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| Act No. 2008-25 of 28 July 2008 authorizing the President of the Republic to ratify the Treaty of West African Monetary Union (UMOA), adopted in Ouagadougou on 20 January 2007. EXPOSE REASONS Changes in the international and regional environment the event of the euro, the significant changes in the conditions for the exercise of the tasks of the central banks and the provisions of the codes of good practice approved by the Community In recent years, the International Monetary Union (UMOA) and the Central Bank of West African States (BCEAO) are facing challenges. Such a context, reinforced by the deepening of democracy in the member states of the UMOA, implies both a clarification and a better division of responsibilities between the bodies of monetary union than a strengthening of the The independence of the BCEAO bodies, which must, in return, be more accountable for the exercise of its public service remit. In order to enable the Union and the Central Bank to deal with these external and internal developments, a new institutional reform of the UMOA and the BCEAO is required, after the one in 1973. This reform led to the adoption of a new UMOA Treaty to which the Statute and Protocol on the Privileges and Immunities of the BCEAO, as amended and an integral part of the Treaty, are annexed. The main objectives of this Treaty are as follows: -the continuation of the modernisation of the institutional framework of the UMOA and the BCEAO, as well as the currency and credit management system, in accordance with the standards and codes of good practice established by the financial community International; -the adaptation of the institutional architecture of the Union and the Central Bank to the new requirements which attach to the specificity of the missions of the Joint Issuing Institute; -strengthening the stability of the banking and financial system, building on international standards in this area. This reform also aims to make the Joint Programme Institute, the BCEAO, a more modern institution with appropriate means of action and instruments, enabling it to adapt to the development of its environment and to pursue a Credible and effective monetary policy, in a regional context called to become even more democratic, liberal, transparent and open, both economically and politically. The new institutional framework for UMOA and BCEAO is based on the following guiding principles: -the liberal option of monetary policy and the exercise of banking activity; -strengthening the institutional framework of the Central Bank and the UMOA; -the harmonisation of texts with the specific provisions or practices in force in the Union. In addition, the redevelopment of the institutional arrangements of the UMOA and the BCEAO takes into account the specificities of the Member States, marked mainly by their situation in developing countries. It also preserves the Union's achievements, in particular, the cardinal principles of equality and solidarity that have contributed to the success of regional monetary integration. The amended UMOA Treaty will enter into force once all the signatory states have ratified it. This is the economy of this bill. The National Assembly adopted, at its meeting on Monday, 11 February 2008; The Senate adopted, at its sitting on Friday, 18 July 2008; The President of the Republic enacts the following law. Sole Article. -The President of the Republic has been authorised to ratify the Treaty of the West African Monetary Union (Umoa) adopted in Ouagadougou on 20 January 2007. This Law shall be enforced as the law of the State. Done at Dakar, 28 July 2008. Abdoulaye WADE. By the President of the Republic: The Prime Minister, Cheikh Hadjibou SOUMARE. TRAFFICKING IN THE AFRICAN WEST AFRICAN UNION The Government of the Republic of Benin; -aware of the deep solidarity of their states; -convinced that it constitutes one of the essential means of accelerated development at the same time as the harmonization of their national economies; -considering the achievements of forty years of monetary integration of their states; -convinced that it is in the self-interest of their country and of their common interest to remain in the West African Monetary Union and to maintain, in order to ensure its smooth functioning, the Joint Issuing Institute, the Central Bank of West African States; -convinced that a strict definition and observation of the rights and obligations of the partners of the Monetary Union thus designed can operate in the best interests of each of its members; -taking account of the requirements of transparency and good governance as a guarantee of the entrenchment of monetary integration and of Community economic development; PRELIMINARY TITLE. -DEFINITIONS Article 1. - For the purposes of this Treaty: -Proceedings of the Conference: - decisions of the Conference of Heads of State and Government of the UMOA; -Central Bank or BCEAO: the Central Bank of West African States; -BOAD: West African Development Bank; -Banking Commission or CB-UMOA: the UMOA Banking Commission; -Conference or Conference of Heads of State and Government of UMOA; -Council or Council of Ministers: the Council of Ministers of UMOA; Regional Council or CREPMF: the Regional Council of the Public Savings and the Financial Markets of UMOA; -Member State: a Member State of