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Vol 51 No 20

Published 8th October 2010

The IMF asks the 5 billion euro question

Fund officials in Washington want more reforms at Central Africa's regional bank after uncovering billions of dollars of unauthorised dealings

Central African finance ministers will face more awkward questions about fraud at their central bank, the Banque des états de l'Afrique centrale, at the annual meeting of the International Monetary Fund and World Bank in Washington on 8-11 October. This follows an IMF investigation which found transactions worth 5 billion euros (US$6.97 bn.) that had not been properly authorised and top-level political interference in the Bank's operations. BEAC issues the CFA franc currency in six Central African states and is underwritten by France's central bank.

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