Bank deposits recede by close to 2% in CEMAC area

FCfa 9827 billion. This is the volume of deposits made into the banks in the CEMAC area as at July 2016 ending.

According to the Bank of Central African States (BEAC), which has just disclosed this statistic during a meeting with bankers of this community in Douala, these deposits are however close to a 2% decrease compared to the same period in 2015.

The cause of this contraction in bank deposits, the BEAC underlines, is due to the decrease of deposits made by the six CEMAC member states (Cameroon, Congo, Gabon, Central African Republic,Chad, Equatorial Guinea), as well as by companies in their portfolio.

This situation itself results from a decline in public revenues, hampered by the unfavorable international economic conditions of raw material prices. It mainly concerns crude oil, which makes up between 50 and 80% of public revenues in four of the CEMAC countries (Gabon, Chad, Equatorial Guinea and Congo).

However, in spite of this decline in deposits, banks in the CEMAC area have remained responsive to requests, from States as well as private investors.

Since, BEAC statistics also reveal, the volume of loans granted has increased by 5.9%, to around FCfa 8323 billion during the period under review.