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Central Bank of West African States

January 01, 1970

The Central Bank of West African States (French: Banque Centrale des États de l'Afrique de l'Ouest, BCEAO) is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union.

Central Bank of West African States
Banque Centrale des États de l'Afrique de l'Ouest (BCEAO) (in French)
HeadquartersDakar, Senegal
Established1959
GovernorJean-Claude Brou
Central bank ofWest African Economic and Monetary Union
CurrencyWest African CFA franc
XOF (ISO 4217)
Reserves9 820 million USD[1]
Preceded byBanque de l'Afrique Occidentale (1901-1955)
Institut d'Émission de l'Afrique Occidentale Française et du Togo (1955-1959)
Websitewww.bceao.int
BCEAO is the central bank of the states in green

The BCEAO is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.[2]

History edit

 
Building at 29, rue du Colisée in Paris, head office of BCEAO from the early 1960s to relocation to Dakar in 1978

In 1955, the French government transferred the note-issuance privilege for its West African colonies, hitherto held by the Banque de l'Afrique Occidentale, to a newly created entity based in Paris,[3] the Institut d’Emission de l’Afrique Occidentale Française et du Togo (lit. 'Note-Issuing Institute of French West Africa and Togo'). In 1959, the institution's name was changed to BCEAO.[4][5][6]

The treaty establishing the West African Monetary Union (French: Union Monétaire Ouest-Africaine, UMOA) was signed on 12 May 1962 and gave BCEAO the exclusive right to issue currency as the common central bank for the, then, seven member countries:[5][7][8] Ivory Coast, Dahomey (later renamed Benin), Haute-Volta (later renamed Burkina Faso), Mali, Mauritania, Niger, and Senegal. The statutes of the bank were subsequently approved in November 1962 and remained essentially unchanged until 1974, providing for dominant French influence over the BCEAO's governance.[3]

On June 30, 1962, Mali left the group and adopted the Malian franc as national currency. On December 17, 1963, Togo officially joined the UMOA. On May 30, 1973, Mauritania withdrew and adopted the ouguiya as national currency. On February 17, 1984, Mali re-joined the UMOA.[5] Guinea-Bissau joined the group in 1997.

In 1975, the BCEAO was led for the first time by an African Governor, Ivorian Abdoulaye Fadiga. It remained headquartered in Paris until mid-1978, when its head office was relocated to Dakar. The Dakar headquarters was formally inaugurated on 26 May 1979.[9]

The BCEAO's statutes were amended in 2010 to grant it greater independence from member states.[10]: 6 

Banking Commission edit

Main article: Banking Commission of the West African Monetary Union

In 1989, BCEAO Governor Alassane Ouattara promoted the creation of a single banking supervisory authority for the entire West African Monetary Union. The Banking Commission of the West African Monetary Union was subsequently established by an international convention signed in Ouagadougou on 24 April 1990[11]

UMOA-Titres edit

In 2012, the West African Monetary Union's Council of Ministers authorized the BCEAO to create a regional agency to support the issuance and management of their public securities (French: titres). The agency was formally created on 15 March 2013 under the name UMOA-Titres. Since then, UMOA-Titres has coordinated most of the member states' government debt issuance.[12]

Member states edit

Buildings edit

The BCEAO has a main branch, known as agency, in the largest city of each of the member states, whose building typically dominates the local skyline.[13] In Dakar, the BCEAO's headquarters is in a high-rise building separate from the agency for Senegal. In addition, the BCEAO has branches in Parakou (Benin), Bobo-Dioulasso (Burkina Faso), Abengourou, Bouaké, Daloa, Korhogo, Man and San-Pédro (Côte d'Ivoire), Mopti and Sikasso (Mali), Maradi and Zinder (Niger), Kaolack and Ziguinchor (Senegal), and Kara (Togo).[14] In Paris, the BCEAO maintains a representative office in its former headquarters building at 29, rue du Colisée.

Leadership edit

Robert Julienne, a French national, was chief executive (French: directeur général) of the Institut d’émission, then of the BCEAO from 1955 to 1974,[9] after which the bank's head held the title of Governor.

