Bank credits increased by 15% in first quarter of 2015

In Cameroon, banks are increasingly funding economic operators. This was revealed in an official release from the national Monetary and financial Committee at the headquarters.

It revealed that "domestic credit recorded an increase of 15.1%, from 2 017, 1 billion FCfa in March 2014, 2 322.1 billion FCfa in March 2015, due to the increase in loans to the economy."

This favourable investment situation can be explained by the repeated rate cuts decided by the Bank of Central Africa States (BEAC), to allow the banks in the CEMAC zone to refinance and to finance the economy at reasonable rates of interest.

Accoding to the BEAC Governor, Lucas Abaga Nchama, who recently launched the construction work of the BEAC Agency of Ebebeyin, in Equatorial Guinea, "since January 2010, the rate has moved from 5% to 2.45% now, to make credit cheap in the sub-region.”

Moreover, it was disclosed during the last Committee meeting for BEAC monetary policy, the institute of emission encouraged more banks to opt for the classification agreements. These are mechanism that allows the Central Bank to limit and control the interest rates on some loans to economic operators.

From this point of view, the National Monetary and Financial Committee of Cameroon also stated that it is "taking note of the classification agreements issued by the Governor and the national director since its April 2, 2015 meeting.