Meeting in ordinary session, Wednesday October 4, 2023 in Douala (Republic of Cameroon), under the Chairmanship of Jean-Baptiste Ondaye, Minister of Economy and Finance of the Republic of Congo, the Ministerial Committee of the Monetary Union of the Central Africa (UMAC), adopted the Regulations relating to the approval of the standards of the QR Code, the Bill of Exchange and the Direct Debit as well as the 2022 Report of the Financial Stability Committee in Central Africa (CSF-AC).

“Having taken note of the state of implementation of the resolutions and decisions of its previous sessions, the Ministerial Committee noted that the economic prospects of the Economic and Monetary Community of Central Africa (CEMAC), although favorable, remain subject to significant uncertainties. In particular, the slowdown in global economic growth, the persistence of inflationary pressures, the tightening of international financial conditions, the volatility of commodity prices, security problems in certain countries and unfavorable climatic events,” indicates the press release published at the end of the work.

“Under these conditions, the Ministerial Committee urged the BEAC and member states to continue the implementation of reform policies aimed at strengthening stability and economic resilience in the face of shocks. He also took note of the state of relations between the CEMAC member countries and the International Monetary Fund and hoped that future economic and financial programs (PEF) would be provided with substantial resources, in order to prioritize creating the conditions for 'sustainable and inclusive growth in the sub-region'.

In addition, the Committee welcomed the compliance of the legislative framework governing cryptoassets in the Central African Republic (CAR) with the community texts in force.

Regarding the “Treasury Securities Market, the Ministerial Committee encouraged all member states to adopt the practice of financial rating in a harmonious manner, in order to support the development of the CEMAC financial market”.

The Communication Unit of the Ministry of Economy and Finance