Abbas Tolli Explained
| Abbas Mahamat Tolli |
| Office1: | Bank of Central African States |
| Order1: | 5th Governor of |
| Term Start1: | 6 February 2017 |
| Term End1: | 6 February 2024 |
| Successor1: | Yvon Sana Bangui |
| Predecessor1: | Lucas Abaga Nchama |
| Vicegovernor1: | Dieudonné Evou Mekou
Michel Dzombala |
| Office2: | Minister of Finance and Budget of Chad |
| Term Start2: | 2005 |
| Term End2: | 2008 |
| Successor2: | Ngeyam Djaibe |
| Predecessor2: | Gata Ngoulou |
| Birth Place: | Abéché, Chad |
| Birth Date: | April 1972 |
Abbas Mahamat Tolli is an economist who served as the 5th Governor of the Bank of Central African States from February 2017 to February 2024.
Background and education
Tolli was born in Abéché, Chad, in 1972.[1] He holds a degree in Business Administration from the University of Quebec.
Career
- 2001-03: Director-General of the Customs Department
- 2003-05: Director, Office of the President
- 2005 Secretary of State for Finance
- 2005-08: Minister of Finance and Budget of Chad
- 2008-10: Secretary-General, BEAC
- 2011-12: Minister of Infrastructure
- 2012: Secretary-General, COBAC. Tolli oversaw the introduction of a new IT master plan, as well as introducing new banking regulations, notably new capital requirements[2] and new internal control procedures.[3]
- 2015-16: President, BDEAC: in 2015, the regional bank supervisor, the COBAC, conducted an audit that showed that the Bank's resources were insufficient to meet its loan commitments.[4] [5] An interim action plan was approved by the BDEAC Board of Directors in December 2015. The Action Plan included the modernization of the BDEAC's software and accounting systems; a capital increase; modernizing the governance structure and recruiting new staff; and a focus on loan collections.[6]
- 2017-24: Governor, BEAC: When Tolli assumed office, the BEAC's international reserves were low, member countries were in recession, and there was some discussion of the possible need for a devaluation of the CFA franc.[7] An operational audit in 2017 laid the groundwork for a reform plan, implemented in the succeeding years, covering monetary operations, macroeconomic management, financial sector reform, and internal management.[8] [9] [10] [11]
Controversy
In April 2022, the Central African Republic passed a law adopting the cryptocurrency Bitcoin as legal tender, only the second country in the world to do so. Tolli, in opposing this move as contrary to the regional treaties governing the BEAC. The CAR was eventually compelled to suspend the new law pending the issuance of BEAC regulations governing cryptocurrency in the region.[12] [13]
Notes and References
- Web site: 2016-10-14 . BEAC : Lumière sur Abbas Mahamat Tolli, le prochain gouverneur . 2024-09-19 . La Tribune . fr.
- Web site: March 8, 2016 . REGLEMENT COBAC R-2016/03 RELATIF AUX FONDS PROPRES NETS DES ÉTABLISSEMENTS DE CREDIT . September 13, 2024 . Banque des États de l'Afrique Centrale.
- Web site: March 8, 2016 . REGLEMENT COBAC R-2016-04 RELATIF AU CONTRÔLE INTERNE DANS LES ÉTABLISSEMENTS DE CREDIT ET LES HOLDINGS FINANCIERES . September 13, 2024 . Banque des États de l'Afrique centrale.
- Web site: Mbadi . Omer . March 1, 2016 . Afrique centrale : la BDEAC sommée de se réformer . 2024-09-19 . JeuneAfrique.com . fr-FR.
- Web site: Afrique centrale : la BDEAC sommée de se réformer - Jeune Afrique.com . 2024-09-13 . JeuneAfrique.com . fr-FR.
- Web site: September 19, 2024 . Central African States Development Bank Annual Report 2015 . September 19, 2024 . BDEAC.org . 21.
- Web site: September 19, 2024 . Nsom . Blaise Eugene . Annual Report 2017 . September 19, 2024 . BEAC.int . 13–17.
- Web site: September 19, 2024 . Mounkala . Evrard Ulrich . Annual Report 2020 . September 19, 2024 . BEAC.int . 13–16.
- Web site: 2024-02-13 . L'héritage d'Abbas Mahamat Tolli à la Beac en 12 points . 2024-09-14 . EcoMatin . fr.
- Banque des États de l'Afrique centrale, Bilan de la mandature du Gouverneur de la BEAC, S.E.M. Abbas Mahamat Tolli, Yaoundé, Cameroon, 2024, 17 pp.
- Web site: Ledy . Nephthali Messanh . 2018-06-22 . BEAC: Abbas Mahamat Tolli defends his balance sheet . 2024-09-19 . Kapital Afrik . en-US.
- Web site: April 28, 2022 . Central African Republic adopts bitcoin as an official currency . September 13, 2024 . Reuters.com.
- Web site: 2023-03-20 . Loi sur les cryptomonnaies : la Centrafrique revoit sa copie . 2024-09-14 . RFI . fr.
