CREDIT RISK MANAGEMENT BEYOND NUMBERS. BRVM 10 m -1.72% Value. traded (bn FCFA)
|
|
- Isabella Burns
- 5 years ago
- Views:
Transcription
1 Stock Market Review Bloomfield Intelligence Week 19 from May 07th to May 11th 2018 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment of the credit risk. Headquartered in Abidjan with offices in Douala and in Kigali. the agency operates essentially in Africa. BRVM 10 m -1.72% BRVM COMPOSITE m -2.47% Accreditation Headquarters Website Follow us Tops UEMOA AN-001/2012 RWANDA ref/cma/july/3047/2015 Price Evol% Vol Plateau. BIAO-CI Tower. 15 th floor. Abidjan - Côte d Ivoire Val (000) PER Y/S Listed Companies 45 Evol Value Average PER* m Average yield / share* k 6.47% Market capitalization (billion FCFA) m Trading volume (shares) Trading volume (bonds) Value traded (shares) Value traded (bonds) * Calculated on the basis of the latest financial information published without considen of companies in liquidation Flops The Stock Market Price NSIA BANQUE CI % N/A 0.0% BANK OF AFRICA NG % % NEI-CEDA CI % N/A N/A AIR LIQUIDE CI % % SOCIETE IVOIRIENNE DE BANQUE CI % % CIE CI % % TOTAL CI % % SICOR CI % % Sector Indices # Companies Value Evol% Evol YTD Volume Value traded (bn FCFA) Avg PER BRVM Industry % % % BRVM Public Services % 3.68% % BRVM - Finances % -4.59% % BRVM - Transport % % % BRVM - Agriculture % 3.52% % BRVM - Distribution % 0.48% % BRVM Other sectors % 94.44% % Avg Y/S Value traded by sector 2% 1% 1% 3% 42% 51% BRVM - Industry BRVM Public services BRVM - Finance BRVM - Transport BRVM - Agriculture BRVM - Distribution BRVM Other sectors Market Trends The BRVM ended this week down, with points for the BRVM 10 index (-1.27%) and points for the BRVM Composite index (-2.47%). The capitalization of the equity market stood at billion FCFA. The equity market transactions amounted to 2.6 billion FCFA at the end of the week, mainly driven by «Finances» (51%) and «Public Services» (42%) sectors. NSIA BANQUE CI stock recorded the largest growth this week with a gain of 11.25%, while NEI CEDA CI stock shown the largest decline with a lost of 20.10%. On the commodities market, crude oil s continued to rise (+ 1.06%), ending above 70 USD per barrel, while coffee and rubber s ended the week down (respectively -3% and -1, 55%).
2 The Chief Economist s Analysis [a focus on ECOBANK CI] Market News The Stock Market The first listing of the Ivorian subsidiary of the ECOBANK group took place on 12 December 2017 with a strong interest from BRVM investors, which could be justified by the good performance achieved by the bank over the period (average annual growth of net banking income and net result of 14.09% and 20.95%, respectively). ECOBANK CI shares gained 48.35% at the end of its first week of listing. Then, it declined to be, on 11 January 2018, at a slightly higher level (+ 7.48%) compared to its initial level. Next, it has moved up again for 3 months, reaching 27,495 FCFA on 30 March 2018, its highest level of the year. At the end of this week, it share stood at 23,050 FCFA (-16.17% compared to the end of March 2018). In the first quarter of 2018, ECOBANK CI recorded an 11% increase in deposits of its customers, which allowed it to increase by 6% its credits to the economy, compared to the same period in The net banking income and the net result rose by 12% and 9% respectively, over the same period. The upward trend in the bank's results is expected to continue for the remainder of 2018, as economic activity in Côte d'ivoire is expected to increase again this year. This dynamic is reinforced by the fact that the bank has managed to build sufficient equity, allowing it to develop its business while facing comfortably the strengthening of regulatory requirements in force since January 1, News BRVM Corporates [SUCRIVOIRE]: At the end of the first quarter of the 2018 financial year, turnover of the Sucrivoire company stood at billion FCFA, against billion FCFA at the same period in 2017, a decrease of 4 %. The net result also fell, in particular by 19% to stand at billion FCFA. The company explains this situation by the decline in the level of commercial activity, due to the presence of fraudulently imported sugar on the market. However, it remains optimistic, counting on the actions taken by the manufacturers to fight against fraud and a better sugar campaign (relative to last year) to make a better margin. [SGBCI]: After having exceeded the billion FCFA outstanding credits at the end of December 2017, Société Générale de Banques en Côte d Ivoire (SGBCI) continues its growth momentum in At the end of March 2018, its net banking income was up by 18%, compared to the same period last year. However, its net result decreased by 27%, negatively impacted by the upward trend in the net cost of risk. However, according to the bank, with a good control of the cost of risk, the annual results should be in line with forecasts. [SOGB]: The financial performance of the Société des caoutchoucs of Grand-Béréby (SOGB) was down during the first quarter of At the end of March 2018, its turnover amounted to 15.1 billion FCFA, down by 27.3% compared to the end of March 2017, following the decrease in the average selling of rubber and crude palm oil, despite growth in volumes sold. In the same vein, net result fell by 79.4% to stand at 1.13 billion FCFA. [AFRICA]: According to a recent study by the French Insurance Company for Foreign Trade (COFACE), adversely affected by the slump in raw material s, most African currencies lost over 20% of their value between 2013 and This depreciation began to ease off in 2017, particularly in Southern Africa (South Africa, Zambia and Mozambique), the WAEMU zone, Nigeria, Libya and Egypt. Despite this, the legacy imbalances that remain from the period are still maintaining pressure on the foreign exchange reserves of some economies such as Angola, Ethiopia and the CEMAC zone. While in 2014 the median level of import cover in African countries was 3.9 months, in 2017 it stood at 3.2 months. Some countries saw their reserves fall below 3 months of coverage: Zambia, Mozambique, Guinea and the members of CEMAC. Countries with larger reserves are also not immune: in particular, for those dependent on unprocessed raw materials, the decline in reserves can be rapid, in a context of relatively low international s and given a particularly strong exposure of Africa to climate change. Added to these vulnerabilities are political risks and the accelerated cycle of monetary tightening in the United States which could, once again, intensify capital outflows from the region and consequently increase pressure on exchange rates. [COTE D IVOIRE]: Created by decree dated in January 2018, the National Economic Policy Council (CNPE) of Côte d'ivoire held its first session, devoted to the reform of the Investment Code, on 11 May This Council's mission is to identify the major national and international economic challenges that the Ivorian State must address and to make proposals while making sure the coherence of economic policies.
