Commercial banks in Guinea-Bissau able to finance economy

23 December 2015

Commercial banks operating in Guinea-Bissau are in “good health” and in a position to finance the economy, the Guinean head of the Central Bank of West African States (BCEAO) said Tuesday.

João Aladje Mamadu Fadia said that due to the good result of the cashew year, Guinea-Bissau’s foreign exchange reserves now total over 200 billion CFA francs (US$333 million), which ensures coverage for 11 months of imports.

The Guinean Director of BCEAO noted the inflation rate stood at 1.1 percent between January and November 2015, less than the maximum variation of 2.0 percent set by the Central Bank “in order to ensure price stability.”

João Aladje Mamadu Fadia spoke at the meeting of financial institutions operating in Guinea-Bissau, which analysed the macroeconomic situation of the country and of the West African Economic and Monetary Union (UEMOA), and the activities of commercial banks and banking supervisors. (macauhub/GW)