The Bank of Central African States is one of the important African banks. In French, it is called as Banque des Etats de l’ Afrique Centrale, BEAC. It is the central bank of the Economic and Monetary Community of Central Africa. This bank caters service to six Central African countries. The headquarters of this bank is situated in Yaounde in Cameroon. It was founded in the year 1972.
Jean Felix Mamalepot was the former governor of this bank. The countries in the Economic and Monetary Community of Central Africa are:
These countries are served by the central bank of the Central African States. The currency of the Bank of Central African States is the Central African CFA franc. In French, it is called as ‘franc CFA’ or “cefa”. This currency is used in 12 African countries which were at one time ruled by the French. This currency is used in Equatorial Guinea and Guinea Bissau as well.
The monetary value of Western African CFA francs and Central African CFA francs are the same. The Central African CFA banknotes and coins are not acceptable in those countries using Western African CFA francs and vice versa. The ISO currency code of the Central African States CFA franc is XAF. The six Central African countries share the same (CFA franc) currency and enjoy a fixed exchange rate with the French currency franc.
The Bank of Central African States is the central bank of six Central African Countries.