3 Industry Sector Public Services Sector Distribution Sector Transport Sector The Stock Market SICABLE CI % % 7.4% 21.5% FILTISAC CI % % 5.4% 22.1% NEI-CEDA CI % N/A N/A N/A N/A NESTLE CI % N/A 2.4% 55.0% CROWN SIEM CI % % 2.7% 9.2% AIR LIQUIDE CI % % 0.9% 2.1% SOLIBRA CI % % 2.2% 4.1% SMB CI % N/A 7.4% N/A SITAB CI % % 5.1% 24.8% TRITURAF CI-Ste en Liquidation % N/A N/A N/A N/A N/A N/A UNILEVER CI % N/A N/A N/A 40.1% UNIWAX CI % % 10.7% 18.1% CIE CI % % 0.3% 7.2% ONATEL BF % % 17.4% 36.6% SODE CI % % 3.1% 105.4% SONATEL SN % % 17.7% 24.3% Finance Sector BICI CI % % 34.1% 23.0% BANK OF AFRICA BN % % 11.5% 17.8% BANK OF AFRICA BF % % 39.7% 34.5% BANK OF AFRICA CI % % 18.9% 27.1% BANK OF AFRICA M % % 23.6% 26.4% BANK OF AFRICA NG % % 27.5% 23.9% BANK OF AFRICA S % % 10.5% 14.6% CORIS BANK INTERNATIONAL BF % % 48.9% 15.7% ECOBANK CÔTE D'IVOIRE % N/A 32.7% N/A ECOBANK TRANS. INCORP. TG % % N/A 5.8% NSIA BANQUE CI % N/A N/A N/A N/A SAFCA CI % N/A N/A N/A N/A SGB CI % % 30.3% 34.6% SOCIETE IVOIRIENNE DE BANQUE CI % % 33.7% 28.7% SERVAIR ABIDJAN CI % % 7.4% 26.1% BERNABE CI % % 5.4% 19.0% CFAO CI % % 6.3% 19.3% TRACTAFRIC MOTORS CI % % 4.7% 26.2% VIVO ENERGY CI % % 1.6% 22.5% TOTAL CI % % 2.7% 26.1% TOTAL SN % N/A 2.94% 0.0% -0.3% BOLLORE AFRICA LOGISTICS CI Ratio marge nette % % 14.6% 4.8% MOVIS CI % N/A 0.00% N/A 89.8%
4 Agricultural Sector Other Sectors The Stock Market PALM CI % % 6.5% 10.7% SUCRIVOIRE % % 5.6% 6.4% SICOR CI % N/A 28.4% 30.5% SOGB CI % % 11.0% 11.0% SAPH CI % N/A 8.5% 19.4% SETAO CI % % 24.8% N/A Currencies* Other Markets * Weekly evolution of the average (order the day before the close of trading) Raw Materials Price Evol USD / XOF % GBP / XOF % EUR / XOF % JPY / XOF % CNY / XOF % ZAR / XOF % NGN / XOF % EGP / XOF % KES / XOF % African Stock Markets Johannesburg Stock Exchange Nairobi Stock Exchange Nigerian Stock Exchange Egyptian Exchange Casablanca Stock Exchange ALL SHARE INDEX k NSE ALL SHARE INDEX m ALL SHARE INDEX m EGX 100 INDEX m MOROCCAN ALL SHARE INDEX m 1.59% % % % % Price Evol Silver (USD/Oz) % Gold (USD/XAU) % Natural gas (USD/MMBtu) % Crude oil (USD/bbl) % 17, ,8 16,6 16,4 16,2 16 S16 S17 S18 S19 Silver (USD/Oz) Gold (USD/XAU) S16 S17 S18 S19 Cococa London (GBP/t) Cacao New York (USD/t) Coffe US (USD/lb) Cococa London (GBP/t) % Cacao New York (USD/t) % Coffe US (USD/lb) % Rubber (JPY/kg) % 71 70, , , , ,5 S16 S17 S18 S19 2,84 2,82 2,8 2,78 2,76 2,74 2,72 2,7 2,68 2, S16 S17 S18 S Palm oil (Riggints/t) % Crude oil (USD/bbl) Natural gas (USD/MMBtu) Palm oil (Riggints/t) Rubber (JPY/kg)
5 Credit Ratings (1/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Air Côte d Ivoire Airline company BBB+ Stable A3 Stable Rating expired Alios Finance Financing by leasing BBB+ Stable A1 Stable 31/08/2018 ANSUT Telecommunications Confidential 31/10/2018 AVENI RE Reinsurance A- Stable A2 Stable Rating expired Bank Of Africa Benin Benin Banking sector A+ Stable A1 Stable 31/05/2018 Bank Of Africa Burkina Faso Burkina Faso Banking sector A Stable A1 Stable 31/05/2018 Bank Of Africa Côte d Ivoire Banking sector A Positive A2 Stable 30/05/2018 Bank Of Africa Mali Mali Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Niger Niger Banking sector A- Stable A2 Stable 31/05/2018 Bank Of Africa Senegal Senegal Banking sector A- Stable A2 Positive 31/05/2018 BERNABE Distribution of hardware products. industrial equipment. metal products and construction materials A+ Stable A1 Stable 31/07/2018 Caisse Régionale de Refinancement Hypothécaire UEMOA Financial institution AA Positive A1+ Stable 30/06/2018 CAMTEL Cameroun Telecommunications Confidential 31/08/2018 CI Energies Monitoring of the energy sector and electrical infrastructure works Ongoing reassessment CIE Cote d'ivoire Electricity AA+ Stable A1+ Stable 31/08/2018 Commune du Plateau Côte d'ivoire Local community BBB- Stable A2 Stable Rating expired Côte d Ivoire Céréales Corn and rice processing / Bond issue Confidential Rating expired CROWN SIEM CI Cote d'ivoire Metal packaging BBB+ Stable A3 Stable 30/06/2018 DEKEL OIL Seed and palm oil products Confidential 31/08/2018 District d'abidjan Local community BBB Stable B Stable 31/10/2018 Ecobank Banking sector AA- Stable A1 Stable 31/03/2019 Emission de la ville de Dakar Senegal Financial instrument A Stable A1 Stable Rating expired FCTC Energie 5% Côte d'ivoire Securitisation Confidential FICOGES Audit Confidential Rating expired Fonds d'entretien Routier (FER) Financing of the maintenance of road infrastructure A- Positive A2 Stable Rating expired GuarantCo United Kingdom Institutional collateral AAA Stable A1 Stable 31/05/2018 IDT Cote d'ivoire Tobacco distribution Confidential Rating expired
