Central Bank of West African States (BCEAO): Regional Central Bank

The Central Bank of West African States (BCEAO) is an international public institution founded in 12 May 1962 with headquarters in Dakar, Senegal. It is the common issuing institution of the member states of the West African Monetary Union (WAMU).

Functions of Central Bank of West African States (BCEAO)

The basic functions of BCEAO are discussed below:

• Define and implement monetary policy within WAMU,
• Ensure the stability of the banking and financial system of WAMU,
• Promote the smooth operation and provide supervision and security of payment systems in the WAMU,
• Implement the exchange rate policy of the WAMU in the conditions adopted by the Council of Ministers,
• Manage the official foreign reserves of the Member States of the WAMU.

The Central Bank may lead, in respect of monetary equilibrium, specific tasks or projects that contribute to improving the environment of monetary policy, diversification and strengthening of the financial system of WAMU and technical and professional capacities in the banking and financial sector.

Member States of Central Bank of West African States (BCEAO)