{"id":4958,"date":"2023-07-13T12:20:14","date_gmt":"2023-07-13T12:20:14","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=4958"},"modified":"2023-07-13T12:20:41","modified_gmt":"2023-07-13T12:20:41","slug":"uemoa-lexposition-des-banques-commerciales-aux-emprunts-des-pays-continue-de-progresser","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=4958","title":{"rendered":"UEMOA : l&rsquo;exposition des banques commerciales aux emprunts des pays continue de progresser"},"content":{"rendered":"<div class=\"itemIntroText\">\n<p class=\"texte textearticle\"><strong>Au sein de l&rsquo;UEMOA, o\u00f9 les \u00e9conomies fournissent peu d&rsquo;informations et surtout de garanties, les banques commerciales doivent continuer de faire des arbitrages sur l&rsquo;allocation de leurs ressources, qui sont d\u00e9sormais plus ch\u00e8res. Le risque \u00e9tatique dans ce cas devient le moins mauvais.<\/strong><\/p>\n<p class=\"texte textearticle\">L&rsquo;\u00e9volution des bilans des banques commerciales de l&rsquo;Union \u00e9conomique et mon\u00e9taire ouest-africaine (UEMOA) est marqu\u00e9e par une croissance continue de la part des titres \u00e9mis par les Etats de la sous-r\u00e9gion pour leurs emprunts, connus sous le nom de \u00ab&nbsp;<em>titres publics<\/em>&nbsp;\u00bb. Selon le rapport de politique mon\u00e9taire, cette part a d\u00e9pass\u00e9 les 27,0% en 2021, contre 20,8% en d\u00e9cembre 2019.<\/p>\n<p class=\"texte textearticle\">Le premier trimestre 2023 a mis en lumi\u00e8re deux facteurs cl\u00e9s. D&rsquo;une part, les \u00e9missions nettes ont affich\u00e9 un d\u00e9ficit de plus de 315 milliards FCFA, indiquant que les Etats ont emprunt\u00e9 moins tout en remboursant davantage leurs dettes pr\u00e9c\u00e9dentes. D&rsquo;autre part, on a assist\u00e9 \u00e0 une augmentation des engagements sur les bons du Tr\u00e9sor, soit des titres d&#8217;emprunts \u00e0 court terme.<\/p>\n<p class=\"texte textearticle\">La Banque centrale des Etats de l&rsquo;Afrique de l&rsquo;Ouest (BCEAO) explique cette baisse du taux de couverture par une forte exposition des banques au risque souverain, r\u00e9duisant ainsi leur attrait pour les effets publics \u00e9mis sur le march\u00e9 financier r\u00e9gional. Mais on peut relever que cette p\u00e9riode aura \u00e9galement \u00e9t\u00e9 marqu\u00e9e par une succession de quatre hausses des taux par la Banque centrale, une augmentation des co\u00fbts de l&rsquo;argent sur le march\u00e9 interbancaire, et des tensions de liquidit\u00e9s dans la sous-r\u00e9gion.<\/p>\n<p class=\"texte textearticle\">Ainsi, les banques, sur la p\u00e9riode, ont accru leurs investissements dans les bons du Tr\u00e9sor \u00e0 court terme, dont la part sur les emprunts publics a atteint 715 milliards FCFA, contre 572,5 milliards FCFA un an plus t\u00f4t, alors que l&rsquo;encours des emprunts sur des termes plus longs a baiss\u00e9.<\/p>\n<p class=\"texte textearticle\">Le d\u00e9but du deuxi\u00e8me trimestre pr\u00e9sente toutefois de nouveaux indicateurs \u00e0 prendre en compte.<\/p>\n<p class=\"texte textearticle\">En mai 2023, les banques ont recommenc\u00e9 \u00e0 accro\u00eetre leurs avances aux Etats, tandis que la croissance des cr\u00e9dits au secteur priv\u00e9 a l\u00e9g\u00e8rement ralenti. Malgr\u00e9 l&rsquo;union \u00e9conomique en place, les banques commerciales, y compris les grands groupes comme Ecobank, op\u00e8rent sur des march\u00e9s fragment\u00e9s, avec des r\u00e9alit\u00e9s \u00e9conomiques qui peuvent varier consid\u00e9rablement.<\/p>\n<p class=\"texte textearticle\">Or dans le m\u00eame temps, la Banque centrale poursuit une politique mon\u00e9taire commune qui s&rsquo;applique uniform\u00e9ment sur l&rsquo;ensemble du territoire. L&rsquo;inflation est projet\u00e9e \u00e0 3,6% d&rsquo;ici la fin 2023, un niveau plus \u00e9lev\u00e9 que le seuil de r\u00e9f\u00e9rence de 1 \u00e0 3%. Cette estimation repose sur une variable difficile \u00e0 mesurer&nbsp;: l&rsquo;am\u00e9lioration de la production agricole dans la sous-r\u00e9gion.<\/p>\n<p class=\"texte textearticle\">Comme dans de nombreuses \u00e9conomies africaines, le secteur bancaire dispose de peu d&rsquo;informations statistiques publiques pour orienter ses strat\u00e9gies. Les donn\u00e9es micro\u00e9conomiques comme la cr\u00e9ation d&#8217;emplois ou l&rsquo;acquisition de nouvelles propri\u00e9t\u00e9s immobili\u00e8res sont insuffisantes. De plus, les banques s&rsquo;appuient principalement sur les informations collect\u00e9es aupr\u00e8s de leur client\u00e8le pour g\u00e9rer les risques et saisir les opportunit\u00e9s offertes par les Etats et le secteur priv\u00e9.<\/p>\n<p><strong>(Agence Ecofin)&nbsp; <\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Au sein de l&rsquo;UEMOA, o\u00f9 les \u00e9conomies fournissent peu d&rsquo;informations et surtout de garanties, les banques commerciales doivent continuer de faire des arbitrages sur l&rsquo;allocation&#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":[23,15],"tags":[],"class_list":["post-4958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-a-la-une","category-analyse","wpcat-23-id","wpcat-15-id"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - 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