Regulatory Alerts2023-02-08
BCEAO Reinstates Variable-Rate Auctions on Weekly and Monthly Tender Windows
The Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) issued Notice No. 001-02-2023 to reinstate variable-rate auctions on its weekly and monthly tender windows, shifting these mechanisms from fixed to variable pricing as part of monetary policy normalization. Effective February 10, 2023, the directive mandates this pricing adjustment while five designated liquidity windows—including recapitalization, support and resilience, marginal lending, intra-day advances, and special refinancing—maintain their current operating modes. Signed by Governor Jean-Claude Kassi Brou in Dakar on February 7, 2023, the notice formally updates the central bank's liquidity management framework.
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