UEMOA: Lower interest rate on deposits from banking customers in October

The rate of return on deposits from customers of West African Economic and Monetary Union (UEMOA) banks fell by 0.3 percentage point in October 2020 compared to the previous month, according to the survey on the banking conditions carried out by the Central Bank of West African States (BCEAO).

This rate of remuneration thus stood at 4.9% during the period under review compared to 5.2% in September 2020.

The results of the survey on banking conditions also reveal a stability in lending interest rates during the month of October 2020. Excluding charges and taxes, the average lending rate calculated at the WAEMU level is stood at 6.4%, almost stable compared to the previous month.

On the regional money market, the average amount of bids on the weekly auction window stood at CFAF 3,451.5 billion in October 2020 against CFAF 3,391.5 billion in September 2020, an increase of 1.8% . According to the Issuing Institute, these auctions have been carried out since March 27, 2020 at a fixed rate, namely the minimum interest rate for submission to calls for tenders which has been reduced to 2.0% since June 24, 2020. .

At the level of the WAEMU interbank market, the average weekly volume of transactions, all maturities combined, increased by 31.1% to stand at CFAF 284.3 billion in October 2020. The weighted average rate of these transactions stood at 3.10% against 3.04% in September 2020.

Under the one-week compartment, the average volume of transactions stood at 160 billion FCFA in October 2020 after 113.1 billion FCFA a month earlier. The average interest rate on this window rose to 2.75% in October 2020 from 2.68% the previous month.

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