Bank of Central African States to launch new banknotes, coins by mid-December

  • World
  • Thursday, 10 Nov 2022

YAOUNDE, Nov. 9 (Xinhua) -- The Bank of Central African States (BEAC) will put new banknotes and coins in circulation by Dec. 15, according to a statement released Wednesday by the Ministerial Committee of the Central African Monetary Union.

The 1992 and 2002 banknotes, meanwhile, will gradually be withdrawn from circulation starting from next year in the region that groups the countries of Cameroon, Chad, the Central African Republic, Equatorial Guinea, Gabon, and the Republic of Congo, said the statement.

In Central Africa, the renewal of banknotes and coins takes place in principle every ten years.

The BEAC is expected to unveil the new banknotes when it celebrates its golden jubilee in the Chadian capital of N'Djamena by the end of this month.

The banknotes to be replaced with new ones include 500, 1,000, 2,000, 5,000 and 10,000.

The announcement came as Central African states are battling an inflationary crisis, which is affecting most African economies.

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