Côte D'ivoire - Banking and securities
Côte d'Ivoire is a part of the Communaute Financiere Africaine, in particular, the Union Economique et Monetaire de l'Afrique de l'Ouest (UEMOA). The central bank for all UEMOA members is the Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO) in Dakar. CFA francs (Communauté Financière Africaine francs), are guaranteed by France at a rate of 100:1 without limitation. There are 15 commercial banks in Côte d'Ivoire. These include SGBCI, BIAO, BOCICI, SIB, Citibank, Paribas, BHCI, Ecobank, Bank of Africa, and HSBC Equator Bank. The African Development Bank is headquartered in Abidjan.
In late 1996, the Banque internationale pour le commerce et l'industrie de la Côte d'Ivoire (BICICI) forecast growth of 7.3% for 1996. Banking activity had followed the improving national economic environment. BICICI expected credit in the economy to rise by 4.3% in 1996, and money supply by 20%, marked by further substantial growth in household savings.
Public credit institutions provide credit to farmers and agricultural cooperatives, mortgages and personal loans, real estate financing, and loans to small industries. The Ivoirian Industrial Development Bank was inaugurated in 1965 to provide medium-and long-term credit for industrial projects. The National Agricultural Development Bank, created in 1968, extends loans to the agricultural community. The National Bank for Savings and Credit is the state savings institution.
The International Monetary Fund reports that in 2001, currency and demand deposits—an aggregate commonly known as M1—were equal to $1.8 billion. In that same year, M2—an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds—was $2.5 billion. The money market rate, the rate at which financial institutions lend to one another in the short term, was 4.95%. The discount rate, the interest rate at which the central bank lends to financial institutions in the short term, was 6.5%.
The Abidjan stock exchange is the local securities market. It was created in 1976 to encourage domestic investment and to provide Ivoirian industries with access to the international financial market.