The Central Bank of Central African States (BEAC) has assured users that old coins will be exchanged smoothly, despite complaints from users and banks. With the demonetization of old coins set to take effect on November 1, users have reported being rejected by banks and microfinance institutions, even though the coins remain legal tender until October 31. The BEAC has stated that it has put in place a system to exchange coins daily.
According to Emanuel Asafor Cho, First Deputy Director of the BEAC, the problem will be resolved quickly, with many microfinance institutions available to facilitate the exchange. The BEAC has also assured that it has a large quantity of new coins, which will "inundate" the market. However, some banks have expressed concerns that they lack the necessary equipment to detect counterfeit coins.
The BEAC has acknowledged that older coins are less secure and more susceptible to counterfeiting. However, with some banks lacking detection equipment, there are concerns about the security of the exchange process. The BEAC has promised that non-clients will be accepted at counters and that exchanges will be made on a daily basis.
Despite these assurances, there are concerns about the uniformity of practices across different banks and microfinance institutions. The exchange process may vary depending on the institution, with different hours and organization. The BEAC has urged users to be patient and to approach their local banks or microfinance institutions for assistance.
The demonetization of old coins is part of a broader effort to modernize Cameroon's currency and reduce counterfeiting. The BEAC has been working to introduce new, more secure coins and banknotes, which are expected to be more difficult to counterfeit. The exchange process is expected to be completed by the end of the year.
Users have been advised to approach their local banks or microfinance institutions to exchange their old coins before the deadline. The BEAC has also set up a hotline to handle complaints and provide assistance to users who encounter difficulties during the exchange process.
The successful exchange of old coins is crucial to maintaining confidence in Cameroon's financial system. The BEAC has assured users that it is working to ensure a smooth transition and that the exchange process will be completed efficiently.
Key points
- The BEAC has assured users that old coins will be exchanged smoothly despite complaints from users and banks.
- The exchange process may vary depending on the institution, with different hours and organization.
- The demonetization of old coins is part of a broader effort to modernize Cameroon's currency and reduce counterfeiting.