UMOA; -Joint programme: the BCEAO; -Additional Protocol No. 1: Additional Protocol No. 1 on UEMOA's supervisory bodies, an integral part of the UEMOA Treaty; -Treaty of the West African Monetary Union or the UEMOA Treaty: the modified Treaty of the African Economic and Monetary Union, signed in Dakar on 29 January 2003; -Treaty of West African Monetary Union or the Treaty of UMOA: this Treaty; -UEMOA: the African Economic and Monetary Union; -Monetary union or UMOA: the West African Monetary Union. Art. 2. The African Western Monetary Union established between the signatory states of this Treaty shall be characterised by the recognition of the same monetary unit whose emission is entrusted to a common transmitting institute lending its support to the economies of the Member States under the conditions set out below. The Treaty of the West African Monetary Union (UMOA) is complemented by the Treaty of the African Economic and Monetary Union (UEMOA). Article 3. - Member States shall, subject to the exclusion of the UMOA, undertake to respect the provisions of this Treaty, the UEMOA Treaty and the texts adopted for their application, in particular as regards: I. The emission-generating rules, In accordance with the procedure laid down in Article 6 of Additional Protocol No. 1, the Court of Justice of UEMOA is competent to hear of the Member States' failure to fulfil their obligations under the UMOA Treaty. If the Member State which has not fulfilled its commitments does not take the measures contained in the execution of the judgment of the Court of Justice of UEMOA, the Conference of Heads of State and Government will, by unanimity of the Heads of State of Others Member States, the will of this state to withdraw from the UMOA. In this case, the Conference of Heads of State and Government of the UMOA shall, by instrument of the Conference, make adaptations to the provisions of this Treaty. In addition, the Council of Ministers, acting unanimously by its members, may take the necessary measures to safeguard the interests of the UMOA, in particular those relating to the modalities for the transfer of the service of the programme. TITLE II. -THE COMMON SINGLE UNIT Article 4. - The legal monetary unit of the member states of UMOA is the African Financial Community franc (FCFA). The definition of the African Financial Community franc is that in force at the signing of this Treaty. Article 5. - The UMOA bodies are: -the Conference of Heads of State and Government, CHAPTER I. -CONFERENCE OF HEADS OF STATE AND GOVERNMENT Article 6. - The Heads of State and Government of the member states of the UMOA Reunited in Conferences constitute the supreme authority of the Monetary Union. Art. 7. - The Conference of Heads of State and Government: -defines the main thrust of the UMOA policy, -fixes the seat of the joint issuing institution; - decides any question that has been unable to find a solution by unanimous agreement of the Council of Ministers of the UMOA and that it submits to its decision. Art. 8. The decisions of the Conference, as acts of the Conference, shall be taken unanimously. The Conference shall sit for a calendar year in each of the Member States of the UMOA in the alphabetical order of their designation. It shall meet at least once a year and as often as necessary, on the initiative of the Chairman-in-Office or at the request of one or more of the Heads of State and Government of the UMOA. The Conference is chaired by one of the heads of state and government of the UMOA chosen by its peers. This election is being conducted in such a way as to call on each of the Heads of State and Government of the UMOA to chair the Conference in turn. The Chairman-in-Office shall fix the dates and places of the meetings and shall adopt the agenda for the work. In the event of an emergency, the President-in-Office may consult the other Heads of State and Government of the UMOA at home with a written procedure. Article 9. - The Government of the BCEAO, the Chairman of the Banking Committee, the Chairman of the BOAD, the Chairman of the CREPMF and the Chairman of the UEMOA Commission may attend the meetings of the Conference of Heads of State and Government to express The opinion of their institution or body on the agenda items which concern them. CHAPTER II. -THE COUNCIL OF MINISTERS. Article 10. - The management of the Monetary Union is provided by the Council of Ministers of the UMOA. Each member state is represented in the Council by two Ministers and has only one vote, as expressed by its Minister for Finance. Article 11. - The Council shall select one of the Ministers for Finance of the UMOA to preside over its work. This election, made of quality, must call on the Ministers responsible for Finance of the UMOA to chair in turn the Council. The term of office of the President shall be two years. The President of the Council of Ministers shall convene and chair the meetings of the Council. It shall ensure the preparation of the reports and the proposals for decisions submitted to it and the follow-up to them. The Council may invite the BCEAO, the Bank Commission, the BOAD, the CREPMF and the UEMOA Commission to submit reports to it and to take any useful initiative in achieving the objectives of the UMOA. The BCEAO, the BOAD and the UEMOA Commission are able to organise the meetings of the Council of Ministers