# Instruction N° 02/GR/2019
# On the pricing of transfer operations
# THE GOVENOR,
Mindful of the Statutes of the Bank of Central African States in force;
Mindful of Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 on exchange rate regulation in CEMAC;
Pursuant to Article 31 of the said Regulations,
# HEREBY GIVES THE FOLLOWING INSTRUCTIONS
Article 1 - This Instruction sets the maximum rate of the transfer fee to be charged by approved intermediaries for transfer operations outside CEMAC as well as the procedures for determining the applicable exchange rate.
Article 2 - The rate of the transfer fee to be charged on outgoing transfers may not exceed 1% excluding tax of the amount of the operation, excluding the fee received by the Central Bank.
This rate is capped at 0.50% in the case of transfers of working income covered byArticle 91 of the above-mentioned Regulation.
Article 3 - The minimum amount of the outgoing transfer fee is set at CFAF5,000. It includes all fees and commissions to be charged to the client in respect of the transfer transaction, including the commission received by the Central Bank, with the exception of actual correspondent fees which are charged to the client.
The authorised intermediary shall inform the client of the possible existence of correspondent fees prior to the execution of the transaction. Correspondent fees are passed on to the customer without any surcharge. BEAC BFAC
Article 4 - The maximum rate of levies made by approved intermediaries on incoming transfers may not exceed 0.25% excluding tax of the amount of the transaction.
Article 5 - The exchange rate applicable to manual foreign exchange transactions, to purchase and sale, is fixed to the Euro and other currencies of the Franc Zone. It corresponds to the parity legally established and may not be increased or reduced for any reason whatsoever.
The exchange rate of currencies other than those referred to in the first paragraph of this article may not be reduced or increased by more than 3% of the daily rate fixed and communicated by the Central Bank in accordance with the procedures specified in its circular letter.
Article 6 - Approved intermediaries shall display in a visible, legible and easily accessible manner to customers the conditions applicable to manual foreign exchange transactions in all their points of sale.
Article 7 - Approved intermediaries shall keep a daily register of the buying and selling prices, the reference price communicated by the Central Bank and the commission rates applied to each manual exchange transaction.
Article 8 - In the event of an overrun of the ceilings referred to in Articles 10 and 11 of this Instruction, the excess proceeds generated shall automatically be paid back to the Central Bank, without prejudice to the penalties provided for by the exchange regulations.
Article 9 - Any failure to comply with the provisions of this Instruction exposes the offender to the penalties provided for by the regulations in force.