SovereignWealthFunds.comCongo Budget Revenue Stabilization Fund
Congo Budget Revenue Stabilization Fund: what it invests in
Geography Regional
Congo Budget Revenue Stabilization Fund: how big it is, and on what basis
In US dollars: about USD 0.002B. FCFA 655.957 per EUR and EUR 1 = USD 1.145 on 31 Dec 2018
Congo Budget Revenue Stabilization Fund: what it publishes
Published 0 · Partly 2 · Not published 8
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. The Republic of the Congo's budget revenue stabilisation fund is a Treasury deposit line at BEAC, the regional central bank, rather than a separate fund company. BEAC accounts showed FCFA 784.9 billion (about USD 1.7 billion) for Congo at end 2009 and FCFA 1,131 million (about USD 2.0 million) at end 2018. The deposits earn interest on a six-month term. S1 S3 S4 S5
Key points
- A budget stabilisation buffer held as interest-bearing Treasury deposits at BEAC. S3
- Deposits have a six-month maturity. S3
- Congo balance FCFA 784.9 billion at 31 December 2009. S1
- Congo balance FCFA 1,131 million at 31 December 2018, of a zone total of FCFA 3,610 million. S3
- BEAC still reported the mechanism in 2023, with a 0.05 percent deposit rate. S6
- No separate fund entity, law, board or website is published. S3
Interesting facts
Mandate and goals
A buffer that lets the Treasury set aside budget revenue at the central bank and draw on it to steady the budget. It is not run as an investment fund. S3
How it invests
| Industries | . Sector agnostic S3 |
|---|---|
| Asset classes | Cash and money markets S3 |
| Stages | Public markets S3 |
| Geography | Regional. Deposits at the CEMAC regional central bank S3 |
| Direct / through funds / co-invest | Yes / No / No S3 |
| Managed in house | 100 percent S3 |
| Ticket size | Not applicable; deposit account. S3 |
| External managers | None S3 |
| Co-investment programme | None S3 |
Asset mix: Central bank term deposits 100% (as of 2018-12-31) S3
Past investments
The fund has not published a list of investments.
Case studies
Using the stabilisation buffer, 2009 to 2018 S1 S3
- What: The Congo stabilisation line at BEAC went from FCFA 784.9 billion at end 2009 to FCFA 1,131 million at end 2018.
- When: 2009 to 2018
- Size: FCFA 784.9B to FCFA 1.1B
- Why: The deposits exist to support the budget when revenue falls short.
- Outcome: The mechanism remained on BEAC books and was still reported in the 2023 annual report.
Investment process
The national Treasury decides deposits and drawdowns; BEAC holds the funds and reports balances in its accounts. S3
- Treasury places budget revenue on deposit at BEAC. S3
- Deposits run on six-month terms and earn interest. S3
- BEAC reports the balance by country in its accounts. S3
- The Treasury draws on the deposits to support the budget. S3
How to approach: No external investment process or contact route is published. S3
Size and returns
- Headline size: FCFA 1,131M (about USD 2.0M) (Total assets (balance sheet), as of 2018-12-31) S3
- In US dollars: about USD 0.002B. FCFA 655.957 per EUR and EUR 1 = USD 1.145 on 31 Dec 2018
- Congo balance, 31 December 2009: FCFA 784.9B (about USD 1.72B) (Total assets (balance sheet), as of 2009-12-31) S1
- Returns: the fund does not publish a return figure.
- Size over time (XAF billion): 2009-12 784.9, 2018-12 1.131 S1 S3
Leadership
The fund does not publish named leaders.
Governance and transparency
- Legal basis: No fund law published; recorded as a Treasury deposit category in BEAC accounts S3
- Oversight: Government of the Republic of the Congo; BEAC as depositary S3
- Auditor: BEAC accounts are audited (central bank level) S3
- Balances are disclosed only as one country column in BEAC accounts. S3
Transparency score: 1.0 of 10 (band 1 of 5). Our own 10-item rubric; see the methodology page.
History
For family offices
This is a Treasury deposit at the central bank with no investment programme, so there is no route for managers or co-investors. S3
Reports
- BEAC annual accounts 2018: https://www.beac.int/wp-content/uploads/2016/10/BEAC-Comptes-annuels-au-31-d%c3%a9cembre-2018.pdf S3
- BEAC Annual Report 2023: https://www.beac.int/wp-content/uploads/2024/08/RAPPORT-ANNUEL-BEAC-2023-08-08-24_compressed.pdf S6
Common questions
Is this a sovereign wealth fund?
It is a budget stabilisation deposit at BEAC, not a separate fund entity. S3
How big is it?
FCFA 1,131 million (about USD 2.0 million) at end 2018, the latest country figure in BEAC accounts. S3
Was it larger before?
Yes. It stood at FCFA 784.9 billion at end 2009. S1
Does it still exist?
BEAC still reported the stabilisation mechanism in its 2023 annual report. S6
Related profiles
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- Libyan Investment Authority Libya · About USD 51.8B (direct portfolio incl. cash)
- Ethiopian Investment Holdings Ethiopia · About USD 45B, estimate
- Mutapa Investment Fund (Zimbabwe) Zimbabwe · USD 16.5B
All sovereign wealth funds in Africa · All stabilisation funds · All funds in Republic of the Congo
Sources
Disclaimer
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