6 Credit Ratings (2/3) Company name Country Sector/ Activity Long term Short term Rating Outlook Rating Outlook Rating expin date Koffi & Diabaté Développement Construction BBB+ Stable A3 Stable Rating expired Loyale Assurances SA Cote d'ivoire IARD Insurances BB- Negative C Negative Rating expired Loyale Vie SA Cote d'ivoire LIFE Insurances A- Stable A2 Stable 31/07/2018 NESTLE CI Cote d'ivoire Food industry A- Stable A1- Stable 30/09/2018 NSIA Assurance Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance Cote d'ivoire Insurance Confidential 31/05/2018 NSIA Assurance Gabon Gabon Insurance Confidential 30/06/2018 NSIA Assurance Guinée Bissau Guinea-Bissau Insurance Confidential 30/06/2018 NSIA Assurance Senegal Senegal Insurance Confidential 30/06/2018 NSIA Assurance Togo Togo Insurance Confidential 30/06/2018 NSIA Assurance Vie Benin Benin Insurance Confidential 31/07/2018 NSIA Assurance VIE Côte d'ivoire Insurance Confidential 30/06/2018 NSIA Assurance Vie Senegal Senegal Insurance Confidential 31/07/2018 NSIA Assurance Vie Togo Togo Insurance Confidential 30/06/2018 NSIA Banque Côte d Ivoire Banking sector Confidential 30/04/2018 OMNIUM Mali Manufacturing and distribution of batteries BBB+ Stable A3 Stable 30/06/2018 ONEP Cote d'ivoire Promoting access to safe drinking water Confidential 31/07/2018 PAA Cote d'ivoire Port activities A+ Stable A1- Stable 31/07/2018 PALMCI Cote d'ivoire Seed and palm oil products A- Stable A1- Positive 30/06/2018 PASP Cote d'ivoire Public port opens A Positive A2 Positive 30/06/2018 PETRO IVOIRE Cote d'ivoire Oil Products Distribution A Stable A3 Stable 30/06/2018 Radiant Insurance Company Rwanda Insurance Confidential Rating expired SENELEC Senegal Production. distribution. import and export of electricity AA- Stable A1- Stable 31/10/2018 SHELTER AFRIQUE Kenya Banking BBB+ Stable A3 Negative 30/06/2018 SICOGI Cote d'ivoire Construction and housing management Confidential Rating expired SIMAT Cote d'ivoire Handling and Transit Confidential Rating expired Société Equatoriale des Mines Gabon Mining opens Confidential Rating expired Société Ivoirienne de Banque Côte d Ivoire Banking sector A+ Stable A1 Stable 28/02/2018
7 Credit Ratings(3/3) Company name Country Sector/ Activity Société Ivoirienne de Raffinage (SIR) Long term Short term Rating Outlook Rating Outlook Rating expin date Cote d'ivoire Crude oil refining Confidential Rating expired SODECI Cote d'ivoire Water distribution AA- Stable A1- Stable 31/08/2018 State of Cote d'ivoire - Local currency rating Côte d'ivoire Sovereign debt A- Stable A2 Stable 30/06/2018 Tropical Distribution Distribution Confidential Rating expired Tropical Packaging Metal industry Confidential Rating expired UIREVI Export agriculture Confidential Rating expired Ville de Dakar Senegal Local community BBB+ Stable A3 Positive Rating expired VIP NET Telecommunications Confidential Rating expired
8 Corporate Bonds Bond Market Quantity Previous Coupon Maturity ORAGROUP 6.75% june/ 04 dec SHELTER AFRIQUE 6.6% feb / 28 august SIFCA 6.90% august Regional Entities Bonds Quantity Previous Coupon Maturity BIDC-EBID 6.50% apr/ 28 sep BIDC-EBID 6.510% june BOAD 5.95% march BOAD 5.95% dec CRRH-UEMOA 6.10% feb / 13 august CRRH-UEMOA 6.10% jan / 17 july CRRH-UEMOA 6% apr / 26 oct CRRH-UEMOA 6% june/ 30 dec CRRH-UEMOA 5.85% jan / 04 july CRRH-UEMOA 5.85% jan / 03 july CRRH-UEMOA 5.95% mai Government Bonds Quantity Previous Coupon Maturity ETAT DU BURKINA FASO 6.50% june ETAT DU MALI 6.20% may ETAT DU MALI 6.50% apr ETAT SENEGAL 6.5% may/27 nov ETAT SENEGAL 6.70% dec ETAT SENEGAL 6.50% jan / 29 july ETAT SENEGAL 6.30% may / 25 nov TPBF 6.50% may / 29 nov TPBF 6.50% jan / 31 july TPBJ 6.50% apr TPCI 6.30% june / 03 dec TPCI 6.55% may TPCI 5.85% june / 19 dec TPCI 3% june / 19 dec. TPCI 5.99% may TPCI 5.85% apr/05 oct TPCI 6% apr TPCI 5.90% june TPCI 5.90% nov TPCI 6.25% march / 30 sep. 1TPCI 5.95% A apr TPCI 5.95% B may-18 SUKUK ETAT DE COTE D'IVOIRE 5.75% june/28 dec SUKUK ETAT DE COTE D'IVOIRE 5.75% sept/7 march SUKUK ETAT DU SENEGAL 6.25% july/18 jan SUKUK ETAT DU SENEGAL 6% july/26 jan SUKUK ETAT DU TOGO 6.5% august/ 17 feb
9 Contacts Bloomfield Investment Corpon Bloomfield Investment Corpon 06 BP 1888 Abidjan 06 Tel: (225) / (225) Fax: (225) Djeneba DIALLO Directeur Analyses Economiques et Boursières d.diallo@bloomfield-investment.com
CREDIT RISK MANAGEMENT BEYOND NUMBERS. BRVM 10 m -0.26% TRACTAFRIC MOTORS CI. Value. traded (bn FCFA)
Stock Market Review Bloomfield Intelligence Week 27 from July 02nd to July 06th 2018 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. Bloomfield Intelligence Week 50 from December 11th to December 15th BRVM 10 m -1.54% 203.
