This decision was adopted on December 18 during the Board of Directors’ meeting of the Bank of Central African States (Beac), held in Libreville, Gabon.
At the end of the Board of Directors’ meeting of the Bank of Central African States (Beac) held on December 18 in Libreville, Gabon, key decisions were adopted. Among other things, the putting into circulation of the new Beac coins. Initially planned for this end of the year, the injection into the market of a new range of coins is postponed to 2025. Indeed, the arrival of new coins in the economic circuit of the 6 CEMAC countries (Cameroon, Congo, Gabon, Equatorial Guinea, CAR and Chad) will curb balance concerns that are acute in the community space. The arrival of the first versions announced for years was postponed for non-compliance with certain technical specifications. They were therefore rejected and the manufacturing process was restarted. This new range, we learn, will be characterised by innovations such as the size, the alloys to be used and the new denominations and that of 200 Fcfa.
Thus, regarding their size, they will be bulkier unlike the range currently in circulation. Certain coins of the latter, notably 10, 5, 2 and 1 FCFA, are shunned in shops and taxis, thus creating conflicts between users and traders. The Central Bank, this time, opted for increasing the size of all coins, including those of 25, 50, 100 and 500 Fcfa. The old coins will, however, retain their legal tender status and remain in circulation. According to information from EcoMatin, Beac does not demonetise coins as is the case for banknotes.
The change of coins will also lead to the arrival on the market of a new denomination: the 200 CFA coin. Its size will be close to that of the 50F coin from the 1960s and which is still in circulation. Another innovation, the change of alloys. These will no longer be separable and their composition will henceforth be made of less noble materials. If the new alloys and the materials which compose them will have the advantage of attracting fewer coin traffickers, a phenomenon from which the CEMAC countries have suffered for years and which creates the shortage of small change on the market, Beac, according to our sources, was not particularly concerned about this phenomenon when putting this new range into production. However, we learn, the Central Bank has always become a civil party in trials involving coin traffickers, often from Asian countries.
To abundantly water the market to the point of flooding it, the Beac will place a massive order of coins. To achieve this objective, it intends to implement a strategy which will force commercial banks to take more coins. Because, according to our sources, the shortage of coins observed on the market is the result of both credit institutions and supermarkets refusing to take coins. In fact, they are heavier and more difficult to transport due to their weight. This gives additional work to the cashiers who must take more time to count and classify them, unlike large bills, which are easier to handle, classify and transport.
(Sourced and loosely translater from )
