According to the press release, on the economic and financial situation of the member states of the Central African Economic and Monetary Community (CEMAC) in 2023 and the short-term outlook, the situation of foreign exchange reserves and the update on repatriation currencies, it appears that “in a context of slowdown in global economic activity and persistence of inflationary pressures, the Board of Directors has taken note of the risks weighing on the economic prospects of CEMAC. He urged member states and the BEAC to continue reforms aimed at strengthening the potential growth of the Zone and bringing inflation below the community standard of 3%.

Regarding “the execution of Programs with the International Monetary Fund (IMF), the Board of Directors noted the recent developments recorded, as well as the continuation of discussions, with a view to concluding reviews and financial arrangements” .

“Moreover, the Council took note of Law No. 23.005 of April 6, 2023 and welcomed the efforts to bring the legislative framework governing cryptocurrency in the Central African Republic into compliance with the community texts in force. He recommended that the BEAC be vigilant in the implementation of the revised law and its implementing texts, to ensure their full compliance with the community normative framework. In addition, the Council reaffirmed the need to develop a community normative framework governing cryptoassets in CEMAC.”

“Finally, the Board of Directors adopted the Report of the Audit Committee for the third quarter of 2023. It also issued an assent for the adoption by the Ministerial Committee of the Central African Monetary Union (UMAC) of the 2022 Report of the Financial Stability Committee in Central Africa (CSF-AC) and the Regulations relating to the approval of the standards of the QR Code, the Bill of Exchange and Direct Debit".

The Communication Unit of the Ministry of Economy and Finance