Stock Market Review Bloomfield Intelligence Week 50 from December 11th to December 15th 2017 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. Department of Economic and Stock Market Analysis Week09 from February 27th to March 3rd 2017
Stock Market Review Department of Economic and Stock Market Analysis Week09 from February 27th to March 3rd 2017 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. Bloomfield Intelligence Week 51 from December 18th to December 22nd BRVM 10 k 3.21% 209.
Stock Market Review Bloomfield Intelligence Week 51 from December 18th to December 22nd 2017 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. BRVM 10 m -0.45% BOLLORE AFRICA LOGISTICS CI SERVAIR ABIDJAN CI. Value.
Stock Market Review Bloomfield Intelligence Week 09 from February 26 th to March 2 nd 2018 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. BRVM 10 m -0.23% TRACTAFRIC MOTORS CI. Value. traded (bn FCFA)
Stock Market Review Bloomfield Intelligence Week 26 from June 25th to June 29th 2018 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. Bloomfield Intelligence Week 02 from January 08th to January 12th BRVM 10 m -0.55% 210.
Stock Market Review Bloomfield Intelligence Week 02 from January 08th to January 12th 2018 (Source BRVM) Bloomfield Investment Corpon is a pan-african credit rating agency which specializes in the assessment
More informationCREDIT RISK MANAGEMENT BEYOND NUMBERS. Department of Economic and Stock Market Analysis Week 30 from July 25th to July 29th 2016 BRVM 10
CREDIT RISK MANAGEMENT BEYOND NUMBERS Stoc Maret Review Department of Economic and Stoc Maret Analysis Wee 30 from July 25th to July 29th 2016 Bloomfield Investment Corpon is a pan-african credit rating
More informationLINKING MARKETS FOR GROWTH West African Regional Stock Exchange (BRVM) Dialogues With US Frontier Funds
LINKING MARKETS FOR GROWTH West African Regional Stock Exchange (BRVM) Dialogues With US Frontier Funds INTRODUCTION The Bourse Régionale des Valeurs Mobilières de l Afrique de l Ouest (BRVM) is a truly
More informationDAILY MARKET REPORT. N 27 Thursday, February 7, 2019 Website : Change / YTD % TOP LOSSES
BRVM 10 158.66 Daily Change 2.67 % DAILY MARKET REPORT BRVM Composite 168.07 Daily Change 1.77 % Change / YTD 2.79 % N 27 Website : www.brvm.org Change / YTD -2.42 % Equities Level Daily Change Capitalization
More informationMONTHLY BULLETIN OF WAEMU ECONOMIC STATISTICS
MONTHLY BULLETIN OF WAEMU ECONOMIC STATISTICS DECEMBER 2017 MONTHLY BULLETIN OF WAEMU ECONOMIC STATISTICS DECEMBER 2017. (*) : The «Monthly Bulletin of WAEMU Economic Statistics» is published, at latest,
More informationDAILY MARKET REPORT. N 61 Wednesday, March 27, 2019 Website : Change / YTD 2.10 % TOP LOSSES
BRVM 10 172.36 Daily -0.42 % DAILY MARKET REPORT BRVM Composite 175.86 Daily -0.64 % / YTD 11.66 % N 61 Website : www.brvm.org / YTD 2.10 % Equities Level Daily Capitalization (XOF) 4,947,966,593,890-0.64
More informationPANAFRICAN CREDIT RATING AGENCY. Tel: +(225) (225) Fax:+(225)
PANAFRICAN CREDIT RATING AGENCY Public Limited Company with a Board of Directors with a share capital of CFAF 100,000,000 Accredited by the Capital Market authority (CMA) of Rwanda Ref/CMA/July/3047/2015
More informationQuarterly newsletter - No.01/ May 2016
STATISTICAL BULLETIN OF GOVERNMENT SECURITIES Quarterly newsletter - No.1/ May 216 BETTER UNDERSTAND GOVERNMENT SECURITIES MARKET http://www.umoatitres.org Agence UMOA-Titres is a regional agency supporting
More informationGEOGRAPHICAL SITUATION OF THE West Africa Monetary Union (WAMU) ECONOMIC ENVIRONMENT AND INSTITUTIONAL FRAMEWORK
GEOGRAPHICAL SITUATION OF THE West Africa Monetary Union (WAMU) The WAMU is a monetary union that encompasses 8 countries from France s former colonies in West Africa. The current member states are: Benin,
More informationCapital Markets Development. Frankfurt, Germany. 12 th April 2018
Capital Markets Development Frankfurt, Germany. 12 th April 2018 The African Development Bank Transforming Africa since 1964 Our mission is to promote sustainable economic development and social progress
More informationAfrican Markets Weekly Report
AFRICAN MARKETS http://www.african-markets.com/ January 24, 2014 Bourse Regionale des Valeurs Mobilieres Week %Chg Price (XOF) FILTISAC 16.25% 9 300 SICOR 15.41% 3 820 Unilever CI 15.22% 53 000 Air Liquide
More informationIntroduction to MALI. BNP Paribas presence. Working with BNP Paribas. Currency. Summary. Currency. Bank accounts
Introduction to MALI Mali is a poor, predominantly desert country with a high dependency on gold and cotton exports. The agricultural sector accounts for 40% of GDP, and the economy is therefore highly
More informationAfrican Markets Weekly Report
AFRICAN MARKETS http://www.africanmarkets.com/ August 16, 2013 Bourse Regionale des Valeurs Mobilieres Ivory Coast Week %Chg Price (XOF) Uniwax SA 7.50% 27 950 ONATEL 7.27% 59 000 Servair Abidjan 4.61%
More informationECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID)
ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) CONSOLIDATED FINANCIAL STATEMENTS 128 Boulevard du 13 Janvier BP : 2704 Lomé-TOGO Tél : (228) 22 21 68 64 Fax : (228) 22 21 86 84 Site web: www.bidc-ebid.org
More informationBMCE Capital Research
BMCE Capital Research Exchange rates, as of Tuesday, June 21 st, 2016 Currency Exchange rates USD EUR 1 MAD 0.10289 0.09164 1 TND 0.46152 0.41107 1 XOF 0.00171 0.00152 1 EGP 0.11265 0.10033 1 TZS 0.00046
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Monday, February 29 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 35.74-2.27% WTI bbl 33.75 +2.96% METALS Copper lb 2.12 +0.43% Gold
More informationINVESTING INTO FRANCOPHONE WEST AFRICA FRANCOPHONE WEST AFRICA EQUITY AND DEBT MARKETS: NEW DEVELOPMENTS AND TRENDS.
