Every credit institution is required to declare monthly to the Secretary General of the National Economic and Financial Committee of the country in which it is established, within 15 calendar days of the end of the month concerned, information on the individual overall effective rates for all loans granted during the month.
Every microfinance or payment institution is required to declare quarterly to the secretary General of the National Economic and Financial Committee of its country of establishment, within 30 days of the end of the quarter concerned, information on the individual overall effective rates of all loans granted during the quarter.
Declarations of overall effective rates are made electronically, using the formats of the questionnaires appended to the Instruction No. 003/2021 of the Governor of the Bank of Central African States (BEAC).
The Secretary General of the National Economic and Financial Committee informs taxable entities of the electronic address to which declarations are to be sent.
Each taxable entity is required to designate two focal points, responsible for monitoring the preparation and periodic transmission of information on the overall effective rates to the Secretary General of the National Economic and Financial Committee.
The National Economic and Finance Committee centralizes the information on the effective overall rates provided by the reporting institutions and compiles average effective overall rates for the country and for each reporting institution.
For each category of credit, the average overall effective rates are obtained by taking the weighted average of the individual overall effective rates. The weightings are the amounts of each category of credit granted by the reporting institution.
The National Economic and Finance Committee calculates the average overall national effective rates for each quarter.
The Secretary General of the National Economic and Finance committee transmits monthly to the central services of the Bank of Central African States, by post and electronically, for the Governor’s approval, the average overall national rates and rates per reporting institution for each quarter.
No later than 30 calendar days after the quarter concerned, the Secretary General of the National Economic and Finance Committee notifies the reporting institutions and publishes quarterly the average overall effective rates for the country and for each reporting institution for each quarter, in the format illustrated in annex 2 of Instruction No. 003/2021.
On a quarterly basis, the Bank of Central African States compiles and publishes average regional overall effective rate figures for each taxable establishment, based on data supplied by the National Economic and Finance Committee.