The Central Bank of West African States (BCEAO) has arrested around ten
urgent measures to deal with a serious health crisis marked by the rapid spread of
Covid-19 pandemic in member states of the West African Economic and Monetary Union.
In a statement released on Friday, the central bank of the Economic and Monetary Union
West African Union (UEMOA) has taken eight urgent measures in the face of this pandemic which is causing many
loss of life and has serious consequences for global economic and financial activity.
This involves, among other measures, increasing the resources made available to banks, in order to
allow them to maintain and increase the financing of the economy. In this regard, a first
increase of 340 billion was made to the amount granted each week to the banks, to bring it to
4.750 billion FCFA.
The central bank proposes to make banks aware of the use of resources available on the
special window for refinancing loans granted to small and medium-sized enterprises (SMEs/SMIs). This
window, without ceiling, was created within the framework of the system put in place by the BCEAO in agreement with the
banks and States to promote the financing of SMEs/SMIs in the Union.
It also promised to supply the banks with banknotes in sufficient quantity and quality, in order to
ensure the satisfactory operation of automatic teller machines (ATMs).
"The Central Bank reaffirms its determination to take any other measures that may prove
necessary, as part of its mission, to counter the harmful effects of the Covid-19 pandemic on
the economies of the Union," the statement concludes.
At least 80 cases have been recorded in the WAEMU Zone, including 17 in Côte d'Ivoire. If the number of
contamination is still relatively low, the risk of an explosion is taken very seriously by the countries
West Africa, given the very high contagiousness of the virus and its relatively long incubation time. This
which undoubtedly explains the measures to close land, sea and air borders in
several states.