CFA franc: Gabon has the second largest foreign exchange reserve CEMAC with the French Treasury



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CEMAC – Illustrative image @ DR

As of 31st December 2018, CFAF 638.9 billion was available on the account of the French treasury business. Tcountries lags behind Cameroon.

With funds estimated at CFN 638.9 billion in December 2018, Gabon has the second largest reserve of resources from the Central African Economic and Monetary Community (CEMAC) of the French Treasury.

The country is second in Cameroon, with at that time 1,945.2 billion FCFA.

"Good Gabon results can be explained by strong export capabilities – with products such as petroleum, manganese, wood, etc. – which have been maintained despite a slowdown in growth in the sub-region, as well as a decline in commodity prices that have adversely affected trading conditions.says a senior official at Bercy, the French Ministry of the Economy.

Cameroon and Gabon from the Central African Central Bank (BEAC), which is third with FCF 350.4 billion. It is followed by the Central African Republic with FCF 200.7 billion FCFA, Congo with 182.4 billion FCFA and Chad with 74.4 billion FCFA. Equatorial Guinea has completed a campaign with a red card account – 32.3 billion FCFA.

Note: the account of operations filed with the French Treasury is used to cover the imports of the countries of the Frankfurter region. It receives at least 50% of the net foreign assets of this currency area.

According to BEAC, the role of Central African countries with the French Treasury has increased in recent years. In 2017 they had a total of 2,551.8 billion FCFAs.

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