(Business in Cameroon) – The Bank of Central African States (BEAC) is taking action to address a shortage of coins in circulation in Douala. In a recent notice, Armand Lengué Koum, the head of the BEAC’s Douala branch, invited local businesses like pharmacies, supermarkets, bakeries, and shops to swap banknotes for coins. This exchange is available every Monday, Tuesday, and Wednesday from 7 a.m. to 10 a.m.
According to insiders, this move comes directly from an order by the central bank’s governor, Yvon Sana Bangui. In a circular dated August 13, 2024, he instructed BEAC’s branches to push more coins into the economy throughout the Central African Economic and Monetary Community (CEMAC). This is to counteract the coin scarcity that has been plaguing many cities in the region.
Governor Bangui expressed frustration, noting that even though the bank has been well-stocked with coins—following a request for 150 million coins from the 2006 series—these coins are not getting into the hands of the public as expected. He urged the bank’s services to speed up and target the distribution of these coins to the people.
Coin shortages in CEMAC have been a recurring issue for years. One of the main reasons is the existence of networks that collect coins from places like gaming halls and informal sectors, and then export them to an Asian country. The metal used in these coins is sought after for jewelry-making, which explains the growing demand outside the region.
To put an end to this problem, BEAC has announced plans to introduce a new series of coins this year. The new coins will be made from materials that are less likely to be used for purposes like jewelry, making them less attractive to smugglers.