and its secretariat. Art. 12. -The Governor of the BCEAO, the Chairman of the Banking Committee, the Chairman of the BOAD, the Chairman of the CREPMF and the Chairman of the UEMOA Commission attend the meetings of the Council. They may ask to be heard by the latter. They may be assisted by their collaborators whose assistance they consider necessary. Article 13. - The Council of Ministers of the UMOA may invite the duly accredited representatives of the international institutions or States with which a cooperation agreement has been concluded to participate, with a consultative vote, in its deliberations or deliberations. By the Governments of the Member States of the UMOA, and in accordance with the arrangements laid down in that agreement. The Council may also invite experts or persons-resources to participate, with a consultative vote, in its work or deliberations. Art. 14. - The Council of Ministers shall meet at least twice a year upon convocation by its President, either at the initiative of the President or at the request of the Minister for Finance representing a Member State or the Governor of the BCEAO. In the event of an emergency, the President of the Council of Ministers may consult the other members of the Council at home with a written procedure. Article 15. - For the performance of its tasks and under the conditions laid down in this Treaty, the Council of Ministers may make decisions and formulate opinions and/or recommendations. The Council of Ministers shall unanimously adopt decisions in matters devolved to its competence by the provisions of this Treaty and the Statute of the BCEAO appended to it, as well as in all those of the Governments of the States Members of the UMOA would agree to submit to its review or to submit to its decision. These decisions must respect the international commitments entered into by the member states of UMOA. Art. 16. - The Council of Ministers shall monitor the implementation of the general guidelines and decisions of the Conference of Heads of State and Government. Article 17. - The Council of Ministers is responsible for defining the regulatory environment for the activity of the banking and financial system and the exchange rate policy of UMOA. For this purpose, it shall adopt draft texts, prepared on its own initiative or that of the Central Bank, concerning the matters listed in Article 34 of this Treaty and consent to the derogations deemed necessary for their adaptation to the conditions Specific UMOA member states. The Council of Ministers also defines the guidelines to strengthen monetary and financial integration, in the framework of the multilateral monitoring of the macroeconomic policies and performance of the member states of the UMOA. Article 18. - The Council of Ministers shall define the exchange rate policy of the UMOA, in consultation with the Governor of the BCEAO and subject to the fulfilment of the international commitments entered into by the member states of UMOA. He set up a Foreign Exchange Committee to assist him in that regard. The composition and operating procedures of the Exchange Committee shall be defined by the Council of Ministers. Article 19. - The Council of Ministers shall decide on the modification of the denomination of the currency unit of the UMOA and shall fix that of its divisions. Article 20. - The Council of Ministers shall approve any agreement or agreement, including the obligation or commitment of the Central Bank, to be entered into by the Central Bank with the Governments and the Central Banks or Foreign Issuers or the Institutions International. In particular, it approves the clearing and payment agreements between the Joint Issuing Institute and foreign issuing institutes to facilitate the external regulations of the UMOA member states. Article 21. - The Council of Ministers shall adopt the draft conventions to be concluded with the Governments of the West African States which have requested to accede to the UMOA in accordance with the provisions of Article 35 of this Treaty. It shall also adopt the draft agreements to be concluded by the BCEAO with the Government of a Member State which has notified its decision to withdraw from the UMOA pursuant to the provisions of Article 36 of this Treaty. Article 22. - The Council of Ministers may decide on the renewal by the Central Bank, in accordance with the monetary balance, of specific projects or tasks as well as of the creation by the BCEAO, or its participation in the constitution of all Special fund, organisation or institution, which contributes to the improvement of the environment of monetary policy towards diversification and to the strengthening of the financial system of the UMOA and technical and professional capacities in the Banking and financial sector. CHAPTER III. -THE BANKING COMMITTEE. Article 23. - The Banking Commission is an organ of the UMOA which is responsible for the organisation and control of credit institutions. The Banking Commission is governed by a specific Convention signed by the member states of UMOA. CHAPTER IV. -THE REGIONAL COUNCIL OF THE PUBLIC AND FINANCIAL MARKETS. Article 24. - The Regional Council of the Public Savings and Financial Markets is a body of the UMOA responsible, on the one hand, to organise and control the public call for savings and, on the other hand, to empower and control stakeholders in the