INVESTING INTO FRANCOPHONE WEST AFRICA FRANCOPHONE WEST AFRICA EQUITY AND DEBT MARKETS: NEW DEVELOPMENTS AND TRENDS. AMIT BAKHIRTA, NOV 2013 CONTENTS FRANCOPHONE WEST AFRICA- DYNAMICS THE BRVM (Bourse
More informationAfrican Markets Weekly Report
AFRICAN MARKETS http://www.african-markets.com/ April 04, 2014 Bourse Regionale des Valeurs Mobilieres Week %Chg Price (XOF) ONATEL - Burkina Faso 43.44% 9 180 Bank Of Africa - Niger 17.64% 59 995 Tractafric
More informationBMCE Capital Research
Morocco BMCE Capital Research Floating MASI (pts) 8,860.92 IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf. +0.16 % Exchange rates, as of Friday, December 18 th, 2015 Currency CMDTY Price Day ch. Brent Crude
More informationLengthening Financial Contracts, an Issue in the West Africa Economic and Monetary Union (WAEMU) Region
Number 3 June 2010 Lengthening Financial Contracts, an Issue in the West Africa Economic and Monetary Union (WAEMU) Region Issa Faye and Thouraya Triki Maturity mismatch, stringent bank regulations, and
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Friday, April 22 nd, 2016 Currency Exchange rates USD EUR 1 MAD 0.10308 0.09184 1 TND 0.49316 0.43936 1 XOF 0.00171 0.00152 1 EGP 0.11259 0.10031 1 TZS
More informationBMCE Capital Research
BMCE Capital Research Exchange rates, as of Monday, April 25 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 44.96-1.21% WTI bbl 42.64-2.49% METALS Copper lb 2.26-1.18% Gold oz 1,237.40
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Tuesday, May 17 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 49.37 +1.02% WTI bbl 48.31 +1.24% METALS Copper lb 2.09 +0.02% Gold
More informationAscoma, your insurance solutions in Africa
, your insurance solutions in Africa Overview has been present in Africa as an insurance broker for over six decades. This long history allows us to deliver a tailored service throughout the continent,
More informationEBID IN BRIEF. The ECOWAS Bank
EBID IN BRIEF The ECOWAS Bank 2016 1 BACKGROUND EBID is an international financial institution established by the 15 Member States of the Economic Community of West African States (ECOWAS) comprising Benin,
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Tuesday, February 2 nd, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 32.52-6.23% WTI bbl 29.88-5.5% METALS Copper lb 2.05 +0.12% Gold
More informationBMCE Capital Research
Morocco BMCE Capital Research Floating MASI (pts) 8,864.75 IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf. +0.77 % Annual perf. -7.85% Exchange rates, as of Wednesday, December 16 th, 2015 Currency CMDTY
More informationIn 2012, the Franc Zone countries posted particularly strong economic growth of 5.8% on average compared
OVERVIEW In 01, the Franc Zone countries posted particularly strong economic growth of 5.8% on average compared with an average of.9% for Sub-Saharan Africa. The Franc Zone countries benefited from ongoing
More informationThe ECOWAS Bank EBID IN BRIEF.
