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Avenue-AAbdoulaye-FFadiga

BP-33108---DDakar---SSénégal

www.bceao.in t 201
0

ANNUAL REPORT

SUMMARISED(VERSION(

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CONTENTS

BCEAO HIGHLIGHTS IN 2017................................................................................................................8

MEMBERSHIP OF THE STATUTORY BODIES AND ORGANIZATION CHART OF THE BCEAO....13

GOVERNOR'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 REGARD

TO 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 AND

INSTRUMENTS 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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5.2.1.1- Staffing......................................................................................................................................76

5.2.1.2- Training.....................................................................................................................................77

1.4.4 EEPAoWiAshEyddisd............................................................................................................................3U

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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

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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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