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BEAC says there is no devaluation of FCFA

After rumours on Social media and the press that the value of the FCFA will drop, the BEAC Governor Abbas Mahamat Tolli steps forward to rectify that there is no such thing.

“False information about the devaluation of FCFA has been circulating on social networks and media organs for some time now in the concerned sub Region, CEMAC since the mid 90s. This dates from the 1994 Devaluation. It is not something new but these rumours are uncalled for” explained the Governor.

The 1994 Devaluation as revealed by BEAC, was meant to scale to the same level the profound economic and financial imbalances that the six Central African countries were facing in the second half of the 1980s. They further explained that, the upheavals the FCFA is facing now have not reached the stage at which the Devaluation option can be considered.

The six Central African countries which are; Cameroon, Central African Republic, Congo, Gabon, Equatorial Guinea and Chad have engaged in negotiations with the International Monetary Fund (IMF) which are aimed at strengthening efforts in the development of their states. This is because, they all are in crisis particularly economic crisis.

 

 

Studied B.Sc Journalism and Mass Communication at University of Buea

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Cameroon Concord  is an online publication covering and reporting on  local and world news, sports, entertainment, politics, business, and religious news. Serving Cameroonians .

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