financial market Regional. The Regional Council of the Public Savings and Financial Markets is governed by a specific Convention signed by the member states of the UMOA. TITLE IV. -INSTITUTIONS OF THE UMOA Article 25. - The UMOA institutions are: CHAPTER I. -FROM THE CENTRAL BANK OF THE WEST AFRICAN STATES. Article 26. - On the territory of each member state of the UMOA, the exclusive power of monetary issuance is entrusted to the common issuing institute, the Central Bank of West African States. Article 27. - The Central Bank shall be governed by the Statute annexed to this Treaty of which they form an integral part. Article 28. - The Central Bank shall enjoy in the territory of each of the member States of the UMOA the privileges and immunities generally recognized by the international financial institutions, under the conditions laid down in the Protocol on Privileges and The immunities of the BCEAO annexed to this Treaty, of which it is an integral part. Article 29. - The monetary signs issued in each of the member states of the UMOA by the Central Bank are legal tender and can be liberalised in all UMOA member states. The arrangements for the identification of banknotes issued by the Central Bank may be adopted by the Council of Ministers of the UMOA. Article 30. - The Central Bank may establish, for each UMOA member state, a separate situation from the monetary issue and its counterparties. Article 31. - The Central Bank has a situation: -the external availability of the public treasuries, establishments, undertakings and public authorities of the member states of the UMOA, -from the external availability of the credit institutions established in the UMOA corresponding to their activity in the member states of UMOA. -In the event of exhaustion of its external availabilities, the Central Bank may request an assignment to its profit, against the currency of its issue, of the external availability of foreign currency held by all public or private entities of the UMOA member states. In proportion to foreseeable needs, it may limit this call to public bodies and banks only and make it a priority in the Member States, including the situation of the monetary issue, established pursuant to the provisions of Article 30. In this Treaty, a negative position shall appear at the post of external availabilities. Article 32. - The Central Bank shall keep the Council of Ministers of the UMOA and the Ministers responsible for finance of the member states informed of the flow of financial flows and the development of claims and debts between these states and the outside world. CHAPTER II. -THE WEST AFRICAN DEVELOPMENT BANK. S. 33. - The West African Development Bank is a development bank created within the framework of UMOA. The purpose of the FOB is to promote the balanced development of the UMOA member states and to contribute to the achievement of their economic integration. It is governed by a specific Agreement signed by the member states of UMOA. TITLE V. - HARMONISATION OF LEGISLATION. Article 34. - The Governments of the Member States of the UMOA agree to adopt uniform rules, the provisions of which shall be adopted by the Council of Ministers, with a view to enabling the full application of the principles of monetary union defined above. This uniform regulation applies in particular to: -the execution and control of their financial relations with non-UMOA states; -the general rules for the exercise of the banking and financial profession and the activities related thereto, -payment systems; -the suppression of the falsification of monetary signs and the use of falsified signs; -the suppression of money laundering. The Council of Ministers of the UMOA may make any other provisions which it considers relevant with a view to strengthening or ensuring the application of uniform rules on banking and financial legislation. The Council of Ministers of the UMOA may authorise derogations from the agreed provisions, without affecting the principles, which appear to it to be justified by the specific conditions and needs of a UMOA member state. TITLE VI. -MISCELLANEOUS PROVISIONS. Article 35. - Any West African state may apply to be admitted to the West African Monetary Union. To this end, it addresses its request to the Conference of Heads of State and Government, which decides on the BCEAO report. The conditions of accession and the adaptations of this Treaty to this Treaty shall be the subject of an agreement between the Member States of the requesting State, following the assent of the Parliament of the UEMOA. This agreement is subject to ratification by the Member States of the UMOA, in accordance with their respective constitutional requirements. Article 36. - Any Member State may withdraw from the West African Monetary Union. The arrangements for the transfer of the service of the programme shall be fixed by agreement between the Government of the State withdrawing and the BCEAO acting on behalf of and under the conditions laid down by the Council of Ministers of the UMOA. This Convention also sets out the negative positions that may be presented by the account of " External availabilities " The situation of certain other UMOA member states to be taken care of by the State withdrawing from the fact of its joint solidarity with the earlier management of the common currency. Article 37. - This Treaty may be