# Instruction N° 11/GR/2019
# on the conditions and procedures for carrying out manual foreign exchange activity in the CEMAC
# 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 85 of the said Regulations,
# HEREBY GIVES THE FOLLOWING INSTRUCTIONS
Article 1- the following Instruction defines conditions and procedures for carrying out manual foreign exchange activity in the CEMAC
# TITLE I. - GENERAL PRINCIPLES
Article 2 - Manual exchange consists, whatever the medium used, in the sale or purchase of tickets or travellers' cheques, issued in foreign currencies, against delivery of the CFA Franc.
Article 3 - The manual exchange activity is usually carried out in CEMAC only by a legal entity duly constituted and authorised.
Article 4 - The following are authorised to carry out manual exchange activity in the CEMAC, within the limits of the regulations governing them:
credit institutions; microfinance institutions; postal administrations; Exchange offices.
Article 5 - Credit institutions and exchange offices may approve legal entities or individuals to carry out manual exchange activities on their behalf and under their responsibility, under the conditions and procedures specified by the exchange regulations.
Article 6 - Entities authorised to carry out manual foreign exchange activities shall keep separate accounts for each of the currencies used, highlighting the foreign exchange position reflected in the accounts in CFA francs through the mirror accounts of the exchange position counterparts.
Article 7 - Entities authorised to carry out manual foreign exchange activity shall ma accessible manner to customers, the rates and commissions actually charged for the various currencies.
They shall set up an adequate internal control system adapted to the volume of their activities, their size, their clientele, their geographical location and the risks to which they are exposed.
Article 8 - Entities authorised to carry out manual foreign exchange activities shall ensure compliance with the regulations relating to the fight against money laundering, terrorist financing and proliferation. As such, they declare to the National Financial Investigation Agencyo their countryo establishment any suspicious transaction detected in the course of their activity.
Article 9 - Currency exchange offices and microfinance institutions shall obtain foreign currency from credit institutions on the basis of their justified uses. To this end, when purchasing foreign currency, they shall submit a detailed statement of sales made during the six months preceding the purchase, indicating in particular information making it possible to verifyth identityth buyers the reasons and the amount oeach transactin.
# TITLE II - PRICING OF MANUAL FOREIGN EXCHANGE TRANSACTIONS
Article 10 - 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.