Regulatory Alerts2020-04-02
Notice No. 003-03-2020 Regarding Auctions Under Measures Taken by BCEAO on March 21, 2020
The Central Bank of West African States (BCEAO) has instituted fixed-rate auctions at 2.50% starting March 27, 2020, to inject low-cost liquidity into the banking system and sustain economic financing amid the Covid-19 pandemic. Banks are required to pass these reduced funding costs on to customers, particularly by lowering interest rates and restructuring loans for resident enterprises struggling with pandemic-related payment maturities. The BCEAO reaffirms its commitment to deploying additional necessary measures within its mandate to mitigate the pandemic's adverse effects on Union economies.
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