revised by the Conference of Heads of State and Government of the UMOA, on its own initiative or on the proposal of a UMOA member state. Amendments adopted or approved by the Conference of Heads of State and Government shall enter into force after having been ratified by all the Member States in accordance with their respective constitutional requirements. Article 38. - The Statute of the Central Bank and the Protocol on the Privileges and Immunities of the BCEAO annexed to this Treaty may be amended by the Council of Ministers, acting unanimously, in accordance with the procedure laid down in those texts. These amendments are not subject to ratification or approval. Article 39. - Member States shall consult within the Council of Ministers with a view to jointly taking the necessary measures to ensure the security of the assets of the institutions and bodies of the UMOA and of their staff in the event of Serious internal disorder affecting public order, war or serious international tension constituting a particular threat in a Member State. Safeguard measures shall be adopted by the Council of Ministers. Article 40. - The following provisions of the WAEMU Treaty shall be amended in accordance with this Article. 1 °) - Article 18. " The Conference of Heads of State and Government of the Monetary Union provided for in Article 6 of the Treaty of UMOA shall carry out the functions conferred upon it by this Treaty." 2) - Article 21. " The Council of Ministers of the Monetary Union provided for in Article 10 of the Treaty of UMOA shall carry out the functions conferred upon it by this Treaty." 3 °) - Article 23 paragraph 1. Is modified as follows: " By way of derogation from Article 10 (2) of the UMOA Treaty, for the adoption of decisions not primarily on economic and financial policy, the Council shall bring together the competent ministers. The deliberations shall become final only after verification by the Ministers responsible for the Economy, Finance and Plan of their compatibility with the economic, monetary and financial policy of the Union. ' 4) Article 62. " The monetary policy of the Union shall be governed by the provisions of the Treaty of 14 November 1973 constituting the West African Monetary Union (UMOA) and subsequent texts. Without prejudice to its objectives, it shall also support the economic integration of the Union. ' Is modified as follows: " The monetary policy of the Union shall be governed by the provisions of the Treaty of the West African Monetary Union (UMOA) and subsequent texts. Without prejudice to its objectives, it shall also support the economic integration of the Union. ' 5) TITLE VI. -TRANSITIONAL AND FINAL PROVISIONS The " CHAPTER II. -THE REVISION OF THE TRAFFICKING IN UMOA. " CHAPTER II. -THE MERGER OF THE TRALIANS OF UMOA AND UEMOA. 6) Article 112. " In due course, the Conference of Heads of State and Government will adopt a Treaty merging the Treaty of UMOA and this Treaty. Pending this merger, the UMOA Treaty shall be amended in accordance with the provisions of Articles 113 to 115 below." Is modified as follows: " In due course, the Conference of Heads of State and Government shall adopt a Treaty merging the Treaty of UMOA and this Treaty." Article 41. - This Treaty repeals the provisions of Articles 113 to 115 of the UEMOA Treaty. TITLE VII. -FINAL PROVISIONS. Article 42. - The provisions of this Treaty shall be replaced by the provisions of the Treaty establishing the West African Monetary Union concluded on 14 November 1973, of the Agreement on the Accession of the Republic of Mali to the UMOA of 17 February 1984 and of The Agreement on the Accession of the Republic of Guinea-Bissau to the UMOA of 19 January 1997. The rights and obligations of the Central Bank of West African States vis-à-vis third parties are not affected by this substitution. Article 43. - This Treaty shall be ratified by the signatory States in accordance with their respective constitutional requirements. The instruments of ratification shall be deposited with the Government of the Republic of the State of the Office of the BCEAO. Article 44. - This Treaty shall enter into force on the first day of the month following the deposit of the instrument of ratification by the signatory State which will proceed with this formality. However, if the deposit took place less than fifteen (15) days before the beginning of the following month, the entry into force will be deferred to the first day of the second month following the filing date. In witness whereof, they signed at the bottom of this Treaty in Ouagadougou on 20 January 2007. For the Republic of Benin For the Burkina Faso For the Republic of Côte d' Ivoire For the Republic of Guinea-Bissau For the Republic of Mali For the Republic of Niger For the Republic of Senegal For the Togolese Republic STATUTE OF THE CENTRAL BANK OF WEST AFRICAN STATES TITLE I GENERAL PROVISIONS CHAPTER I. -LEGAL STATUS AND OPERATING PRINCIPLES OF THE CENTRAL BANK Section 1 Legal status of the Central Bank Article 1. - The Banque Centrale des Etats de l' Afrique de l' Ouest (BCEAO), hereinafter referred to as the Central Bank, is an international public institution established between the member states of the West African Monetary Union (UMOA). In accordance with the provisions of Article 27 of the Treaty of the West African Monetary Union, hereinafter referred to