BY NDUMBE BELL JOSEPH GASTON IN DOUALA
The Governor of the Central Bank of CEMAC countries has announced a decision intended to introduce 150 million coins in the region to mitigate the drastic shortage of coins that has brought untold suffering in the daily lives of citizens engaged in financial and economic transactions in the region including Cameroon.
According to a release procured from BEAC, Governor Abbas Mahamat Tolli is reported to have sent a strong message in a press conference that was part of a Monetary Policy Committee sitting held here in Cameroon last March 27 to address the years’-old issue and to qwell the outcry of all who have had the experience that takes place every second including the severe inconveniences that has added to an already galloping economic situation.
Speaking at the session Abbas Tolli said “this volume of divisional currency will be injected into the economic circuits of CEMAC over the coming months in order to curb the shortage observed for several months, stated the BEAC release.
The main factor disclosed as being responsible for this shortage or rarity, has been identified and confirmed to be the swindling and siphoning practices by unscrupulous and mindless economic operators who have created an illicit export network to some Asian country who are reported to be producing jewelleryout of CEMAC zone coins. So, after proper understudy, a decision is said to have been taken on this issue by the Ministerial Committee of the General African Monetary Union (UMAC) instructing BEAC recently to introduce a new denomination of coins.
In the conference session, Abbas Mahamat Tolli (a Chadian) of BEAC is said to have confirmed that there have been behind-the-scene contacts with the producers to discuss concerns and worries over the incorporation of the designs for the range of coins and especially the type of alloys to be used to put the criminal network out of the racketingbusiness. The value of the 150 million coins was not mentioned.