{"id":8722,"date":"2026-01-07T14:01:07","date_gmt":"2026-01-07T14:01:07","guid":{"rendered":"https:\/\/challengeseconomiques.com\/?p=8722"},"modified":"2026-01-07T14:01:40","modified_gmt":"2026-01-07T14:01:40","slug":"liquidite-bancaire-et-dette-publique-dans-luemoa-le-role-central-de-la-bceao","status":"publish","type":"post","link":"https:\/\/challengeseconomiques.com\/?p=8722","title":{"rendered":"LIQUIDITE BANCAIRE ET DETTE PUBLIQUE DANS L\u2019UEMOA : LE ROLE CENTRAL DE LA BCEAO"},"content":{"rendered":"

Par:Pr Amath Ndiaye, \u00e9conomiste<\/strong><\/p>\n

Dans l\u2019UEMOA, la question de la liquidit\u00e9 bancaire est souvent \u00e9voqu\u00e9e sans \u00eatre clairement expliqu\u00e9e. Pourtant, les chiffres arr\u00eat\u00e9s au troisi\u00e8me trimestre 2025 livrent un enseignement central : les banques commerciales de la zone sont structurellement d\u00e9pendantes de la Banque centrale, et cette d\u00e9pendance est \u00e9troitement li\u00e9e au financement des d\u00e9ficits budg\u00e9taires des \u00c9tats.<\/strong><\/p>\n

La liquidit\u00e9 bancaire correspond \u00e0 la capacit\u00e9 des banques \u00e0 faire face \u00e0 leurs obligations imm\u00e9diates : retraits des d\u00e9posants, paiements interbancaires, r\u00e8glements avec l\u2019\u00c9tat et octroi normal de cr\u00e9dits. C\u2019est, en quelque sorte, le carburant quotidien du syst\u00e8me bancaire. Une banque peut \u00eatre financi\u00e8rement solide, mais sans liquidit\u00e9 suffisante, elle ne peut pas fonctionner normalement.<\/p>\n

Dans l\u2019UEMOA, il est essentiel de distinguer la liquidit\u00e9 propre des banques \u2013 leur tr\u00e9sorerie autonome \u2013 de la liquidit\u00e9 fournie par la Banque centrale. Or, au troisi\u00e8me trimestre 2025, la liquidit\u00e9 propre du syst\u00e8me bancaire est massivement n\u00e9gative (\u20133 567,6 milliards FCFA). Ce chiffre est fondamental : il signifie que, sans l\u2019intervention permanente de la Banque centrale, les banques de la zone ne seraient pas en mesure d\u2019assurer leurs engagements courants.<\/p>\n

Face \u00e0 ce d\u00e9ficit structurel, les banques commerciales recourent au refinancement aupr\u00e8s de la BCEAO. Le refinancement d\u00e9signe les pr\u00eats accord\u00e9s par la Banque centrale aux banques afin de leur fournir la liquidit\u00e9 n\u00e9cessaire \u00e0 leur fonctionnement. \u00c0 travers ce m\u00e9canisme, la BCEAO assume pleinement son r\u00f4le de pr\u00eateur en dernier ressort du syst\u00e8me bancaire.<\/p>\n

Concr\u00e8tement, lorsqu\u2019une banque manque de liquidit\u00e9, elle se pr\u00e9sente aux guichets de la Banque centrale avec des actifs en garantie, appel\u00e9s collat\u00e9raux, et re\u00e7oit en contrepartie des ressources de court ou de moyen terme. Dans l\u2019UEMOA, ces collat\u00e9raux sont constitu\u00e9s principalement de titres publics (bons et obligations \u00e9mis par les \u00c9tats), mais aussi, dans certains cas, de cr\u00e9ances priv\u00e9es jug\u00e9es \u00e9ligibles. Les titres publics sont privil\u00e9gi\u00e9s car ils sont consid\u00e9r\u00e9s comme plus s\u00fbrs et plus liquides.<\/p>\n

\u00c0 fin septembre 2025, le refinancement accord\u00e9 par la BCEAO aux banques est positif et tr\u00e8s \u00e9lev\u00e9 (+7 919,9 milliards FCFA). Ce niveau montre clairement que le recours \u00e0 la Banque centrale n\u2019est ni exceptionnel ni conjoncturel : il est structurel. Autrement dit, le syst\u00e8me bancaire de l\u2019UEMOA fonctionne durablement gr\u00e2ce \u00e0 une liquidit\u00e9 centrale fournie par la BCEAO.<\/p>\n

