The Central Bank of West African States (Bceao) is preparing for the economic consequences of the Covid19 pandemic. She took 8 measures which are:

1. to increase the resources made available to the banks, in order to enable them to maintain and increase the financing of the economy. In this regard, an initial increase of 340 billion was made to the amount that the Central Bank grants each week to the banks, bringing it to 4,750 billion;

2. broaden the range of mechanisms available to banks to access refinancing from the Central Bank. In this context, the BCEAO took the initiative to list 1,700 private companies whose bills were not previously accepted in its portfolio. This action will allow the banks to access additional resources of 1,050 billion and the companies concerned to negotiate and benefit from better conditions for their loans;

3. To allocate 25 billion to the subsidy fund of the West African Development Bank (BOAD) to enable it to grant an interest rate subsidy and to increase the amount of concessional loans it will grant to the States for the financing of urgent investment and equipment expenditure in the context of the fight against the pandemic;

4. to remind banks and make them aware of the use of the resources available on the special counter for the refinancing of loans granted to small and medium-sized enterprises (SMEs/SMIs). This window, without ceiling, was created within the framework of the system set up by the BCEAO in agreement with the banks and the States to promote the financing of SMEs/SMIs in the Union;

5. to put in place, with the banking system, an appropriate framework to support companies affected by the consequences of the pandemic and which are encountering difficulties in repaying the loans granted to them. The BCEAO will ask the banks to grant the appropriate extension of deadlines, in particular to SMEs/SMIs;

6. conduct negotiations with companies issuing electronic money with a view to reducing transaction costs and encouraging populations to make greater use of digital means of payment to better limit contacts and travel;

7. to supply the banks with banknotes in sufficient quantity and quality, in order to enable them to ensure the satisfactory operation of automatic teller machines (ATMs);

8. to organize, if necessary, the rearrangement of the timetable for the issuance of public securities on the regional financial market.