Central Bank of West African States (BCEAO)

Abstract

Established in 1962, the Central Bank of West African States (Banque Centrale des Etats de l’Afrique de l’Ouest) is the common central bank of the eight member states which form the West African Monetary Union (WAMU). It has the sole right of currency issue throughout the Union territory and is responsible for the pooling of the Union’s foreign exchange reserve; the management of the monetary policy of the member states; the keeping of the accounts of the member states treasury; and the definition of the banking law applicable to banks and financial establishments.