial Markets Authority of the West African Monetary Uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Development Bank Of The Central African States
The Development Bank of the Central African States, usually known for its French initials, BDEAC, is a multilateral development bank that is charged with financing the development of the member states of Economic and Monetary Community of Central Africa (CEMAC). The BDEAC is different from the Bank of the Central African States (BEAC), which is a central bank. History BDEAC was created through an agreement signed in Bangui on December 3, 1975, in Bangui by the heads of state of Cameroon, Central African Republic, Republic of the Congo and Gabon. It started its operations on January 3, 1977. Since 2006, the BDEAC has been actively involved in financing the development of the Pointe-Noire port, and in March 2012, it allocated 130 billion CFA francs for various projects, including two cement plants in Congo and Cameroon and a hospital in Equatorial Guinea. BDEAC significantly bolstered its financial base in July 2014 by increasing its share capital by 250 billion CFA francs to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central African Banking Commission
The Central African Banking Commission (, COBAC) is a supranational bank supervisor established in 1993 and based in Libreville, Gabon. It is institutionally part of the Bank of Central African States (French acronym BEAC) and is the single banking supervisor for the six countries of the Economic and Monetary Community of Central Africa (CEMAC), namely Cameroon, the Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo. Overview On , following similar reform pioneered by the Central Bank of West African States earlier the same year, the member states decided to pool their banking supervision and created the COBAC for that purpose within the BEAC. On , a follow-up agreement harmonized banking regulation in the region, paving the way for the effective establishment of the COBAC in January 1993. The COBAC is chaired by the Governor of the BEAC and managed by a permanent secretary-general. In late 2011, the COBAC moved from its temporary location ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Of Central African States
The Bank of Central African States (, BEAC; ) is a central bank that serves six central African countries which form the Economic and Monetary Community of Central Africa: Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and the Republic of the Congo. History Background In 1920, the French government expanded the note-issuance privilege of the Banque de l'Afrique Occidentale to its central African colonies of Congo, Ubangi-Shari, Gabon, Chad, and later Cameroon. This arrangement was disrupted during World War II, as the colonies controlled by Free France became Free French Africa. The Caisse Centrale de la France Libre was established in London in December 1941 to manage the regional currency, and was renamed Caisse Centrale de la France d'Outre-Mer (CCFOM) in 1944. The region's currency was standardized in late 1945 as the CFA Franc. In 1955, the French government transferred the CCFOM's monetary role in the colonies of French Equatorial Africa to a n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
CFA Franc
CFA franc (, ) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for , i.e. "African Financial Community" in English), used in eight West African countries, and the Central African CFA franc (where "CFA" stands for , i.e. "Financial Cooperation in Central Africa" in English), used in six Central African countries. The ISO currency codes are XOF for the West African CFA franc and XAF for the Central African CFA franc. Although the two currencies are commonly called ''CFA franc'' and (currently) have the same value, they are not interchangeable. It is therefore not a common monetary zone but two juxtaposed zones. Both CFA francs have a fixed exchange rate (peg) to the euro guaranteed by France: €1 = F.CFA 655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Franc Zone
CFA franc (, ) is the name of two currencies used by 210 million people (as of 2023) in fourteen African countries: the West African CFA franc (where "CFA" stands for , i.e. "African Financial Community" in English), used in eight West African countries, and the Central African CFA franc (where "CFA" stands for , i.e. "Financial Cooperation in Central Africa" in English), used in six Central African countries. The ISO currency codes are XOF for the West African CFA franc and XAF for the Central African CFA franc. Although the two currencies are commonly called ''CFA franc'' and (currently) have the same value, they are not interchangeable. It is therefore not a common monetary zone but two juxtaposed zones. Both CFA francs have a fixed exchange rate (peg) to the euro guaranteed by France: €1 = F.CFA 655.957 exactly. To ensure this convertibility guarantee, member countries were required to deposit half of their foreign exchange reserves with the French Treasury, but this re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customs Union
A customs union is generally defined as a type of trade bloc which is composed of a free trade area with a common external tariff.GATTArticle 24 s. 8 (a) Customs unions are established through trade pacts where the participant countries set up common external trade policy (in some cases they use different import quotas). Common competition policy is also helpful to avoid ''competition deficiency''. Reasons for establishing a customs union normally include increasing economic efficiency and establishing closer political and cultural ties between the member countries. It is the third stage of economic integration. Every economic union, customs and monetary union and economic and monetary union includes a customs union. WTO definition The General Agreement on Tariffs and Trade, part of the World Trade Organization framework defines a customs union in the following way: Historical background The German Customs Union, the Zollverein, which was established in 1834, a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Regional Insurance Control Commission
The Regional Insurance Control Commission (, CRCA) is a supranational insurance supervisor established in 1993 and based in Libreville, Gabon. It is the single authority for insurers in the eight countries of the West African Monetary Union (French acronym UMOA), the six countries of the Economic and Monetary Community of Central Africa (CEMAC), as well as the Comoros, thus covering 15 countries in total: Benin, Burkina Faso, Cameroon, Central African Republic, Chad, Comoros, Equatorial Guinea, Gabon, Guinea Bissau, Ivory Coast, Mali, Niger, Republic of the Congo, Senegal, and Togo. Overview The CRCA is the regulatory and supervisory arm of the (, CIMA), a regional body that seeks to promote insurance market development. The statute of the CRCA was signed in Abidjan in September 1993, and it started operations in August 1995. The members of the Commission include representatives of the ministry of charge of the insurance sector in six of the participating countries. Leadershi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Africa
Central Africa (French language, French: ''Afrique centrale''; Spanish language, Spanish: ''África central''; Portuguese language, Portuguese: ''África Central'') is a subregion of the African continent comprising various countries according to different definitions. Middle Africa is an analogous term used by the United Nations in its United Nations geoscheme for Africa, geoscheme for Africa and consists of the following countries: Angola, Cameroon, Central African Republic, Chad, Democratic Republic of the Congo, Republic of the Congo, Equatorial Guinea, Gabon, and São Tomé and Príncipe. The United Nations Office for Central Africa also includes Burundi and Rwanda in the region, which are considered part of East Africa in the geoscheme. These eleven countries are members of the Economic Community of Central African States (ECCAS). Six of those countries (Cameroon, Central African Republic, Chad, Equatorial Guinea, Gabon, and Republic of the Congo) are also members of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Equatorial Guinea
Equatorial Guinea, officially the Republic of Equatorial Guinea, is a country on the west coast of Central Africa. It has an area of . Formerly the colony of Spanish Guinea, its post-independence name refers to its location both near the Equator and in the Guinea (region), African region of Guinea. , the country had a population of 1,795,834, over 85% of whom are members of the Fang people, the country's dominant ethnic group. The Bubi people, indigenous to Bioko, are the second largest group at approximately 6.5% of the population. Equatorial Guinea consists of two parts. The mainland region, Río Muni, is bordered by Cameroon to the north and Gabon to the south and east. It has the majority of the population and is the location of Bata, Equatorial Guinea, Bata, Equatorial Guinea's largest city, and Ciudad de la Paz, the country's planned future capital. Río Muni's small offshore islands include Corisco, Elobey Grande, and Elobey Chico. The Islands of Equatorial Guinea, ins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
