{"id":4720,"date":"2023-05-16T14:46:55","date_gmt":"2023-05-16T14:46:55","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=4720"},"modified":"2023-05-16T14:47:26","modified_gmt":"2023-05-16T14:47:26","slug":"uemoa-baisse-de-1-220-milliards-fcfa-des-reserves-libres-des-banques-a-fin-mars-2023","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=4720","title":{"rendered":"UEMOA : baisse de 1 220 milliards FCFA des r\u00e9serves libres des banques \u00e0 fin mars 2023"},"content":{"rendered":"<div class=\"itemIntroText\">\n<p class=\"texte textearticle\"><strong>Cette diminution des r\u00e9serves libres a touch\u00e9 l&rsquo;ensemble des pays de la sous-r\u00e9gion, bien que la C\u00f4te d&rsquo;Ivoire et le S\u00e9n\u00e9gal maintiennent un exc\u00e9dent de ressources sup\u00e9rieur \u00e0 100% par rapport aux r\u00e9serves obligatoires. En revanche, le Togo, le Burkina Faso et le B\u00e9nin ont connu une forte baisse.<\/strong><\/p>\n<p class=\"texte textearticle\">\u00c0 la fin du mois de mars 2023, les r\u00e9serves libres des banques op\u00e9rant au sein de l&rsquo;Union \u00e9conomique et mon\u00e9taire ouest-africaine (UEMOA) ont enregistr\u00e9 une diminution de 116,4% sur une p\u00e9riode de 12 mois, pour atteindre un niveau de 1&nbsp;049,9 milliards FCFA (1,7 milliard&nbsp;$), contre 2&nbsp;272,1 milliards FCFA un an auparavant, d&rsquo;apr\u00e8s la r\u00e9cente note de conjoncture de la Banque centrale (BCEAO). Elles repr\u00e9sentent d\u00e9sormais 91% des r\u00e9serves obligatoires, contre 221% pr\u00e9c\u00e9demment.<\/p>\n<p class=\"texte textearticle\">Les r\u00e9serves libres correspondent aux fonds exc\u00e9dentaires d\u00e9tenus par les banques au-del\u00e0 des r\u00e9serves obligatoires. Leur constitution rel\u00e8ve de la discr\u00e9tion des banques et n&rsquo;est pas soumise \u00e0 des exigences r\u00e9glementaires sp\u00e9cifiques. Elles sont g\u00e9n\u00e9ralement utilis\u00e9es pour r\u00e9pondre aux besoins quotidiens de liquidit\u00e9s des banques et pour g\u00e9rer les op\u00e9rations interbancaires.<\/p>\n<p class=\"texte textearticle\">La BCEAO n&rsquo;a pas fourni d&rsquo;explications d\u00e9taill\u00e9es concernant cette dynamique. Les premi\u00e8res observations r\u00e9v\u00e8lent que cette diminution des r\u00e9serves libres a touch\u00e9 l&rsquo;ensemble des pays de la sous-r\u00e9gion, bien que la C\u00f4te d&rsquo;Ivoire et le S\u00e9n\u00e9gal maintiennent un exc\u00e9dent de ressources sup\u00e9rieur \u00e0 100% par rapport aux r\u00e9serves obligatoires. En revanche, le Togo, le Burkina Faso et le B\u00e9nin ont connu une forte baisse, passant respectivement de 145,5%, 180,9% et 118,3% \u00e0 -18,2%, 12,8% et 65,8%. L&rsquo;augmentation des d\u00e9p\u00f4ts de plus de 4&nbsp;000 milliards FCFA constitue peut-\u00eatre une piste d&rsquo;analyse. Cependant, m\u00eame avec cette hausse, les r\u00e9serves libres n&rsquo;ont pas \u00e9t\u00e9 absorb\u00e9es \u00e0 un tel niveau.<\/p>\n<p class=\"texte textearticle\">Par ailleurs, cette diminution des r\u00e9serves libres survient alors que le taux de constitution des r\u00e9serves obligatoires est rest\u00e9 inchang\u00e9 par la Banque centrale \u00e0 3%. N\u00e9anmoins, il est \u00e0 noter que les taux moyens sur le march\u00e9 interbancaire, qui \u00e9taient pratiquement stables \u00e0 2%, selon la Banque centrale, entre juin 2020 et juin 2022, ont recommenc\u00e9 \u00e0 augmenter pour atteindre 2,21% \u00e0 la fin de mars 2023. Il est donc possible que plusieurs banques aient puis\u00e9 dans leurs r\u00e9serves disponibles afin de financer leurs interventions \u00e0 court terme.<\/p>\n<p class=\"texte textearticle\">Face aux chocs successifs que conna\u00eet l&rsquo;\u00e9conomie mondiale, la BCEAO a d\u00e9cid\u00e9 de rendre l&rsquo;acc\u00e8s aux liquidit\u00e9s \u00e0 long terme plus difficile en augmentant ses taux directeurs. Parall\u00e8lement, elle poursuit une strat\u00e9gie d&rsquo;injection de liquidit\u00e9s \u00e0 court terme en cr\u00e9ant une concurrence entre les banques pour les obtenir avec des taux flottants. Le march\u00e9 des titres publics a \u00e9galement montr\u00e9 des signes de difficult\u00e9 en mars, avec des gouvernements ayant du mal \u00e0 emprunter. Cette pression sur les r\u00e9serves libres pourrait \u00eatre le signe que le secteur bancaire a atteint un seuil critique.<\/p>\n<p class=\"texte textearticle\">Avec la diminution des prix des principaux produits export\u00e9s par les pays de l&rsquo;union et une hausse progressive des prix de certains produits de premi\u00e8re n\u00e9cessit\u00e9, la pression risque de s&rsquo;accentuer sur les administrations et les autres acteurs \u00e9conomiques, mettant davantage \u00e0 l&rsquo;\u00e9preuve la capacit\u00e9 des banques de l&rsquo;UEMOA \u00e0 r\u00e9pondre aux besoins de financement qui leur sont pr\u00e9sent\u00e9s.<\/p>\n<\/div>\n<div>\n<div class=\"sourcecoast facebook like jfbclike\">\n<div class=\"fb-like fb_iframe_widget\" data-href=\"https:\/\/www.agenceecofin.com\/finance\/1505-108332-uemoa-baisse-de-1-220-milliards-fcfa-des-reserves-libres-des-banques-a-fin-mars-2023\" data-show-faces=\"false\" data-share=\"false\" data-layout=\"button_count\" data-action=\"like\" data-kid-directed-site=\"false\"><strong>(Agence Ecofin)<\/strong><\/div>\n<\/div>\n<div id=\"tweetos\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Cette diminution des r\u00e9serves libres a touch\u00e9 l&rsquo;ensemble des pays de la sous-r\u00e9gion, bien que la C\u00f4te d&rsquo;Ivoire et le S\u00e9n\u00e9gal maintiennent un exc\u00e9dent de&#8230;<\/p>\n","protected":false},"author":1,"featured_media":823,"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-4720","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 - 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