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Abbas Tolli

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Abbas Mahamat Tolli
5th Governor of Bank of Central African States
In office
February 6, 2017 – February 6, 2024
Vice GovernorDieudonné Evou Mekou
Preceded byLucas Abaga Nchama
Succeeded byYvon Sana Bangui
Vice GovernorMichel Dzombala
Personal details
BornApril 1972
Abéché, Chad

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

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Tolli was born in Abéché, Chad, in 1972.[1] He holds a degree in Business Administration from the University of Quebec.[citation needed]

Career

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  • 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
  • 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

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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]

References

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  1. ^ "BEAC : Lumière sur Abbas Mahamat Tolli, le prochain gouverneur". La Tribune (in French). 2016-10-14. Retrieved 2024-09-19.
  2. ^ "REGLEMENT COBAC R-2016/03 RELATIF AUX FONDS PROPRES NETS DES ÉTABLISSEMENTS DE CREDIT" (PDF). Banque des États de l'Afrique Centrale. March 8, 2016. Retrieved September 13, 2024.
  3. ^ "REGLEMENT COBAC R-2016-04 RELATIF AU CONTRÔLE INTERNE DANS LES ÉTABLISSEMENTS DE CREDIT ET LES HOLDINGS FINANCIERES" (PDF). Banque des États de l'Afrique centrale. March 8, 2016. Retrieved September 13, 2024.
  4. ^ Mbadi, Omer (March 1, 2016). "Afrique centrale : la BDEAC sommée de se réformer". JeuneAfrique.com (in French). Retrieved 2024-09-19.
  5. ^ "Afrique centrale : la BDEAC sommée de se réformer - Jeune Afrique.com". JeuneAfrique.com (in French). Retrieved 2024-09-13.
  6. ^ "Central African States Development Bank Annual Report 2015" (PDF). BDEAC.org. September 19, 2024. p. 21. Retrieved September 19, 2024.
  7. ^ Nsom, Blaise Eugene, ed. (September 19, 2024). "Annual Report 2017" (PDF). BEAC.int. pp. 13–17. Retrieved September 19, 2024.
  8. ^ Mounkala, Evrard Ulrich, ed. (September 19, 2024). "Annual Report 2020" (PDF). BEAC.int. pp. 13–16. Retrieved September 19, 2024.
  9. ^ "L'héritage d'Abbas Mahamat Tolli à la Beac en 12 points". EcoMatin (in French). 2024-02-13. Retrieved 2024-09-14.
  10. ^ 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.
  11. ^ Ledy, Nephthali Messanh (2018-06-22). "BEAC: Abbas Mahamat Tolli defends his balance sheet". Kapital Afrik. Retrieved 2024-09-19.
  12. ^ "Central African Republic adopts bitcoin as an official currency". Reuters.com. April 28, 2022. Retrieved September 13, 2024.
  13. ^ "Loi sur les cryptomonnaies : la Centrafrique revoit sa copie". RFI (in French). 2023-03-20. Retrieved 2024-09-14.
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