Gov’t raises FCFA 50bn on the BEAC market with higher rates

Cameroon’s Treasury raised a total of FCFA 49.8 billion on the BEAC public securities market during the week of October 16 to 20, 2023, we learned. According to the operations report published by the central bank, these funds were raised through issues of 26-week fungible Treasury bills (BTA) (FCFA 39.8 billion raised out of FCFA 40 billion sought) and 52-week bills (the FCFA 10 billion sought were oversubscribed). The weighted average interest rates for these transactions were 5.59% for 26-week BTAs and 5.85% for 52-week securities, for an overall average of 5.7%, well above the usual 3%. This rate is…