Benin's government cut its deposits at banks and the regional central bank BCEAO by 164.5bn FCFA (€251mn) between the end of June and the end of August, to 1,389bn FCFA (€2.12bn). Mainly as a result, the banking system's net claims on the state rose to 307.8bn FCFA (€469mn) from 92.3bn FCFA (€141mn), the BCEAO said in its monthly statistical bulletin on November 6.
Analysis: Benin moved against the region, where the banking system's net claims on governments rose just 0.1% over the same two months. Lower deposits explain about three-quarters of the 215.5bn FCFA (€329mn) rise, by our calculation, suggesting the Treasury drew on its cash rather than borrowing more. That fits a first-half deficit of 345.6bn FCFA (€527mn) and no planned regional bond sales in the fourth quarter. The €500mn bank loan backed by the African Development Fund came on September 18, after the period covered. The BCEAO has not set a date for its next bulletin, which should show whether the loan rebuilt the cushion.
Source: Banque Centrale des États de l'Afrique de l'Ouest (BCEAO), BCEAO, Bulletin mensuel des statistiques, septembre 2026, End-June 2026 and End-August 2026; Bénin Web TV, DGB mid-year budget execution report (16 Sept 2026), as reported by Bénin Web TV, H1 2026; Various, UMOA-Titres Q4 2026 issuance calendar, as reported by Le Journal de l'Economie Sénégalaise via AllAfrica, Q4 2026; African Development Bank Group, AfDB press release (via AllAfrica), 18 September 2026