Bank of Central African states says regional GDP to shrink 3.1%

The Bank of Central African States (BEAC) on Wednesday said it expected the region's economy to shrink 3.1% this year due to the coronavirus pandemic and a slump in global oil prices.

The drop is less than the previous forecast of a 5.9% contraction, in part because the pandemic has impacted the region less than expected, the bank said in a statement.

The bank said it will keep its key interest rate on hold at 3.25%. (Reporting By Edward McAllister; editing by Diane Craft)