The ECOWAS Bank EBID IN BRIEF www.bidc-ebid.org BACKGROUND The ECOWAS Bank for Investment and Development (EBID) is the financial arm of the Economic Community of West African States (ECOWAS) comprising
More informationIn 2011, economic activity remained sustained in most Franc Zone countries, in line with the strong growth (5.2%)
* In 011, economic activity remained sustained in most Franc Zone countries, in line with the strong growth (5.%) seen in Sub-Saharan Africa (SSA). Franc Zone countries benefited in particular from continued
More informationRegional Economic Outlook for sub-saharan Africa. African Department International Monetary Fund November 30, 2017
Regional Economic Outlook for sub-saharan Africa African Department International Monetary Fund November 3, 217 Outline 1. Sharp slowdown after two decades of strong growth 2. A partial and tentative policy
More informationThe African Development Bank Group. Financial Products and Services. BOS Presentation. March 22, 2018
The African Development Bank Group Financial Products and Services BOS Presentation March 22, 2018 OUTLINE OF THE PRESENTATION 1 2 3 The Bank Group Syndications, Co-financing and Client Solutions Department
More informationHow the financial crisis is affecting Sub Saharan Africa. Sophie Chauvin and Marc Lantéri
How the financial crisis is affecting Sub Saharan Africa Sophie Chauvin and Marc Lantéri Introduction I. The crisis has been transmitted to SSA mainly through the impact of the global economic slowdown
More informationPwC Tax Calendar 2016
www.pwc.com/ng PwC Tax Calendar 2016 The PwC experience Our brand The PwC brand is the major unifying force for our network across the world. A clear indication of the value and reputation of the global
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Wednesday, February 24 th, 2016 Currency Exchange rates USD EUR 1 MAD 0.10169 0.09230 1 TND 0.49214 0.44669 1 XOF 0.00168 0.00152 1 EGP 0.12771 0.11592
More informationECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID)
ECOWAS BANK FOR INVESTMENT AND DEVELOPMENT (EBID) CONSOLIDATED FINANCIAL STATEMENTS July 2016 128 Boulevard du 13 Janvier BP : 2704 Lomé-TOGO Tél : (228) 22 21 68 64 Fax : (228) 22 21 86 84 Site web: www.bidc-ebid.org
More informationFacts Behind the Figures
Ecobank Group Facts Behind the Figures Presentation to the Nigeria Stock Exchange 10 June, 2016 1 Forward looking statements This presentation includes forward-looking statements. These statements contain
More informationIUMI 2018 COMPULSORY CARGO INSURANCE LAW IN AFRICA: OPPORTUNITIES FOR LOCAL PARTNERSHIP. Sory Diomande Africa Re 18 September 2018
IUMI 2018 COMPULSORY CARGO INSURANCE LAW IN AFRICA: OPPORTUNITIES FOR LOCAL PARTNERSHIP Sory Diomande Africa Re 18 September 2018 CONTENT 1. OBJECTIVES OF THE PRESENTATION 2. COMPULSORY CARGO INSURANCE
More informationEcobank Capital Renewable Energy and Carbon Credit Origination. November 2012
Renewable Energy and Carbon Credit Origination November Disclaimer This presentation has been prepared by Ecobank Capital for informational purposes only. Although the information contained in this presentation
More informationBMCE Capital Research
AFRICAN MARKETS REVIEW Morocco BMCE Capital Research Exchange rates, as of Tuesday, August 30 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 49.14-2.17% WTI bbl 46.98-1.39% METALS Copper
More information2014 Franc zone report
PRESS RELEASE 2014 Franc zone report Drawn up by the Secretariat of the Monetary Committee of the Franc zone, which is provided by the Banque de France, in close cooperation with the three African central
More informationPUBLIC SECTOR CASE STORY TEMPLATE
#57 COMPLETE Collector: Web Link 1 (Web Link) Started: Friday, January 30, 2015 3:54:52 AM Last Modified: Friday, January 30, 2015 4:40:06 AM Time Spent: 00:45:14 IP Address: 193.239.220.225 PAGE 4: B.1)
More informationBuilding the most valuable pan-african reinsurance brand
Building the most valuable pan-african reinsurance brand Who we are We are the private sector champion of the pan-african reinsurance industry. With a history spanning more than 30 years, we have developed
More informationIn 2013, the economic performances of Franc Zone countries were highly contrasted and, in both areas,
In 2013, the economic performances of Franc Zone countries were highly contrasted and, in both areas, below expectations. In line with the performances recorded by sub-saharan Africa (5.4%), economic growth
More informationLocal Currency Debt Markets in the West African Economic and Monetary Union
WP/07/256 Local Currency Debt Markets in the West African Economic and Monetary Union Amadou N. R. Sy 2007 International Monetary Fund WP/07/256 IMF Working Paper Monetary and Capital Markets Department
More informationLusaka, 7 May Note: The original of the Agreement was established by the Secretary-General of the United Nations on 2 June 1982.
. 2. b) Agreement establishing the African Development Bank done at Khartoum on 4 August 1963, as amended by resolution 05-79 adopted by the Board of Governors on 17 May 1979 Lusaka, 7 May 1982. ENTRY
More informationAfrican Markets Weekly Report
AFRICAN MARKETS http://www.african-markets.com/ September 13, 2013 Bourse Regionale des Valeurs Mobilieres Ivory Coast Week %Chg Price (XOF) Boa-Cote D'Ivoire 11.75% 57 000 Societe des Caoutchoucs de Grand-Bereby
More informationEcobank: Banking for the Bottom Billions. Kigali, March 15, 2012
Ecobank: Banking for the Bottom Billions Kigali, March 15, 2012 «WE DO NOT HAVE AN AFRICAN STRATEGY 2 AFRICA IS OUR STRATEGY» - Arnold Ekpe, Ecobank s Group CEO 3 Contents I Financially Excluded Bottom
More information30% DEPOSIT BONUS FOR OUR TRADERS IN AFRICA PROMOTION. Terms and Conditions
30% DEPOSIT BONUS FOR OUR TRADERS IN AFRICA PROMOTION Terms and Conditions INTRODUCTION FXTM 1 is running the 30% Deposit Bonus for Our Traders in Africa Promotion (hereinafter referred to as the Promotion
More informationBMCE Capital Research
Morocco BMCE Capital Research Floating MASI (pts) 9,050.97 IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf. -0.34 % Annual perf. -5.92% Floating MADEX (pts) 7,381.59 Exchange rates, as of Wednesday, December
More informationInsurance, our business.
