The Bank of Central African States (BEAC) has rolled out millions of new coins aimed at stemming the bugging problem of coin shortage facing Cameroon and other CEMAC states.
BEAC’s Douala branch head, Armand Lengue Koum, in a recent statement, has asked economic operators in Cameroon’s largest city to swap their banknotes for coins at the branch office.
Swapping takes place every Monday, Tuesday and Wednesday from 7 am to 10 am, according to Armand Lengue’s communique.
The measure aims to curb coin scarcity, which has hampered economic transactions, particularly among small businesses and petit traders.
BEAC announced plans to release more coins into circulation. Yvon Sana Bangui, the bank’s Governor, regretted that BEAC was not distributing its stockpile of 150 million coins from the 2006 model as quickly as expected.
He tasked branch services to facilitate the circulation of these coins.
Illegal exportation to China and other Asian countries has caused a coin shortage in Cameroon and the rest of CEMAC, as these coins are used to fashion jewellery.
Players collect the coins informally through gaming systems and other means.
During his visit to Yaounde on June 24, BEAC’s Governor revealed they were working on a new design of coins that will be difficult to export.
