banner1
banner2
Banner3
Banner 4
 
News:
Chad
Select another country

Chad has been a member of the BEAC (Banque des Etats de l’Afrique Centrale) since independence. The BEAC, with the backing of the French treasury, served as the central bank of its six member states which form the Economic and Monetary Community of Central Africa: Cameroon, Central African Republic, Chad, Congo, Equatorial Guinea, and Gabon. Consequently, Chad has adhered to the Franc Zone, using as currency the African Financial Community franc (Communauté Financière Africaine). The current governor of Gabon, Ali Bongo, was appointed in October 2009 in response to a bank scandal in which US$28.3 million went missing from the bank's Paris branch. Use of the CFA franc, which was tied to the value of the French franc (FF) at CFA F50 to French F1, gave Chad a stable, convertible currency. This factor spurred trader confidence in the value of the currency and in the ability to convert to hard currency acceptable as payment for imports.

All banking offices closed in 1979 and 1980 when N'Djamena was the scene of heavy fighting. The BEAC reopened in 1981 along with the BIAT, the BTCD, and the Development Bank of Chad (Banque de Développement du Tchad--BDT).

Chad Banks

Chad has licensed the following commercial banks to operate in the country: Ecobank, Banque Arabe Soudano, Commercial Bank of Tchad, Banque de Developpment du Tchad, Banque Internationale pour le Reconstruction et Developpment, Banque Internationale pour l’Afrique au Tchad (BIAT), Banque Tchadienne de Credit et de Depot (BTCD), Banque Sahélo-Saharienne pour l'Investissement et le Commerce, Caisse Centrale de Cooperation Economique and FINADEV Microfinance Bank

Currency

Chad’s official currency is the Central African CFA franc (symbol: franc, Code: XAF), which is the currency of the six independent states of the BEAC. It is issued by BEAC, located in Cameroon, for the members of the CEMAC (Communauté Économique et Monétaire de l'Afrique Centrale, "Economic and Monetary Community of Central Africa"). The franc is nominally subdivided into 100 centimes but no centime denomination has been issued. The circulated banknotes are 10,000, 5,000, 2,000, 1,000 and 500 francs domination. The CFA franc per US$ rate is 534(2010). Chad’s inflation rate is 6% (2009).


Back to top>