Coronavirus: BCEAO lowers its intervention rates to support WAEMU economies

Economic governance
Wednesday, 01 April 2020 10:32
Coronavirus: BCEAO lowers its intervention rates to support WAEMU economies

(Togo First) - Last Friday, the Central Bank of West African States (BCEAO) announced the launch of tenders, with a few amendments. Among the latter, the apex bank set a fixed rate of 2.5% for the tenders - its lowest intervention rate so far. 

The reduction of the rate is part of measures announced on March 21st, to mitigate the impact of the coronavirus pandemic on banking systems of WAEMU countries. These measures should in effect allow banks in the region to access funds at a low cost and provide more loans (at low rates) to businesses and governments. 

In addition to reducing its intervention rate, the BCEAO plans on cutting costs for e-money transactions. Talks with concerned actors are ongoing to this end. The bank is also working to ensure adequate cash supply. 

Ayi Renaud Dossavi

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