FOREIGN EXCHANGE REGULATION: THE BEAC RELEASES THE PRESSURE

Following the numerous actions carried out during the months of May and June 2021 by the Union des Patronats d'Afrique Centrale (UNIPACE) and by the employers' organizations that make it up (CPG, UNICONGO, GICA, GICAM) in the face of the blocking of transfers, the Bank of Central African States (BEAC) will henceforth authorize currency transfers abroad. And this, even for economic agents who have not cleared their previous operations. This measure also concerns transfer requests that, until now, have been rejected for failure to clear.

Indeed, the Governor of the Central Bank has sent a letter to the national directors of the monetary issuing institution in each CEMAC country toavoid a shortage products and foodstuffs on the market. But also the risk of stock-outs of raw materials and inputs, supplies and spare parts for industries, exposing the subregion to a complete halt in economic activities in some countries. of economic activities in certain important sectors, including the agri-food including the agri-food industry.

Thus, the reprieve requested by the employers' organizations was not obtained but importers will not see their operations interrupted. This decision by the BEAC is not seen as a setback, but rather as a change of strategy to avoid shortages.

However, if it now authorizes transfers for undischarged files, BEAC promises to be ption of sanctions against banks and economic operators for failure to against banks and economic operators for failure to clear financed transfer files from 2019 to March 2021.

During this same period, out of the 47,719 expected files, only 17,159 clearance files were received by the monetary issuing institution. This leaves 30,560 files not yet transmittedfor which the actors are liable to sanctions.

According to article 159 of the foreign exchange regulations, the failure of an economic agent to register the import of goods or services is punishable by a fine of 10% of the amount of the transaction. Banks that fail to clear their accounts are required to pay 5% of the amount of the transaction.

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