[ACCI-CAVIE] Financial institutions across CEMAC are drawing more heavily on funding from the Bank of Central African States (BEAC), prompting the central bank to raise its weekly liquidity offer to a record CFA850 billion. The move follows strong demand in September, after BEAC lowered its main policy rates in June 2026.
Demand for central bank liquidity remains strong
On September 22, participating institutions borrowed CFA748.2 billion from BEAC. The central bank had offered CFA850 billion, its highest amount since these liquidity operations began. The move followed three consecutive weeks of strong demand. Requests reached CFA806.1 billion on September 1, CFA806.9 billion on September 8 and CFA903.9 billion on September 15, against CFA800 billion offered on each occasion.
Demand fell below the amount available on September 22 for the first time in September, but remained substantial. Financial institutions had already drawn CFA2.4 trillion from BEAC over the previous three weeks. The CFA748.2 billion allocated in the latest operation also remained above the levels recorded during the previous five years.
BEAC refinancing becomes cheaper
The increase in demand comes after BEAC cut its main policy rates on June 29, 2026. The tender rate fell from 4.75% to 4.50%, while the marginal lending facility rate declined from 6.25% to 5.75%. The decision lowered the cost of refinancing through the central bank.
This change makes BEAC funding more attractive, but the available data do not yet explain why demand has increased so sharply. The additional resources could be serving several purposes, including liquidity management, credit expansion or portfolio adjustments. More information on lending activity, cash positions and securities holdings will be needed to determine how the funds are being deployed.
Reading the movement of liquidity
The African Center for Competitive Intelligence (CAVIE) places this financial movement within a broader information picture. The CFA850 billion offer is one signal among several. Credit growth, lending rates, government borrowing and institutional investment decisions provide additional indicators. Read together and tracked over time, they can reveal how liquidity is circulating through the regional financial system.
For companies operating in CEMAC, these movements can have practical implications. Changes in the cost and availability of bank funding can influence access to credit, financing conditions and investment decisions. Monitoring these indicators over time can also help identify where financial conditions are becoming more or less favorable.
The next figures will provide the clearer signal
Upcoming data on new lending and interest rates will help determine whether improved access to BEAC refinancing is translating into greater credit availability for businesses and households. They will also indicate whether the additional liquidity is being absorbed by the real economy or remaining within the financial system.
The record CFA850 billion offer is therefore an important signal, but not the final one. The more revealing indicator will be the path taken by this liquidity through CEMAC’s financial system and, ultimately, into the wider economy.
The Editorial Staff