as " Treaty of UMOA ", it shall be governed by the present Statute annexed to the Treaty of which they form part Art. 2. The Central Bank has legal personality and financial autonomy. It shall enjoy full legal personality and, in particular, the capacity to contract, acquire or dispose of movable and immovable property and to be a party to legal proceedings. To this end, it shall enjoy in each of the member States of the UMOA the most extensive legal capacity accorded to legal persons. Article 3. - The capital of the Central Bank is fully subscribed by the member states of the UMOA. Section 2.Operational principles of the Central Bank Article 4. - In the exercise of powers and in the performance of the tasks conferred upon them by the Treaty of UMOA and by this Statute, the Central Bank, such bodies, any member of such bodies or its staff shall not seek Or receive instructions or instructions from the Community institutions or bodies, the Governments of the member states of UMOA from any other body or from any other person. The Community institutions and bodies and the Governments of the Member States of the UMOA undertake to respect this principle. Article 5. - The members of the organs and staff of the Central Bank shall be bound by professional secrecy. They shall be obliged to comply with this obligation even after their duties have ceased. Article 6. - Members of the staff of the Central Bank shall not take or receive any interest or remuneration whatsoever, whether by work or consulting, in a public or private, industrial, commercial, financial or financial undertaking. Services, unless otherwise provided by the Governor. The provisions of this Article shall not apply to the production of scientific, literary or artistic works. CHAPTER II. -PRIVILEGE AND IMMUNITY OF THE CENTRAL BANK. Art. 7. - The Central Bank shall enjoy, in the territory of each of the member States of the UMOA, the privileges and immunities necessary to enable it to carry out its functions, in accordance with the conditions laid down in the Protocol annexed to the UMOA, of which it does Integral part. TITLE II. -OBJECTIVES, TASKS AND FUNCTIONS OF THE CENTRAL BANK CHAPTER I. -OBJECTIVES AND TASKS OF THE CENTRAL BANK First Section. Central Bank objectives. Art. 8. The main objective of the Central Bank's monetary policy is to ensure price stability. The inflation target is defined by the Monetary Policy Committee. Without prejudice to this objective, the Central Bank shall support the economic policies of the African West Monetary Union (UEMOA) for sound and sustainable growth. Section 2. Central Bank fundamental missions. Article 9. - The Central Bank has the following basic tasks: -to define and implement monetary policy within the UMOA; -ensuring the stability of the banking and financial system of the UMOA; -promote the proper functioning and ensure the supervision and security of payment systems in the UMOA; -to implement the exchange rate policy of UMOA under the conditions laid down by the Council of Ministers; -manage the official foreign exchange reserves of the UMOA member states. Section 3. Central Bank-specific missions. Article 10. - The Central Bank may conduct, in accordance with the monetary balance, specific tasks or projects that contribute to the improvement of the monetary policy environment, diversification and the strengthening of the financial system UMOA and technical and professional capabilities in the banking and financial sector. CHAPTER II. -MONETARY FUNCTIONS AND OPERATIONS OF THE CENTRAL BANK Section 1 General Provisions. Article 11. - The operations of the Central Bank shall be carried out within the framework of these Statutes. Section 2.Emission of monetary signs. Article 12. - Under the provisions of Article 26 of the UMOA Treaty, the Central Bank has the exclusive privilege of issuing monetary signs, banknotes and coins having legal tender and release in the member states of UMOA Article 13. - On the proposal of the Monetary Policy Committee, the Council of Ministers of UMOA decides on the range of banknotes and coins, their withdrawal from circulation and their cancellation. It establishes their face value, fixes the shape of the cuts and determines which signatures are to be coated. It may adopt the terms of their identification by Member State of UMOA. Art. 14. - In the event of the withdrawal of the circulation of one or more categories of banknotes or coins, these notes and coins shall cease to have legal court and discharge within the time limits fixed by the Council of Ministers of the UMOA. The counter-value of the corresponding monetary signs, issued in a Member State of the UMOA, shall be paid to the State in which the issue took place. The identity of the unidentified signs is affected by decision of the Council of Ministers of UMOA. Article 15. - The Central Bank shall ensure the maintenance of the circulation of trust. It can establish each month a situation separate from the monetary issue and its counterparties for each UMOA member state. Section 3. Art. 16. - The Central Bank may carry out, for its own account or the account of third parties, all transactions in gold, means of payment and securities denominated in foreign currencies or defined by a gold weight. It may lend or borrow money in the currency of its issue to foreign banks, foreign or international monetary