Regulatory Alerts2011-03-18
Instruction No. 001/03/2011 on the Operational Modalities of the Central Bank of West African States (BCEAO) in the Framework of Monetary Policy Conduct
The Central Bank of West African States (BCEAO) issued Instruction No. 001/03/2011 to standardize the operational procedures for its monetary policy interventions, including open market tenders, marginal lending window refinancing, intraday advances, and interbank market transactions. The directive establishes precise rules for tender notices, bid submissions, collateral requirements, and the evaluation of marginal and weighted average interest rates across all WAEMU member states. It further mandates daily reporting of interbank operations, defines penalty mechanisms for payment defaults, and sets clear formulas for calculating monthly, semi-annual, and legal interest rates to ensure transparent liquidity management.
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