Bank of Central African States floats novel way of pooling reserves
IMF urges member states to comply with requirement to pool FX reserves and earnings
The Bank of Central African States (BEAC) is working on a novel solution to allow its members to pool reserves without repatriating their entire foreign currency holdings, according to a staff report published by the International Monetary Fund yesterday (August 4).
In the Central African Economic and Monetary Community the six member states – Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon – are expected to pool their foreign exchange reserves, but the IMF believes
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