Covid-19: BCEAO lowers its benchmark rates to facilitate economic recovery in WAEMU

Economic governance
Friday, 26 June 2020 16:41
Covid-19: BCEAO lowers its benchmark rates to facilitate economic recovery in WAEMU

(Togo First) - The Central Bank of West African States (BCEAO) decreased its benchmark rates last Wednesday. 

The decision was approved by the Monetary Policy Committee (CPM). It aims to support efforts of WAEMU member States to get their economies to rebound, after months where their public earnings fell and their expenditures rose” due to restrictive measures put in place to contain Covid-19. 

According to the apex bank, “the States’ recovery plans paired with the gradual easing of restrictions on movement should ultimately lead to a restart of the production chain.” For this reason, the CPM members have decided to step in and lower the BCEAO’s benchmark rates by 50 basis points. 

Therefore, the minimum interest rate on submission to cash injection tenders now stands at 2.00% (from 2.50%), while interest rate at the marginal loan window was reduced from 4.50% to 4.00%. 

Ayi Renaud Dossavi

 
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