At the end of its meeting on Wednesday 14 September 2022, the Monetary Policy Committee (CPM) of the Central Bank of West African States (BCEAO) decided to report to 25 basis points are the Central Bank's key rates, as of September 16, 2022.

The main policy rate at which the Central Bank lends resources to banks is now 2.25% to 2.50%. This decision, which follows the first rate hike in June, will help to gradually bring the inflation rate back within the Central Bank's target range (1% to 3%) over the medium term.

The direction of economic activity remains favorable. Gross domestic product (GDP) grew, year-on-year, by 5.7% in the second quarter 2022, following a rise of 5.6% in the previous quarter. Overall, economic growth in the Union is expected to reach 5.8% in 2022 and 7.0% in 2023. Bank liquidity in the Union remains comfortable and loans granted by the banking sector to the economy increased by 11.9% at the end of June 2022. As of the same date, the Union's foreign reserves cover 5.1 months of imports of goods and services.