Bank of Central African States / Banque des États de l'Afrique Centrale

BEAC was established in 1972 under the official name Banque des Etats de l'Afrique Centrale (BEAC). The bank's head office is in Cameroon. The bank's role is to manage the region's monetary policy, issue currency, drive the exchange rate of the region, manage the foreign reserves of the member states and facilitate payments and settlement systems. The BEAC has also implemented macroeconomic convergence, which means it is attempting economic catch up, and monitoring mechanisms. The bank has also adopted a customs union and common external tariff, combined indirect taxation regulations and initiated structural and sector policies.