GENERAL KNOWLEDGE

Detailed explanation-1: -Under its Convention and statutes, the BEAC is declared a ‘Multinational African institution in the management and control of which France participates in return for the guarantee she provides for its currency’.

Detailed explanation-2: -The African Central Bank’s (ACB’s) purpose will be to build a common monetary policy and single African currency as a way to accelerate economic integration as envisaged in articles 6 and 44 of the Abuja Treaty. The ACB’s objectives will be to: Promote international monetary cooperation through a permanent institution.

Detailed explanation-3: -The supervision of the banking system is implemented by the Banking Commission of Central Africa (COBAC). COBAC was established in 1990 by the six countries members of BEAC (Cameroon, Central African Republic, Chad, Congo Republic, Equatorial Guinea and Gabon).