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Foreign Exchange and Banking Regulations in CEMAC
The Communauté Economique et Monétaire de l’Afrique Centrale (CEMAC) region has established regulations governing foreign exchange and banking transactions. This summary outlines key points from these regulations.
CHAPTER IV: External Transactions
External transactions, including electronic payment instruments, are subject to the following regulations:
- Reporting requirements: External transactions must be reported to the Central Bank and relevant administrative authorities.
- Electronic payment instruments: Electronic payment instruments are treated as transfers and manual exchange.
- Restrictions on use outside CEMAC: The use of electronic payment instruments outside CEMAC is restricted to current transactions within certain thresholds.
CHAPTER V: Assignment and Retrocession of Foreign Currencies
The assignment and retrocession of foreign currencies in CEMAC Member States are governed by the following rules:
- Transfer or deposit: Foreign currencies held in a CEMAC Member State must be transferred or deposited with a credit institution by the owner.
- Income transfer: Residents must transfer income received in foreign currency abroad or paid by a non-resident to their domiciliary credit institution.
- Credit institution’s reserve: Credit institutions may keep a proportion of received currencies to cover current foreign exchange needs, subject to Central Bank regulations.
TITLE II: Residents’ and Non-Residents’ Accounts
CHAPTER I: Residents’ Accounts in Foreign Currency
The opening and management of residents’ accounts in foreign currency are subject to the following rules:
- Prohibition on opening accounts outside CEMAC: The opening of an account in foreign currency outside CEMAC is prohibited for resident legal entities, except credit institutions.
- Prohibition on opening accounts in CEMAC: Residents may not open a foreign currency account in CEMAC.
- Restrictions on crediting and debiting: Foreign currency accounts opened in CEMAC cannot be credited with payments in CFA Franc or by debiting an account in CFA Franc.
CHAPTER II: Non-Residents’ Accounts
The opening and management of non-residents’ accounts in foreign currency are governed by the following rules:
- Free opening: The opening of non-resident accounts in foreign currency is free, subject to ex post information from the Central Bank.
- Free transactions: Transactions to debit and credit non-resident accounts are free, subject to compliance with regulations.
- Restrictions on crediting and debiting: Non-residents’ accounts may not be credited with payments in CFA Franc or by debiting an account in CFA Franc.