Regulatory Alerts2020-04-22
Notice N° 006-04-2020 on the Issuance of 'COVID-19 Bonds' by Member States and their Refinancing via a Special BCEAO Window
The Central Bank of West African States (BCEAO) issued Notice N° 006-04-2020 to authorize member states to issue three-month Treasury bonds, designated “Covid-19 Bonds,” for immediate pandemic-related expenditures. The regulation establishes a special three-month refinancing window at a fixed 2.50% rate, permitting banks to obtain liquidity and allowing states to refinance these bonds from issuance up to one month post-acquisition. This framework enables member states to mobilize low-cost capital to resolve health crisis-induced financial pressures while streamlining regional market operations.
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