A note from the Central Bank of West African States (BCEAO) indicated that interest rates on the West African Economic and Monetary Union (UEMOA) money market rose during the month of September 2022.

This change in rates compared to their August 2022 levels is a result of the increase in key rates, decided by the Monetary Policy Committee during its regular session on September 14, 2022. The minimum submission rate for liquidity injection tenders increased by 25 basis points to 2.50%. The marginal loan window rate, for its part, rose from 4.25% to 4.50%.

On the interbank market, the BCEAO reports that the weighted average interest rate on maturity per week rose to 2.96% in the period under review, up 17 basis points compared to its level in August 2022. In September 2021, this rate stood at 2.33%. At the BCEAO refinancing counters, applications from Union banks were served at the minimum rate of 2.5% as of September 16, 2022.