institutions or bodies. On the occasion of such operations, the Central Bank requests or grants the guarantees which it deems appropriate. Article 17. - The Central Bank may request an assignment to its profit, against the currency of its issue, of the external availability of foreign currency held by all public or private bodies of the member States of the UMOA. In proportion to the foreseeable needs, it may limit this call to public bodies and banks only and priority them in the Member States whose situation on the monetary issue shows a negative position in the position of the External availability. Section 4. Article 18. - In order to achieve its objectives and in the performance of its tasks, the Central Bank may: -intervene in the capital markets of UMOA through open market operations, by buying and selling outright, cash or futures, taking and thinking Or pledge, by lending or borrowing effects or values to eligible stakeholders, -to carry out credit operations with credit institutions and other eligible stakeholders; these operations shall be accompanied by appropriate guarantees. The Central Bank's claims for effects and values issued or guaranteed by the Public Treasures, local authorities or other public bodies of the UMOA Member States may not exceed a percentage of tax revenue In the last fiscal year, as determined by the Monetary Policy Committee. Article 19. - The Monetary Policy Committee defines the general principles of open market and credit operations carried out by the Central Bank. It shall adopt the list of speakers and the list of media eligible for such operations. It sets out the eligibility criteria for the effects and values in the Central Bank portfolio. Section 5. Article 20. - The Central Bank is empowered to impose minimum reserve requirements on the credit institutions of the UMOA. The Monetary Policy Committee shall define the constituent elements and arrangements for the establishment of minimum reserves, as well as the penalties applicable in Section 6. Article 21. - The Central Bank shall ensure the proper functioning and security of payment systems. It shall take the necessary measures to ensure the efficiency, soundness and safety of payment systems through inter-bank netting and other payment systems within the UMOA and with third countries. Article 22. - The Central Bank may apply to the credit institutions and the financial services of the Post Office for the declaration of payment incidents. Section 7. Opening of accounts and related services. Article 23. - The Central Bank may open its books to credit institutions and public bodies. The accounts referred to in the preceding paragraph shall not have a debit balance. Article 24. - The Central Bank may carry out transfers to or on the order of the public treasuries of the member states of UMOA, of the institutions of Article 25. - The Central Bank may take charge of the encashment and recovery of the effects given to it by the holders of the accounts opened in its books. Section 8. Article 26. - The Central Bank is authorized to take equity stakes in the West African Development Bank and other common financing institutions established pursuant to Article 22 of the UMOA Treaty. Article 27. - The BCEAO may take shareholdings in the capital of establishments or bodies whose activity is part of its social object or is of specific or general interest to one or more member states of the UMOA, through dedicated funds or Other mechanisms whose management should not have an impact on the day-to-day operations of the Central Bank. Article 28. - The Central Bank may carry out operations for the purposes of its administrative infrastructure or for the benefit of its staff. As such, it may acquire, sell or exchange real estate, take or transfer interests in real estate companies to satisfy the needs of its business or to provide for the accommodation of its staff. Article 29. - The acquisitions and shareholdings authorised by these Statutes shall be settled on the own funds, capital and reserves of the Central Bank. Section 9. Article 30. - The Central Bank shall ensure in each Member State of the UMOA, the application of the legal and regulatory provisions adopted in accordance with Article 34 of the UMOA Treaty and relating to the financial and banking profession and to the Related activities. Section 10. Article 31. - In the context of its missions, the Central Bank shall be empowered to collect either from the competent national services or directly from credit institutions and other economic agents, statistical information or any documents And information necessary for its information, that of the Council of Ministers and the Member States on the economic, financial and monetary situation of the UMOA. Article 32. - The Central Bank shall be responsible for promoting the harmonisation, as appropriate, of the rules and practices governing the collection, establishment, management and dissemination of statistics in areas falling within its competence. S. 33. - The Central Bank shall ensure the collection of the information and data provided for in Article 32 of the Treaty of UMOA for the purposes set out in the said Treaty. For this purpose, it may require, either directly or through the credit institutions, the Financial Services of the Post Office and any other person or structure concerned, any information on the external