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Avenue-AAbdoulaye-FFadiga
BP-33108---DDakar---SSénégal
www.bceao.in t 2010
ANNUAL REPORT
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CONTENTS
BCEAO HIGHLIGHTS IN 2017................................................................................................................8
MEMBERSHIP OF THE STATUTORY BODIES AND ORGANIZATION CHART OF THE BCEAO....13GOVERNOR'S MESSAGE......................................................................................................................30
I - ECONOMIC AND FINANCIAL ENVIRONMENT...............................................................................34
1.1 - INTERNATIONAL ECONOMIC AND FINANCIAL ENVIRONMENT.............................................34
1.1.1 - Economic Activity in Major Industrialized Countries.....................................................................34
1.1.2 - Economic Activity in Emerging and Developing Countries...........................................................34
1.1.3 - Financial and Commodities Markets.............................................................................................35
1.1.4 - Foreign Exchange Market and Monetary Policy Measures..........................................................38
1.1.5 - Employment and Inflation in Industrialized Countries..................................................................41
1.2- ECONOMIC AND FINANCIAL ENVIRONMENT OF WAEMU MEMBER STATES......................41
1.2.1 - Gross Domestic Product and Real Sector Trends in WAEMU....................................................41
5.2.5.5 1- Stafingit7n-6tTrifgaT3..............................................................................................................41
5.2.5.2 1-Ra3e-6tTrifgaT3........................................................................................................................42
5.2.5.l 1-o3risgta7n-6tTrifgaT3-73r-weg7an-ht7re-hit3TIet......................................................................43
1.2.2 - Trends in Inflation........................................................................................................................43
1.2.3 - Public Finance and External Debt Position..................................................................................44
5.2.l.5 1-hte3rs-a3-Mg7ge-ya373fa7n-ht73s7fgaT3s.....................................................................................44
5.2.l.2 1-wesTitfe-RTFanau7gaT3-73r-d(get37n-)eFg-6TsagaT3...................................................................45
1.2.4 - Trends in the Balance of Payments..............................................................................................46
II - MONETARY POLICY IMPLEMENTATION.......................................................................................47
2.1 - MONETARY POLICY OBJECTIVES..............................................................................................47
2.2 - MONETARY ACTION.....................................................................................................................47
2.2.1 - Interest Rate Policy.......................................................................................................................47
2.2.2 - Open Market Operations..............................................................................................................47
2.2.3 - Actions through Permanent Refinancing Windows......................................................................48
2.2.4 - Reserve Requirements System....................................................................................................48
2017 Annual Report 3
2.3 - TRENDS IN MONETARY AGGREGATES.....................................................................................49
2.3.1 - Net Foreign Assets.......................................................................................................................49
2.3.2 - Domestic Claims..........................................................................................................................49
2.l.2.5 8-Oeg-$n7a%s-T3-g&e-$e3gt7n-'TIet3%e3g....................................................................................49
2.l.2.2 8-$n7a%s-T3-(g&et-MefgTts...........................................................................................................50
2.l.2.l 1-$e3gt7nau7gaT3-T)-*73+a3S-was+s................................................................................................50
2.3.3 - Money Supply and Monetary Base..............................................................................................50
III - TRENDS IN THE BANKING AND FINANCIAL SYSTEM AND ACTIONS WITH REGARDTO FINANCIAL STABILITY AND INCLUSION...............................................................................52
3.1 - SITUATION OF CREDIT INSTITUTIONS AND MICROFINANCE
3.2 - INTERBANK MARKET...................................................................................................................53
3.3 - FINANCIAL MARKET.....................................................................................................................55
3.3.1 - Resource Mobilization by the States............................................................................................55
l.l.5.5 1-wesTitfe-RTFanau7gaT3-T3-g&e-weSaT37n-R7t+eg.........................................................................55
l.l.5.2 1-(igsg73ra3S-6iFnaf-Mefitagaes-T3-g&e-weSaT37n-R7t+eg.............................................................56
3.3.2 - Regional Stock Exchange (BRVM)...............................................................................................57
3.4 - ACTIONS FOR FINANCIAL STABILITY.......................................................................................57
3.4.1 - Preserving Financial Stability........................................................................................................57
3.4.2 - Reinforcing Banking and Financial Regulations and Supervision...............................................59
3.4.3 - Promotion of Credit Information Bureaus (CIBs).........................................................................60
3.4.4 - Other Actions Contributing to Financial Stability...........................................................................60
3.5 - ACTIONS FOR FINANCIAL INCLUSION......................................................................................62
IV - MANAGEMENT OF BANKNOTES AND COINS, PAYMENT SYSTEMS ANDINSTRUMENTS AND FOREIGN EXCHANGE RESERVES...........................................................63
4.1 - MANAGEMENT OF CURRENCY IN CIRCULATION....................................................................63
4.1.1 - Withdrawals and Deposits through BCEAO Branch Windows.....................................................63
4.1.2 - Structure of Currency Outside Banks...........................................................................................63
4.1.3 - Cross-border Flows of Banknotes through BCEAO Branch Windows.........................................63
4.2 - PAYMENT SYSTEMS AND INSTRUMENTS................................................................................64
4.2.1 - WAEMU Regional Payment Systems..........................................................................................64
4.2.2 - Securing and Modernizing Payment Systems and Instruments and Contributing
to Financial Inclusion....................................................................................................................65
,.2.2.2-1- ,.2.2.l-4.3 - MANAGEMENT OF FOREIGN EXCHANGE RESERVES............................................................67
2017 Annual Report 4
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1.-.F Ekc5yxEMonisrAhEPoDgthEcoeegssii............................................................................................84
1.-.f EkorAIEomEGgAitsoAdEomEsRiEkc5yx.................................................................................................8f
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5.2.1.1- Staffing......................................................................................................................................76
5.2.1.2- Training.....................................................................................................................................77
1.4.4 EEPAoWiAshEyddisd............................................................................................................................3U
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1.4.f ESgdbEMrnrTieinsErnIEconsAoDEytsgzgshEMitRrngded...................................................................3-
1.4.1 EMrnrTieinsEconsAoDEMitRrngde.................................................................................................34
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5.3.1.1- Relations with the International Monetary Fund (IMF)...............................................................83
5.3.1.2- Relations with Other Institutions................................................................................................3f
1.F.4E EE5tonoegtErnIEMonisrAhE-nsiTArsgon............................................................................................3f
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LIST OF TABLES
Table 1: Trends in Annual Average Exchange Rates..............................................................................40
Table 2: Trends in Quarterly Average Exchange Rates..........................................................................40
Table 3: Trends in Consumer Prices in 2016 and 2017...........................................................................44
Table 4: Trends in Public Finance in 2017..............................................................................................45
Table 5: Reserve Requirement Ratios Applicable to Banks....................................................................49
Table 6: WAMU Monetary Aggregates....................................................................................................51
Table 7: Trends in WAMU Interbank Rates in 2017................................................................................54
Table 8: Trends in Interbank Lending in WAMU in 2017.........................................................................54
Table 9: Public Securities Issues.............................................................................................................55
Table 10: Average Interest Rate on Treasury Bills..................................................................................56
Table 11: Outstanding Public Securities as at the end of December 2017.............................................56
Table 12: Trends in Outstanding Public Securities..................................................................................56
Table 13: Cross-Border Flows of Banknotes through BCEAO Branch Windows....................................64
BOXES Box 1: Outline of the new Annex to the Convention governing the WAMU Banking Commission(WAMU BC).................................................................................................................................58
Box 2: BCEAO Participation in the Activities of the Alliance for Financial Inclusion...............................67
2017 Annual Report 6
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