Microfinance Gateway>Capital Reserves Increase from $4 Mln to $20 Mln in Cameroon

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Home » News & Opinion » Capital Reserves Increase from $4 Mln to $20 Mln in Cameroon

Capital Reserves Increase from $4 Mln to $20 Mln in Cameroon
Ntaryike, D.

A group of financial experts has ordered all commercial banks and MFIs in the Central African Economic and Monetary Community (CEMAC) to raise the minimum amount of their capital reserves. The 24-member Committee of Banking Supervisors of West and Central Africa said the reserves must be US $20 million to enable them to cushion the effects of any future financial crisis. Previously, they were required to maintain up to US$4 million.

The measures, which will take effect in 2014, were approved at the latest meeting of the banking supervisors' committee held in early August in Yaounde. Delegates to the meeting agreed that the global financial crisis has not been as hard on Africa’s financial institutions as it has been in developed economies.

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Posted: 27 Aug 2010
Source: Voice of America
Originally Published: 26 Aug 2010