See also edit

References edit

  1. ^ Weidner, Jan (2017). "The Organisation and Structure of Central Banks" (PDF). Katalog der Deutschen Nationalbibliothek.
  2. ^ . AFI Global. 2011-10-10. Archived from the original on 2012-02-20. Retrieved 2012-02-23.
  3. ^ a b Rattan J. Bhatia (1985), "Chapter II: The Central Bank of West African States, 1962–74: Its Structure and Functions", The West African Monetary Union An Analytical Review, Washington DC: International Monetary Fund
  4. ^ Mensah, A. (July 1979). "The Process of Monetary Decolonization in Africa" (PDF). Utafiti: Journal of the Faculty of Arts and Social Science, University of Dar Es Salaam. 4 (1): 48–49. Retrieved July 21, 2012.
  5. ^ a b c (in French). Central Bank of West African States. Archived from the original on 2012-07-18. Retrieved July 21, 2012.
  6. ^ "West African States CFA Franc Banknotes: First series of CFA banknotes issued by BCEAO 1959". Retrieved July 21, 2012.[permanent dead link]
  7. ^ "Traité de l'Union Monétaire Ouest-Africaine" (in French). IZF. Archived from the original on February 22, 2013. Retrieved July 22, 2012. (Article 15)
  8. ^ (in French). BCEAO. Archived from the original on July 18, 2012. Retrieved July 22, 2012.
  9. ^ a b c d e f g h "Chronologie des évènements marquants de l'histoire de la BCEAO et de l'UMOA" (PDF). www.bceao.int. BCEAO.
  10. ^ Sylviane Guillaumont Jeanneney & Patrick Guillaumont (May 2017), "Quel avenir pour les francs CFA ?" (PDF), Ferdi Document de travail (P188)
  11. ^ "Film institutionnel sur l'histoire de la commission bancaire de l'UMOA". Abidjan.netTV. 2015.
  12. ^ "About Us". UMOA-Titres.
  13. ^ René Boer (10 January 2014). "Two Banks Shaping the African Skyline". FA Failed Architecture.
  14. ^ "Presentation of BCEAO". bceao.int.
  15. ^ "Abdoulaye Fadiga". bceao.int.
  16. ^ a b "Jean-Claude Kassi Brou Named Governor of Central Bank of West African States - SWFI". www.swfinstitute.org.

External links edit

  • (in French and English) Official site: Banque Centrale des États de l'Afrique de l'Ouest


 