transactions of the Public authorities, natural or legal persons, public or private persons having their residence or their headquarters abroad for their transactions relating to their stay or activity in the UMOA. Article 34. - In the context of the application of the provisions of this Section, professional secrecy shall not be binding on the Central Bank. CHAPTER III. -RELATIONS OF THE CENTRAL BANK WITH THE MEMBER STATES OF THE UMOA Article 35. - The Central Bank is based on the places where it is installed, the accounts of the public treasuries of the member states of UMOA. It shall proceed without charge: -the cashing of amounts paid to these accounts; -the recovery of the effects and checks on the spot drawn or endorsed by the order of the public treasuries; -the payment of cheques and transfers issued on the accounts of public treasuries; -transfers made in order or in favour of public treasuries. Article 36. - The Central Bank cannot grant monetary financing to public treasuries, local authorities or other public bodies in the UMOA member states. Art. 37. -TO The request of the Government of a member state of the UMOA, the Central Bank provides free of charge: -the management of the portfolio of effects subscribed to the order of public accountants by the tax, duty and duty liable; -the custody of the cash values belonging to the Public Treasures; -the issuance, placement or management, on behalf of the member States of UMOA, of short-term and medium-and long-term securities underwritten by account holders in the books of the Central Bank for their own account or for Their client base; -the payment of bearer coupons and the reimbursement of the values of the member states of the UMOA which are presented at its counters by account holders in its books; -any placement of funds requested by the Public Treasures. Article 38. - The Central Bank assists in the execution of the external financial operations of the governments of the member states of UMOA. Article 39. - At the request of the Government of a UMOA member state, the Central Bank can manage its external and domestic public debt. It may also, at the request of the Government of a Member State of the UMOA, assist the UMOA in the negotiation of its external borrowings and in the study of the conditions of issuance and repayment of its domestic borrowings. Article 40. - The Central Bank assists the Governments of the member states of the UMOA in their relations with the international financial and monetary institutions and in their negotiations for the conclusion of financial agreements International. It may be responsible for the implementation of these agreements under the conditions laid down in conventions approved by the Council of Ministers of UMOA. In any event, it shall be kept informed of the agreements concluded and of their implementation. Article 41. - In accordance with the conditions laid down by the Council of Ministers, the Central Bank shall pay the shares of the member states of the International Monetary Fund, carry out their transactions and transactions with the International Monetary Fund and shall take into account the rights of Special drawing that is allocated to them. Article 42. - The Central Bank shall propose to the Governments of the Member States of the UMOA any measure to ensure the standardisation of laws and regulations affecting the currency and operation of the UMOA, pursuant to Article 34 of the Treaty of UMOA. Article 43. - The Central Bank shall assist the Governments of the Member States of the UMOA for the application of any regulation relating to the banking and financial system, in particular the regulation of external financial relations and legislation On the fight against money laundering in the Member States of UMOA. Article 44. - The Central Bank shall establish the balance of payments of the Member States of the UMOA, subject to the conditions laid down by the regulation of their external financial relations. Article 45. - The Central Bank provides support to the Governments of the member states of UMOA, in particular in the fields of macroeconomic performance convergence and in the definition of structural policies and programmes. CHAPTER IV. -REGIONAL AND INTERNATIONAL COOPERATION. Art. 46. - The Central Bank cooperates with African central banks in the context of sub-regional and continental monetary integration. Article 47. - The Central Bank also cooperates with other central banks. It may also conclude any agreement, treaty or international convention relating to these matters, after the approval of the Council of Ministers of the UMOA. TITLE III. -ORGANISATION OF THE CENTRAL BANK. CHAPTER I. -ADMINISTRATIVE ORGANIZATION. Article 49. - The Central Bank has a seat, principal and auxiliary agencies, offices, representations and bank notes. It can create any other administrative structure, as needed. Article 50. - The Siége of the Central Bank established in one of the member states of the UMOA by decision of the Conference of Heads of State and Government of UMOA. Article 51. - The Central Bank establishes a main agency in each of the UMOA member states. It can also establish subsidiary agencies, bank notes or offices in the member states of UMOA. It may also establish offices, representations outside the UMOA or with international institutions for the purposes of its operations. |
