CEMAC zone: recession could reach 6% according to BEAC

All the indicators are certainly not red. But most of the economic indicators in the six countries of the Economic and Monetary Community of Central Africa (CEMAC) are already found the Monetary Policy Committee (CPM) of the Bank of Central African States (BEAC) at the end of the second annual session on June 24, 2020 in Yaoundé.

Analyzing the situation in Central Africa, it emerges that in the short and medium terms, the CEMAC zone is affected by the health crisis and the fall in the prices of the main export products. "

"In the first half of 2020, the revival of productive activities was slowed down in the sub-region by the disruption of supply circuits for imported products as well as by the restrictive measures adopted by the various governments to contain the effects of the pandemic. Although it is premature for the moment to fully grasp the impact of COVID-19 on national economies, it is already anticipated during this first semester a drop in production as well as a det…

BMCE Bank Of Africa to the rescue of businesses and households

Like national banking institutions and as part of the general mobilization of the banking sector to support businesses and households in order to face the consequences of the Coronavirus crisis, the Bank of Africa group, chaired by Othman Benjelloun, just announced a set of measures. Regarding businesses, the bank announces the postponement of medium and long-term credit maturities until June 30, 2020 without fees or late penalties. There is also the establishment of an exceptional cash overdraft at a preferential rate to cover charges that cannot be suspended or deferred. This discovery is backed by the new mechanism, “Damane Oxygène” managed by the Central Guarantee Fund. This exceptional financing must be repaid before December 31, 2020.

BMCE Bank Of Africa to the rescue of businesses and households

However, if the company is unable to repay this credit in whole or in part, it can benefit from a consolidation loan over a period of up to 5 years. As for households, the bank offers them the possibility of postponing for 4 months (March to June 2020) the maturities of mortgage and consumer loans. This is how an automatic carry-over is granted to beneficiaries of the housing loan backed by Fogarim. For the others, namely clients affiliated to the CNSS who are on sick leave and clients working in the informing sector, the extension of deadlines is granted on a written request sent to the bank.