The downward trend is accentuated by the Gabonese financial market with a withdrawal of 189.2 billion CFA francs, as well as by the Chadian market showing a decrease of 51.3 billion CFA francs. On the other hand, the positive trend observed in Congo with an increase of 57 billion CFA francs, in Equatorial Guinea for 30.8 billion CFA francs, and in the Central African Republic to the tune of 6.9 billion CFA francs proves insufficient to absorb the decline in the northern and Gabonese blocs.

The first explanatory factor for this drying up of liquidity stems from the restrictive monetary policy conducted by the sub-regional issuing institute. The operations to absorb excess bank reserves and the maintenance of high directive rates by the BEAC aim to slow down monetary creation to contain imported inflation and consolidate the community's foreign exchange coverage. The increase in refinancing costs at the central bank forces credit institutions to pass on this increase to their debtor customers, discouraging short- and medium-term debt of private enterprises and households.

In the Cameroonian market, the significant decline in outstandings is largely explained by the repayment schedule of short-term debts subscribed by the Public Treasury at the end of the previous fiscal year. The settlement of these treasury lines by the State mechanically reduces the volume of loans recorded on the balance sheet of commercial banks. A similar phenomenon is observed in Gabon, where the restructuring of the domestic debt portfolio and the reorganization of payments in the oil and mining sectors slow down the distribution of new operating credits to state contractors.

Faced with the deterioration of the risk profile of small and medium-sized enterprises and the increase in doubtful claims, commercial banks are making a prudent arbitrage towards Treasury values. The subscription to Assimilable Treasury Bonds and Treasury Obligations offers financial institutions guaranteed returns while optimizing the solvency ratio imposed by the Central African Banking Commission (COBAC). This marked preference for sovereign public securities is to the detriment of financing the real economy. If the credit squeeze were to continue over the next few quarters, it could affect the formation of gross fixed capital and slow down the growth rate of the Gross Domestic Product of the CEMAC zone.


The editorial team

Tags: crédit bancaire cemac économie finances banque centrale inflation endettement crise financière zone cemac politique monétaire