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BEAC to Phase Out Older Banknotes This Year

BEAC to Phase Out Older Banknotes This Year

Paru le mardi, 09 janvier 2024 10:44

The Bank of Central African States (BEAC) will gradually withdraw and destroy banknotes issued in 2002, including the 5,000, 2,000, 1,000, and 500 denominations, once they are deposited at commercial banks, according to a January 5 circular signed by the BEAC Director General of Operations.

"Bank and public accountant withdrawals will only be made in banknotes from the 2020 range," the circular specifies. This measure initially aimed to take effect on January 2, but an extension appears likely for the 10,000 denomination. This specific note won't be automatically replaced but instead transferred to reserve and destruction vaults.

The move follows the November 2022 launch of a new series of banknotes within the Central African Economic and Monetary Community (CEMAC). BEAC had previously outlined a schedule for gradually withdrawing older notes.

The introduction of the new series effectively marked the end of life for older currencies, most notably the 1992 notes whose official demonetization process was slated to begin in March 2023. BEAC traditionally issues new banknotes every twenty years.


● Fact Cheking



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