Banks reopening in the Central African Republic

Apr 08, 2013

Central African Republic inhabitants should soon regain access to banks

Central African Republic inhabitants should soon regain access to banks. Following François Bozizé’s
ousting, the Bank of Central African States (BEAC), which serves as the country’s central bank, is planning to reopen its branch in the capital Bangui.

”We are going to open our doors and get back to work and I think commercial banks should be able to do the same”, announced Clément Gueremodongou the BEAC national bureau deputy director to Reuters.

Many banks had to close following the coup d’état on March 24 when the Seleka rebels, an organisation made of political parties opposing President Bozizé, took power.

Over the past two weeks, many banking institutions have been plundered, limiting local access to finance.

Patrols organised by the Central African Armed Forces have put an end to these rampages and allowed banks to reopen.

The Central African Republic is one of the poorest countries in the world, with an average yearly income of only $789.21 per head in 2012 according to data by the IMF.

It is now run by Michel Djotodia, following ten years of rule by Mr Bozizé.ADNFCR-2976-ID-801567117-ADNFCR