Bank of Central African States seeks consultant to design refinancing fund and repo reforms for asset managers

The Bank of Central African States (BEAC) has invited expressions of interest from consulting firms to design a proposed refinancing fund and changes to repurchase agreement (repo) rules for asset managers. The assignment aims to address liquidity constraints in the secondary market for government securities in the Central African Economic and Monetary Community (CEMAC) by developing access to refinancing backed by securities holdings. The existing repo framework covers transactions between credit institutions, which are also BEAC's exclusive refinancing counterparties. Under the proposed mechanism, asset managers would obtain refinancing from a dedicated fund supervised by the central bank, using their securities as collateral. The project responds to persistent difficulties in buying and selling securities when needed. Despite rising trading volumes, the market's securities turnover rate fell from 29.56% in 2024 to 27.96% in 2025 as trading grew more slowly than outstanding securities. The consultant will propose revisions to the 2015 repo regulation and interbank master agreement to accommodate asset managers and the fund's operations. These proposals will address eligibility, access conditions and intervention limits, alongside collateral, margin and risk management requirements. A financial feasibility study will determine the fund's proposed size and business model, supported by governance arrangements and a phased implementation plan. The assignment is expected to last no more than five months from notification of the order to begin work, excluding periods for approving deliverables.