Insurance, our business. Present in more than 14 African countries sub-saharan insurance companies and other affiliated companies, SUNU Group is an African group created in 1998 by Mr. Papa Pathé DIONE
More informationPaying Taxes 2019 Global and Regional Findings: AFRICA
World Bank Group: Indira Chand Phone: +1 202 458 0434 E-mail: ichand@worldbank.org PwC: Sharon O Connor Tel:+1 646 471 2326 E-mail: sharon.m.oconnor@pwc.com Fact sheet Paying Taxes 2019 Global and Regional
More informationWeekly Economic Highlights
Vol. 20 No. 22 Weekly Economic Highlights Table of Contents 1. INTEREST RATES... 1 2. CLEARING AND SETTLEMENT ACTIVITY... 2 3. TOBACCO SALES... 4 4. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS..5 5. EXCHANGE
More informationImproving the Investment Climate in Sub-Saharan Africa
REALIZING THE POTENTIAL FOR PROFITABLE INVESTMENT IN AFRICA High-Level Seminar organized by the IMF Institute and the Joint Africa Institute TUNIS,TUNISIA,FEBRUARY28 MARCH1,2006 Improving the Investment
More informationAFRICAN MINING: POLITICAL RISK OUTLOOK FOR 2017
AFRICAN MINING: POLITICAL RISK OUTLOOK FOR 2017 10 th Annual Investing in African Mining Barnaby Fletcher, Analyst, Control Risks 28 November 2016 www.controlrisks.com Control Risks Group Limited Risk
More informationAfrica Business Forum, Energy Industry Session
African Development Bank Energy Financial Solutions, Policy & Regulation Africa Business Forum, Energy Industry Session May 3 rd, 2018 OUTLINE THE ENERGY SECTOR, A STRATEGIC PRIORITY FOR THE AFRICAN DEVELOPMENT
More informationFinancial Communication
Attijariwafa bank As of 30 June 2018 Financial Communication 2018 Agenda Overview of the economic environment IFRS consolidated financial statements as of June 30, 2018 IFRS 9 main impacts Regulatory ratios
More informationFinancial Development, Financial Inclusion, and Growth in Africa
International Monetary Fund African Department Financial Development, Financial Inclusion, and Growth in Africa ECOWAS Regional Conference, Dakar, Senegal, Roger Nord Deputy Director African department
More informationIssuing Bonds in the Domestic Market. June 2017
Issuing Bonds in the Domestic Market June 2017 Overview of ALCB Fund Target Impact: Capital Market Development Increased primary issuance and capacity Issuer Balance Sheet Reduced FX risk and more sustainable
More informationChallenges and opportunities of LDCs Graduation:
Challenges and opportunities of LDCs Graduation: UNDP as a Strategic Partner in the Graduation Process Ayodele Odusola, PhD Chief Economist and Head Strategy and Analysis Team UNDP Regional Bureau for
More informationAFRICAN MARKETS. African Markets Weekly Report. June 14, 2013
AFRICAN MARKETS http://www.african-markets.com/ African Markets Weekly Report June 14, 2013 Bourse Regionale des Valeurs Mobilieres Ivory Coast Week %Chg Price (XOF) Uniwax SA 26.75% 29 900 Societe d'etudes
More informationICAO Meeting ACCRA 28/31 th March 2017 Optimizing the Air Transport Operating Environment (session 6) IATA Raphael Kuuchi Benoit Cossé (AF)
ICAO Meeting ACCRA 28/31 th March 2017 Optimizing the Air Transport Operating Environment (session 6) IATA Raphael Kuuchi Benoit Cossé (AF) 29-30 October 2014 OHADA Revised Uniform Act in May 2014 : a
More informationDivergent Monetary Policy Implication for sub-saharan African Economies. By Sarah O. Alade Deputy Governor, Economic Policy Central Bank of Nigeria
Divergent Monetary Policy Implication for sub-saharan African Economies By Sarah O. Alade Deputy Governor, Economic Policy Central Bank of Nigeria Crisis background The recent financial crisis is one of
More informationOlam International Limited. Investment in Greenfield Sugar Refinery in Nigeria 3 December 2010 Singapore
Olam International Limited Investment in Greenfield Sugar Refinery in Nigeria 3 December 2010 Singapore 1 1 Cautionary note on forward-looking statements This presentation may contain statements regarding
More informationShockwatchBulletin: Monitoring the impact of the euro zone crisis, China/India slow-down, and energy price shocks on lower-income countries
ShockwatchBulletin: Monitoring the impact of the euro zone crisis, China/India slow-down, and energy price shocks on lower-income countries Isabella Massa DSA Conference London, 3 November 2012 Outline
More informationOVERVIEW. Key economic indicators (%) GDP growth (%) Inflation (%) *
OVERVIEW In 2007, in the context of once again robust global economic growth, African franc zone countries as a whole posted a slight increase in their growth rate, which rose from 3.1% in 2006 to 3.5%
More informationGhana. West African Review. Commentary. Market Snapshot. CBL Research
CBL Research West African Review Commentary Analyst: Nana Agyei Opoku Agyemang Repor ng Period: Mar 11 15, 2013 Ghana GSE Composite Index consolidated its recent surge as it grew by 4.83% for the week
More informationECOBANK GROUP REPORTS PROFIT BEFORE TAX OF $205 MILLION ON REVENUE OF $2.1 BILLION FOR THE YEAR ENDED 31 DECEMBER 2015
NEWS RELEASE ECOBANK GROUP REPORTS PROFIT BEFORE TAX OF $205 MILLION ON REVENUE OF $2.1 BILLION FOR THE YEAR ENDED 31 DECEMBER 2015 Lome, 13 April 2016 The Ecobank Group today reported profit before tax
More informationAfrican Financial Markets Initiative
African Financial Markets Initiative African Domestic Bond Fund Feasibility Study Frankfurt, November 2011 This presentation is organised into four sections I. Introduction to the African Financial Markets
More informationAdaptation Committee: Workshop on the means of implementation for enhanced adaptation action. 2-4 March 2015 Wissenschaftszentrum, Bonn
Adaptation Committee: Workshop on the means of implementation for enhanced adaptation action 2-4 March 2015 Wissenschaftszentrum, Bonn The way disaster response in Africa has worked for over 60 years Household
More informationAfrica: An Emerging World Region
World Affairs Topical Series Africa: An Emerging World Region (Table of Contents) July 18, 2018 TABLE OF CONTENTS Evolution of Africa Markets.. Early Phase... Maturation Phase... Stumbles Phase.... Population...
More information21 October 2016 Edition
eklk Y d 21 October 2016 Edition BRVM GSE NSE This Week in West Africa Market Snapshot All three indices, GSE ALSI, NSE CI and and BRVM CI, decreased during the week, by 0.8%, 0.9% and 1.3% respectively.
