Communauté économique et monétaire d'Afrique centrale (CEMAC)
Central Africa Economic and Monetary Community (CAEMC)
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1994-03-16 Ndjamena Chad
Established on signature of a treaty by heads of member states, following a study proposed by the Council of Heads of State of H-XD0228 - Union douanière et économique de l'Afrique centrale (UDEAC), Dec 1991. Retains the principles inherent in the creation of UDEAC and of Union monétaire de l'Afrique centrale (UMAC), set up 22 Nov 1972, Brazzaville (Congo Brazzaville), by 5 Central African states and by Government of France and of which Equatorial Guinea became a member as from 1 Jan 1985. UMAC is also referred to in English as 'Central African Monetary System' and 'Central African Monetary Area (CAMA)', and in French as 'Zone monétaire centrafricaine'. UMAC was absorbed into CEMAC, which took over the activities of UDEAC through a transition formalized in an agreement signed by the UDEAC Council on 5 Feb 1997, Libreville (Gabon), effective 1 Jan 1998. CEMAC comes within the framework of F-XF3711 - Pays africains de la Zone franc (PAZF), having the common currency - 'CFA franc' - of the F-XF0749 - Communauté financière africaine (CFA). All relevant treaties and conventions are deposited in the state of Chad.
Cooperate in the joint development of human resources and natural resources of member states in the framework of economic and monetary union; on the basis of already existing cooperation, abolish the division between monetary and economic management and relaunch a policy of economic and social integration; consolidate members' experience in economic and monetary cooperation through reinforcement of common currency; order macro-economic policies; set up a regional legal framework for investment and growth; achieve a single market; set up common sectoral policies; act as the institution in charge of currency issues and harmonization of monetary policies of member countries.
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Comprises 4 institutions, each the subject of a convention:
- E-XE3882 - Union économique de l'Afrique centrale (UEAC), which is gradually taking over the activities of UDEAC;
- E-XD6441 - Union monétaire de l'Afrique centrale (UMAC);
- H-XJ7494 - Economic and Monetary Community of Central Africa Parliament (CEMAC-P) (proposed);
- F-XF5822 - Cour de justice communautaire de la CEMAC (CJ-CEMAC), comprising a judicial chamber and a court of auditors whose composition, function and competence are covered in the convention setting up UEAC.
- Conference of Heads of State;
- Council of Ministers of UEAC, comprising 3 ministers of each member state;
- Ministerial Committee of UMAC (meeting at least once a year), comprising Ministers of Finance and Economic Affairs of member states;
- Executive Secretariat;
- Inter-state Committee;
- F-XF4535 - Banque des Etats de l'Afrique centrale (BEAC);
- E-XE4626 - Commission bancaire de l'Afrique centrale (COBAC);
- Institution de financement et développement.
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UN Sustainable Development Goals **
UIA Org ID
** UN SDGs are linked to the subject classification.
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