The Bank OF Central African States (BEAC) in her french acronym is set to issue new bank notes to circulate as from November 2019. The information was revealed in Resolution N°7 of the ordinary meeting of the Central African Monetary Union (UMAC)’s ministerial council, which was held on October 2, 2019, at the bank’s headquarters in Yaoundé, Cameroon.
The ministerial council acknowledged the launch of works for the elaboration of new banknotes. It also explained that according to article 33 of BEAC’s by-laws, the bank’s management is responsible for the finalization of works required for the creation and progressive introduction, as soon as possible, of these new banknotes.
The new banknotes will replace those currently used in CEMAC countries’ economic circuits. Those notes have been in circulation since November 24, 2003.
These changes will include all the six CEMAC countries; Cameroon, Gabon, Central African Republic, Chad, Congo, and Equatorial Guinea.
“In accordance with Article 33 of BEAC’s Statutes, the administration of the Bank is obliged to finalize the work necessary for the creation and the progressive circulation of this new range, within the best possible time frame.” – UMAC Ministerial committee.
This new range of notes and coins will be released in November 2019.
This change is coming 16 years after the circulation of the current banknotes, which, according to BEAC, should have been removed from circulation in 2013(10 years after their release).
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