{"id":3572,"date":"2022-06-20T16:28:08","date_gmt":"2022-06-20T16:28:08","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=3572"},"modified":"2022-06-20T16:28:34","modified_gmt":"2022-06-20T16:28:34","slug":"hausse-des-taux-par-la-banque-centrale-europeenne-les-impacts-possibles-pour-les-pays-de-la-zone-cfa","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=3572","title":{"rendered":"Hausse des taux par la Banque centrale europ\u00e9enne: les impacts possibles pour les pays de la zone CFA"},"content":{"rendered":"<p class=\"texte textearticle\"><strong>La d\u00e9cision de la BCE de relever ses taux entra\u00eenera des cons\u00e9quences pour les pays africains utilisant le FCFA. Mais au-del\u00e0 des bons ou des mauvais points, la coop\u00e9ration entre les deux monnaies est d\u00e9sormais influenc\u00e9e par les r\u00e9centes \u00e9volutions \u00e9conomiques dans le monde.<\/strong><\/p>\n<p class=\"texte textearticle\">La Banque centrale europ\u00e9enne (BCE) a d\u00e9cid\u00e9 le jeudi 9 juin, de suspendre ses achats de titres d&#8217;emprunts et de relever ses principaux taux directeurs. M\u00eame s&rsquo;ils n&rsquo;ont pas \u00e9t\u00e9 consult\u00e9s, cette initiative aura des implications sur les pays de l&rsquo;UEMOA et de la CEMAC qui utilisent le franc CFA. Ces deux sous-r\u00e9gions entretiennent une coop\u00e9ration mon\u00e9taire historique avec la zone Euro.<\/p>\n<p class=\"texte textearticle\">Comme premi\u00e8re implication, l&rsquo;objectif recherch\u00e9 par la BCE pourrait profiter \u00e0 plusieurs pays de la zone franc CFA. En augmentant ses taux, la BCE esp\u00e8re en effet faire reculer l&rsquo;inflation qui dans la zone euro a atteint les 6,8%, selon des statistiques r\u00e9centes. Les perspectives sur cet indicateur sont \u00e0 la baisse pour les ann\u00e9es 2022 et 2023.<\/p>\n<p class=\"texte textearticle\">Toutefois, l&rsquo;une des cons\u00e9quences de l&rsquo;inflation en Europe a \u00e9t\u00e9 la perte de la valeur de sa monnaie face au dollar am\u00e9ricain, entra\u00eenant de fait, une d\u00e9pr\u00e9ciation du FCFA face \u00e0 la monnaie am\u00e9ricaine, en raison de la parit\u00e9 fixe \u00e0 l&rsquo;euro. Avec un dollar plus cher et des prix en hausse partout dans le monde, le march\u00e9 europ\u00e9en devient un point d&rsquo;achat comp\u00e9titif. Si l&rsquo;inflation y est contenue, on devrait assister \u00e0 une augmentation des importations de la zone CFA sur la zone euro.<\/p>\n<p class=\"texte textearticle\">La deuxi\u00e8me implication concerne la r\u00e9mun\u00e9ration des r\u00e9serves de change. Avec des taux d&rsquo;int\u00e9r\u00eat presque \u00e0 z\u00e9ro, le compte des op\u00e9rations log\u00e9 dans les livres du Tr\u00e9sor public de France constituait un placement id\u00e9al, car r\u00e9mun\u00e9r\u00e9 \u00e0 0,75%. D&rsquo;ailleurs, on a pu noter que le rapatriement par la BCEAO (UEMOA) de ses avoirs en devises du compte des op\u00e9rations pour les placer sur le march\u00e9<a href=\"https:\/\/www.agenceecofin.com\/investissement\/0504-96371-le-compte-des-operations-aupres-du-tresor-francais-est-clos-o-sont-passees-les-reserves-de-luemoa\"> a r\u00e9duit ses revenus<\/a> et ses b\u00e9n\u00e9fices en 2021.<\/p>\n<p class=\"texte textearticle\">Malgr\u00e9 un taux d&rsquo;int\u00e9r\u00eat garanti, les revenus du principal compte des op\u00e9rations de la BEAC ont aussi recul\u00e9 en 2021, mais pour une raison diff\u00e9rente. Les r\u00e9serves de change de la CEMAC \u00e9taient elles aussi en diminution sur tous les trimestres, selon des <a href=\"https:\/\/www.beac.int\/wp-content\/uploads\/2022\/05\/BEAC-Rapport-sp%C3%A9cial-sur-le-contr%C3%B4le-du-compte-dOp%C3%A9rations-2021.pdf\">informations communiqu\u00e9es<\/a> par cette Banque centrale. Les deux sous-r\u00e9gions pourront profiter d&rsquo;un ralentissement de l&rsquo;inflation en zone euro, cependant, la rentabilit\u00e9 de leurs r\u00e9serves de change prendra une trajectoire diff\u00e9rente.<\/p>\n<p class=\"texte textearticle\">On peut s&rsquo;attendre \u00e0 ce que la BCEAO qui place d\u00e9sormais ses r\u00e9serves de change sur les titres d&#8217;emprunts de pays ayant la meilleure note des agences de notation se retrouve avec plus de revenus d&rsquo;int\u00e9r\u00eats, en raison de la nouvelle tendance \u00e0 la hausse des taux sur les march\u00e9s des capitaux des pays d\u00e9velopp\u00e9s. La BEAC quant \u00e0 elle pourrait aussi conna\u00eetre une l\u00e9g\u00e8re hausse des revenus sur ses r\u00e9serves de change, mais davantage parce qu\u2019elles ont augment\u00e9 en valeur, depuis 2021.<\/p>\n<p class=\"texte textearticle\">Jusque-l\u00e0, les discussions sur la coop\u00e9ration mon\u00e9taire concernant le franc CFA se sont toujours tenues sous le prisme de l&rsquo;id\u00e9ologie, et parfois de la politique et les strat\u00e9gies d&rsquo;influence. Au cours des cinq derni\u00e8res ann\u00e9es et au-del\u00e0 de certaines \u00e9volutions notamment en Afrique de l\u2019Ouest, la pertinence \u00e9conomique s&#8217;empare de ce d\u00e9bat, et les premi\u00e8res r\u00e9ponses n\u00e9cessitent une \u00e9volution dans les argumentaires.<\/p>\n<p><strong>(Agence Ecofin)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>La d\u00e9cision de la BCE de relever ses taux entra\u00eenera des cons\u00e9quences pour les pays africains utilisant le FCFA. Mais au-del\u00e0 des bons ou des&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3573,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23,10],"tags":[],"class_list":["post-3572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-infos-eco","wpcat-23-id","wpcat-10-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Hausse des taux par la Banque centrale europ\u00e9enne: les impacts possibles pour les pays de la zone CFA - challenges economiques<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/challengeseconomiques.com\/?p=3572\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hausse des taux par la Banque centrale europ\u00e9enne: les impacts possibles pour les pays de la zone CFA - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"La d\u00e9cision de la BCE de relever ses taux entra\u00eenera des cons\u00e9quences pour les pays africains utilisant le FCFA. 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