WEST Africas regional central bank has reopened its operations in Ivory Coast and made arrangements to ensure adequate cash supply to private banks, an official told Reuters on Tuesday.The BCEAO is open. It has made all arrangements to supply the banks with bills, the Ivorian Banking Professionals Associations Vice-President, Souleymane Diarrassouba said.He said the majority of workers at the nations private banks were now back at work, after the banking system was paralysed by a months-long presidential power struggle that eased this month with the arrest of Laurent Gbagbo.Similarly, Bank Atlantiques Ivory Coast unit, the West African nations second-biggest lender, is likely to restart operations in the country in May, said Souleymane Diarrassouba, the director-general of the bank.We would like to reopen with as little delay as possible, he said by phone April 19. Lenders may decide to remain closed until the security situation is resolved, he said.Violence following disputed presidential elections forced most of the banks in the worlds top cocoa-producing country to shut down in February. Standard Chartered Plc (STAN), Citigroup Inc., BNP Paribas, Ecobank Transnational Inc. and Attijariwafa Bank all closed their branches.The reopening plans come after the April 11 capture of Laurent Gbagbo, the president, who ruled for a decade and refused to cede power to Alassane Ouattara, the internationally recognised winner of the Nov. 28 vote.Reviving the banking system is a key element to restarting cocoa exports from Ivory Coast, Cargill Inc. said April 12. Ouattara lifted a ban on the two key ports of San Pedro and Abidjan and they resumed normal operations on April 18.Were putting everything in place to secure the banks, Army Commander, Issiaka Ouattara said by phone April 19. Ouattara has asked us to make security our priority so economic activities can resume, he said.Also said, United Bank for Africa Plc (UBA), a Nigerian lender with operations in several countries in the continent, said it would resume business in Ivory Coast on May 2.During presidential power struggle, major banks remain closed, foreign banks closed their operations and elements in the army that support Gbagbo were ceased to be paid.While in the entire country one bank re-opened in Abidjan Wednesday, March 2 under strict control by Gbagbos government. The foreign assets of Gbagbo and his supporters have been frozen. The Central Bank of West African State handed Ivory Coasts deposits over to the Ouattara administration.West African leaders replaced the head of the regions central bank in a move to further isolate the incumbent president of Ivory Coast, who is refusing to give up power to the internationally recognised winner of Novembers vote.West Africas central bank in December 2010 announced it would sever incumbent president Laurent Gbagbos access to Ivorian funds as part of an effort to drive him from power in favor of the man who most regional leaders say won the presidential election -former Prime Minister, Alassane Ouattara.Gbagbos government continued to have access to state funds, chiefly because Central Bank Governor, Philippe Henri Dacoury-Tabley is a Gbagbo ally. So West African leaders forced Tabley to resign.Soumaila Cisse, the president of the West African Economic and Monetary Union, says heads of state at an emergency meeting in Mali were concerned about the impact that Tabley not applying their decision would have on the stability of the regional economic and monetary union. Cisse says the current vice-governor will take over until there is a permanent replacement for Tabley. A written statement from the meeting says Ouattara has been asked to nominate a candidate for that permanent replacement.Ouattaras Prime Minister, Guillaume Soro was at the meeting in Mali. He says the move is further evidence of Gbagbos isolation. Soro says the conclusion presented by heads of state in Mali is clear. The central bank governor has resigned and Ouattara will propose a new governor.
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