Equatorial Guinea

Equatorial Guinea gained independence in 1968 after 190 years of Spanish rule. This tiny country, composed of a mainland portion plus five inhabited islands, is one of the smallest on the African continent. President Teodoro OBIANG NGUEMA MBASOGO has ruled the country since 1979 when he seized power in a coup. Although nominally a constitutional democracy since 1991, the 1996, 2002, and 2009 presidential elections - as well as the 1999 and 2004 legislative elections - were widely seen as flawed. The president exerts almost total control over the political system and has discouraged political opposition. Equatorial Guinea has experienced rapid economic growth due to the discovery of large offshore oil reserves, and in the last decade has become Sub-Saharan Africa's third largest oil exporter. Despite the country's economic windfall from oil production resulting in a massive increase in government revenue in recent years, there have been few improvements in the population's living standards.

Economical characteristics

 * Currency: Central African CFA franc (ISO code: XAF)
 * Central bank discount rate: 4.75% (31 December 2008)
 * Commercial banks lending rate: NA% (31 December 2008)
 * Stock of money (M1): $1.11 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $132.1 million (31 December 2008)

Notable events:

 * Banking crisis: 1983-1985

Links

 * Equatorial Guinea on Wikipedia
 * Central bank of Equatorial Guinea
 * BBC country profile
 * Equatorial Guinea: Obiang's future capital, Oyala by Stephen Sackur, December 2012