La liquidit\u00e9 bancaire globale, qui correspond \u00e0 la somme de la liquidit\u00e9 propre des banques (n\u00e9gative : \u20133 567,6 milliards FCFA) et du refinancement BCEAO (positif : +7 919,9 milliards FCFA), s\u2019\u00e9tablit \u00e0 4 352,3 milliards FCFA \u00e0 fin septembre 2025. Ce chiffre illustre une r\u00e9alit\u00e9 simple mais essentielle : la liquidit\u00e9 du syst\u00e8me bancaire repose avant tout sur l\u2019action de la Banque centrale comme pr\u00eateur en dernier ressort.<\/p>\n

Cette d\u00e9pendance structurelle est directement li\u00e9e \u00e0 la dette publique des \u00c9tats. Les pays de l\u2019UEMOA enregistrent des d\u00e9ficits budg\u00e9taires importants, qu\u2019ils financent par l\u2019\u00e9mission de bons et obligations sur le march\u00e9 r\u00e9gional. Les principaux acheteurs de ces titres sont les banques commerciales. Mais pour pouvoir les acqu\u00e9rir, les banques doivent disposer de liquidit\u00e9, qu\u2019elles obtiennent pr\u00e9cis\u00e9ment aupr\u00e8s de la BCEAO. La Banque centrale devient ainsi le pilier indirect du financement des d\u00e9ficits publics, m\u00eame si elle ne pr\u00eate pas directement aux \u00c9tats.<\/p>\n

Contrairement \u00e0 certaines id\u00e9es re\u00e7ues, la BCEAO soutient donc d\u00e9j\u00e0 fortement les finances publiques. Toutefois, ce soutien est encadr\u00e9 par des contraintes strictes. La Banque centrale ne peut pas s\u2019engager dans des politiques d\u2019assouplissement quantitatif massif, car elle doit pr\u00e9server deux \u00e9quilibres fondamentaux : une inflation faible et ma\u00eetris\u00e9e et un niveau ad\u00e9quat de r\u00e9serves de change. Ces deux \u00e9l\u00e9ments sont indispensables pour maintenir la cr\u00e9dibilit\u00e9 mon\u00e9taire, rassurer les investisseurs \u00e9trangers et soutenir une croissance \u00e9conomique durable.<\/p>\n

En d\u00e9finitive, le v\u00e9ritable enjeu n\u2019est pas de demander davantage de cr\u00e9ation mon\u00e9taire, mais de r\u00e9duire progressivement la d\u00e9pendance des \u00c9tats et des banques \u00e0 la liquidit\u00e9 centrale, \u00e0 travers une meilleure discipline budg\u00e9taire, une gestion plus efficace de la tr\u00e9sorerie publique et un approfondissement des march\u00e9s financiers r\u00e9gionaux.<\/p>\n

Pr Amath Ndiaye<\/strong><\/p>\n

FASEG- UCAD<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Par:Pr Amath Ndiaye, \u00e9conomiste Dans l\u2019UEMOA, la question de la liquidit\u00e9 bancaire est souvent \u00e9voqu\u00e9e sans \u00eatre clairement expliqu\u00e9e. Pourtant, les chiffres arr\u00eat\u00e9s au troisi\u00e8me…<\/p>\n","protected":false},"author":1,"featured_media":886,"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-8722","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":"\nLIQUIDITE BANCAIRE ET DETTE PUBLIQUE DANS L\u2019UEMOA : LE ROLE CENTRAL DE LA BCEAO - 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=8722\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LIQUIDITE BANCAIRE ET DETTE PUBLIQUE DANS L\u2019UEMOA : LE ROLE CENTRAL DE LA BCEAO - challenges economiques\" \/>\n<meta property=\"og:description\" content=\"Par:Pr Amath Ndiaye, \u00e9conomiste Dans l\u2019UEMOA, la question de la liquidit\u00e9 bancaire est souvent \u00e9voqu\u00e9e sans \u00eatre clairement expliqu\u00e9e. 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