More informationAppendix 3 Official Debt Restructuring
. Appendix 3 Official Debt Restructuring Restructuring with official creditors THIS APPENDIX REVIEWS OFFICIAL DEBT REstructuring agreements concluded since the publication of Global Development Finance
More informationPart One Introduction
Part One Introduction 1. Background The International Comparison Program (ICP) is a global statistical initiative set up on the recommendation of the United Nations Statistical Commission to enable international
More informationNatural Resources Banking and Insurance Infrastructures. Investment, Trade & Industries
Let us take you to Africa safely, the continent with potential for rapid growth Natural Resources Banking and Insurance Infrastructures Litigation Kinshasa & Arbitration Investment, Trade & Industries
More information03 March 2017 Edition
k Y d 03 March 2017 Edition BRVM GSE NSE This Week in West Africa Market Snapshot While, GSE CI rose 0.6% during the week, BRVM CI and NSE ALSI declined 0.4% and NSE ALSI at 0.9% during the week. While
More informationHousing Investment Landscapes Côte d Ivoire October 2018 Research undertaken by:
Housing Investment Landscapes Côte d Ivoire October 2018 Research undertaken by: 77 Franklin Street Boston, MA 02110 Tel: +1 (617) 502-5980 Fax: +1 (617) 338-9422 www.affordablehousinginstitute.org Table
More informationAnnual Report 2015 ANNUAL REPORT 2015
ANNUAL REPORT 2015 May 2016 MESSAGE FROM THE PRESIDENT I am pleased to submit the Annual Report of the ECOWAS Bank for Investment and Development (EBID) for 2015. The Bank continued to deliver on its mandate
More informationGPEI Financing
GPEI Financing 2013-18 funding, gap & flexibility 2013 budget vs. spend (WHO) cashflow 2014 what is/isn't included in FRRs? status of pledges 1 GPEI Funding Gap Funding Gap USD millions 2013-2018 Feb 2013
More informationTrustfund Pensions Plc
Trustfund Pensions Plc H1 Performance Report Update on the Economies, Markets and Portfolio Performance... Global Economy...Nigeria...Trustfund Pensions Plc Investment Department June 2016 Global Economy
More informationMFW4A: The impact of the global financial crisis on funding needs and borrowing strategies in Africa
MFW4A: The impact of the global financial crisis on funding needs and borrowing strategies in Africa Stefan Nalletamby, Coordinator This presentation covers four sections 1. Impact of the financial crisis
More informationRedefining the Landscape of Payment Systems:
Redefining the Landscape of Payment Systems: Challenges and Opportunities for the African Payments Landscape World Bank Global Payment Systems Conference 2009 Cape Town, South Africa, 7 April 2009 1 PRESENTATION
More informationThe 2016 results. of the CIAN survey
The results of the CIAN survey Every year since 1979, CIAN has questioned the heads of foreign companies established in about the prospects for their business: are they expecting profit growth? Are they
More informationFY 2012 & Q Results. May 16, 2013
United Bank for Africa Plc FY 2012 & Q1 2013 Results Investors/Analysts Presentation May 16, 2013 Forward Looking Statements From time to time, the Bank makes written and/or oral forward-looking statements,
More informationWeekly Economic Highlights
Vol. 20 No. 24 Weekly Economic Highlights Table of Contents 1. INTEREST RATES... 1 2. CLEARING AND SETTLEMENT ACTIVITY... 2 3. TOBACCO SALES... 4 4. INTERNATIONAL COMMODITY PRICE DEVELOPMENTS..5 5. EXCHANGE
More informationGhana. West African Review. Commentary. Market Snapshot. CBL Research
CBL Research West African Review Commentary Analyst: Nana Agyei Opoku Agyemang Repor ng Period: June 17 21, 2013 Ghana GSE Composite Index dropped marginally by 0.85% to end the week at 1,892.52 points.
More informationBMCE Capital Research
Morocco BMCE Capital Research Exchange rates, as of Thursday, May 19 th, 2016 Currency CMDTY Price Day ch. Brent Crude Oil bbl ENERGY 47.82-3.2% WTI bbl 48.16-0.06% METALS Copper lb 2.06-0.94% Gold oz
More informationBMCE Capital Research
AFRICAN MARKETS REVIEW AFRICAN MARKETS REVIEW Tuesday, April 04, 2017 Morocco BMCE Capital Research Floating MASI (pts) 11,316.45 IN CASABLANCA STOCK EXCHANGE Y-O-Y Daily perf. -0.56% Exchange rates, as
More informationCôte d Ivoire. Yamoussoukro
Côte d Ivoire Yamoussoukro key figures Land area, thousands of km 2 322 Population, thousands (2001) 16 349 GDP per capita, $ (2001) 657 Life expectancy (2000-2005) 47.9 Illiteracy rate (2001) 51.6 THE
More informationEcobank Transnational Inc
11 March 2011 Ecobank Transnational Inc Email: research@securitiesafrica.com Tel: +27 11 895 0380 Sector/Country: Commercial Banking / Nigeria Stock Rating: Overweight Equity Market Cap : USD 1,452m Current
More informationNEPAD-OECD AFRICA INVESTMENT INITIATIVE
NEPAD-OECD AFRICA INVESTMENT INITIATIVE 1 Presentation outline 1. CONTEXT 2. GOALS & DESIGN 3. ACTIVITIES & WORK METHODS 4. EXPECTED IMPACT 5. GOVERNANCE 2 1. CONTEXT Investment is a driver of economic
More informationThe Africa Weekly. Equity Research Pan-Africa News & Analysis
The Africa Weekly Equity Research Pan-Africa News & Analysis African Alliance Securities is a leading African institutional-focused securities firm, and is able to transact for clients in 18 markets across
More informationCountry Malaria Interventions Gap Analysis
1 Country Malaria Interventions Gap Analysis For the years 20182020 Prepared based on the analysis of countries Global Fund applications 2 Gap analysis at a glance The financial and commodity gap analysis
More informationFinancial Integration in the West African Economic and Monetary Union
WP/06/214 Financial Integration in the West African Economic and Monetary Union Amadou N. R. Sy 2006 International Monetary Fund WP/06/214 IMF Working Paper Monetary and Financial Systems Department Financial
More information