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January 01, 1970
central, bank, west, african, states, french, banque, centrale, États, afrique, ouest, bceao, central, bank, serving, eight, west, african, countries, which, share, common, west, african, franc, currency, comprise, west, african, economic, monetary, union, ban. The Central Bank of West African States French Banque Centrale des Etats de l Afrique de l Ouest BCEAO is a central bank serving the eight west African countries which share the common West African CFA franc currency and comprise the West African Economic and Monetary Union Central Bank of West African StatesBanque Centrale des Etats de l Afrique de l Ouest BCEAO in French HeadquartersDakar SenegalEstablished1959GovernorJean Claude BrouCentral bank ofWest African Economic and Monetary UnionCurrencyWest African CFA francXOF ISO 4217 Reserves9 820 million USD 1 Preceded byBanque de l Afrique Occidentale 1901 1955 Institut d Emission de l Afrique Occidentale Francaise et du Togo 1955 1959 Websitewww bceao int BCEAO is the central bank of the states in green The BCEAO is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion 2 Contents 1 History 2 Banking Commission 3 UMOA Titres 4 Member states 5 Buildings 6 Leadership 7 See also 8 References 9 External linksHistory edit nbsp Building at 29 rue du Colisee in Paris head office of BCEAO from the early 1960s to relocation to Dakar in 1978 In 1955 the French government transferred the note issuance privilege for its West African colonies hitherto held by the Banque de l Afrique Occidentale to a newly created entity based in Paris 3 the Institut d Emission de l Afrique Occidentale Francaise et du Togo lit Note Issuing Institute of French West Africa and Togo In 1959 the institution s name was changed to BCEAO 4 5 6 The treaty establishing the West African Monetary Union French Union Monetaire Ouest Africaine UMOA was signed on 12 May 1962 and gave BCEAO the exclusive right to issue currency as the common central bank for the then seven member countries 5 7 8 Ivory Coast Dahomey later renamed Benin Haute Volta later renamed Burkina Faso Mali Mauritania Niger and Senegal The statutes of the bank were subsequently approved in November 1962 and remained essentially unchanged until 1974 providing for dominant French influence over the BCEAO s governance 3 On June 30 1962 Mali left the group and adopted the Malian franc as national currency On December 17 1963 Togo officially joined the UMOA On May 30 1973 Mauritania withdrew and adopted the ouguiya as national currency On February 17 1984 Mali re joined the UMOA 5 Guinea Bissau joined the group in 1997 In 1975 the BCEAO was led for the first time by an African Governor Ivorian Abdoulaye Fadiga It remained headquartered in Paris until mid 1978 when its head office was relocated to Dakar The Dakar headquarters was formally inaugurated on 26 May 1979 9 The BCEAO s statutes were amended in 2010 to grant it greater independence from member states 10 6 Banking Commission editMain article Banking Commission of the West African Monetary Union In 1989 BCEAO Governor Alassane Ouattara promoted the creation of a single banking supervisory authority for the entire West African Monetary Union The Banking Commission of the West African Monetary Union was subsequently established by an international convention signed in Ouagadougou on 24 April 1990 11 UMOA Titres editIn 2012 the West African Monetary Union s Council of Ministers authorized the BCEAO to create a regional agency to support the issuance and management of their public securities French titres The agency was formally created on 15 March 2013 under the name UMOA Titres Since then UMOA Titres has coordinated most of the member states government debt issuance 12 Member states edit nbsp Benin nbsp Burkina Faso nbsp Guinea Bissau nbsp Ivory Coast nbsp Mali nbsp Niger nbsp Senegal nbsp TogoBuildings editThe BCEAO has a main branch known as agency in the largest city of each of the member states whose building typically dominates the local skyline 13 In Dakar the BCEAO s headquarters is in a high rise building separate from the agency for Senegal In addition the BCEAO has branches in Parakou Benin Bobo Dioulasso Burkina Faso Abengourou Bouake Daloa Korhogo Man and San Pedro Cote d Ivoire Mopti and Sikasso Mali Maradi and Zinder Niger Kaolack and Ziguinchor Senegal and Kara Togo 14 In Paris the BCEAO maintains a representative office in its former headquarters building at 29 rue du Colisee nbsp BCEAO headquarters tower in Dakar center nbsp Benin Agency in Cotonou nbsp Burkina Faso Agency in Ouagadougou nbsp Guinea Bissau Agency in Bissau nbsp Ivory Coast Agency in Abidjan nbsp Mali Agency in Bamako left nbsp Niger Agency in Niamey nbsp Branch building in Ziguinchor SenegalLeadership editRobert Julienne a French national was chief executive French directeur general of the Institut d emission then of the BCEAO from 1955 to 1974 9 after which the bank s head held the title of Governor Abdoulaye Fadiga fr Governor 1975 1988 15 Alassane Ouattara Governor 1988 1990 9 Charles Konan Banny Governor 1990 2005 9 Justin Damo Baro Governor 2006 2008 9 Philippe Henri Dakoury Tabley fr Governor 2008 2011 9 Jean Baptiste Compaore Governor in 2011 9 Tiemoko Meyliet Kone Governor 2011 2022 9 16 Jean Claude Brou Governor 2022 16 See also editPortals nbsp Africa nbsp Banks Bank of Central African States Central banks and currencies of Africa List of central banksReferences edit Weidner Jan 2017 The Organisation and Structure of Central Banks PDF Katalog der Deutschen Nationalbibliothek AFI members AFI Global 2011 10 10 Archived from the original on 2012 02 20 Retrieved 2012 02 23 a b Rattan J Bhatia 1985 Chapter II The Central Bank of West African States 1962 74 Its Structure and Functions The West African Monetary Union An Analytical Review Washington DC International Monetary Fund Mensah A July 1979 The Process of Monetary Decolonization in Africa PDF Utafiti Journal of the Faculty of Arts and Social Science University of Dar Es Salaam 4 1 48 49 Retrieved July 21 2012 a b c Dates cles in French Central Bank of West African States Archived from the original on 2012 07 18 Retrieved July 21 2012 West African States CFA Franc Banknotes First series of CFA banknotes issued by BCEAO 1959 Retrieved July 21 2012 permanent dead link Traite de l Union Monetaire Ouest Africaine in French IZF Archived from the original on February 22 2013 Retrieved July 22 2012 Article 15 Cadre Institutionnel in French BCEAO Archived from the original on July 18 2012 Retrieved July 22 2012 a b c d e f g h Chronologie des evenements marquants de l histoire de la BCEAO et de l UMOA PDF www bceao int BCEAO Sylviane Guillaumont Jeanneney amp Patrick Guillaumont May 2017 Quel avenir pour les francs CFA PDF Ferdi Document de travail P188 Film institutionnel sur l histoire de la commission bancaire de l UMOA Abidjan netTV 2015 About Us UMOA Titres Rene Boer 10 January 2014 Two Banks Shaping the African Skyline FA Failed Architecture Presentation of BCEAO bceao int Abdoulaye Fadiga bceao int a b Jean Claude Kassi Brou Named Governor of Central Bank of West African States SWFI www swfinstitute org External links edit in French and English Official site Banque Centrale des Etats de l Afrique de l Ouest nbsp This African bank or banking related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Central Bank of West African States amp oldid 1217434656, wikipedia, wiki, book, books, library,

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