From 8,734.1 billion CFA francs in October 2024, the refinancing granted by the Central Bank of West African States (Bceao) to banks and financial establishments increased to 9,336.7 billion CFA francs in November 2024 The weighted average rate of weekly liquidity auctions stood at 5.50% in November 2024, unchanged from the previous month, according to the. monthly bulletin of statistics from the issuing institute of the eight member countries of the West African Monetary Union (Umoa).
Compared to the UEMOA interbank market, notes the document, “trade increased during the month under review. All maturities combined, the average weekly volume of operations amounted to 966.6 billion CFA francs in November 2024 compared to 883.8 billion in October 2024, an increase of 9.4. The average interest rate, calculated on the one-week compartment, increased by 1 basis point, from 6.18% in October 2024 to 6.19% during the period under review.
The results of the survey on banking conditions show “a virtual stability of bank lending interest rates in November 2024 compared to the previous month. Excluding charges and taxes, the average lending interest rate in the Union stood at 7.08% in November 2024, compared to 7.09% the previous month. As for the credit interest rates on term deposits, they stood at 5.40% during the month under review, down 9 basis points compared to the month of October 2024.
Regarding the business climate indicator, it remained, according to the Bank, “above its long-term trend, standing at 100.8, which reflects continued confidence among business leaders. company on the favorable direction of activities. It is down 0.2 points compared to the previous month. The main activity indicators recorded an increase during the period under review. Thus, compared to the same period of the previous year, the turnover index in market services increased by 4.1% during the month under review. Industrial production increased by 14.8% in November 2024, after an increase of 19.2% in October 2024. As for the turnover of commercial enterprises, it rose by 4.8% during the month. under review, compared to 5.4% the previous month.
For the inflation rate, it “comes, year-on-year, to 2.5% in November 2024, down 0.9 percentage points compared to the level of 3.4% recorded in October 2024. After 7 months above 3%, inflation returns to the target zone of 1% and 3% retained by the Central Bank. The underlying inflation rate, calculated by excluding the prices of fresh produce and energy, stood at 1.8% in November 2024, compared to 2.3% a month earlier. The analysis by function shows that the deceleration of inflation is observed mainly at the level of the food products component whose overall contribution to total inflation fell from 2.1 pdp in October 2024 to 1.5 pdp in November 2024. This development is also driven by the slowdown noted in the progression of the “housing” component of 2.9% compared to 3.2% in October 2024.
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