02358cas a2200289 a 4500 AALejournalIMF023069 230101c9999 xx r poo 0 0eng d 20.00 USD 9798400217869 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. African Dept. West African Economic and Monetary Union : Financial Sector Assessment Program-Technical Note on Analysis of Systemic Liquidity. Washington, D.C. : International Monetary Fund, 2022. 1 online resource (44 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students The limited development of markets in the region represents a key risk factor for financial stability. 1 Since the previous Financial Sector Assessment Program (FSAP) in 2008, the bank deposit base has increased from 18 percent to 30 percent of gross domestic product (GDP) and the buoyancy of the government securities market has benefited from the interruption of public deficit financing by the Central Bank of West African States (BCEAO). Nevertheless, a significant portion of bank funding cannot be considered stable, due to the concentration of deposits held by large corporations. Apart from reserves held with the BCEAO, banks have little in the way of liquid assets, although the secondary market for government securities is beginning to grow for some issuers. Insufficient secondary market liquidity and the prevalence of unsecured intragroup transactions (60 percent of the total) in the interbank market exacerbate the risk and extent of potential losses for banks in the event of liquidity distress. Mode of access: Internet Financial Institutions and Services imf International Agreements and Observance imf International Organizations imf Monetary Policy imf IMF Staff Country Reports; Country Report ; No. 2022/280 Full text available on IMF https://elibrary.imf.org/openurl?genre=journal&issn=1934-7685&volume=2022&issue=280 IMF e-Library