The new BEAC (Bank of Central African States) rules introduced in June were intended to clean up the money block flooded with petrodollars, which, due to poor control, often end up in offshore bank accounts after a complete bypass of the local economy.submitted by Oinvest1 to u/Oinvest1 [link] [comments]
The rules include that all foreign currency transfers that exceed 1 million CFA francs ($1,680) must be subjected for approval by the bank and that all export proceeds above 5 million CFA ($8,400) will be repatriated within 150 days by local bank account.
According to entrepreneurs, the efforts of the BEAC to combat money laundering and replenishment of thin foreign exchange reserves lead to acute currency shortages and delays in operations through the currency union of six countries.
The central African CFA union includes the former French colonies of Chad, the Republic of Congo, Equatorial Guinea, Gabon, Cameroon, and the Central African Republic. All but the last one are among the largest oil producers in sub-Saharan Africa, whose financial transactions are amongst the most non-transparent in the world.
The bank also ordered to close onshore accounts in foreign currency, some of which may be reopened with its consent, and banned the use of offshore accounts by companies existing in the region without prior permission.
Businesses have complained that they have been waiting for months to take hold of hard currency and cannot import materials or pay suppliers.
Major mining and oil companies have the most significant influence on lobbying for change.
Responding to complaints, the BEAC has extended the deadline for companies to comply by December 1, instead of the original September 1.
Oil companies refused to comment while negotiations were ongoing, as other multinationals did, such as telecommunications companies.
The IMF called on the central bank to increase its reserves in foreign currency, which is estimated at 2.7 months of import coverage at the end of last year, which is extremely low for a region with such an extensive amount of oil. The bank agreed to extend this period to five months by 2022, as IMF papers show, and the new rules are to force banks to keep their foreign currency in BEAC.
The IMF spokeswoman said that the revised rules did not introduce new foreign exchange controls or restrictions on capital flows. They are rather aimed at clarifying certain requirements. She also added that they are expected to help the region adhere to the “rules of anti-money laundering and combating the financing of terrorism.”
The information above cannot be considered as investment advice and past results do not indicate future performance.
Risk Warning: CFDs are high risk products.
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