BANK OF CENTRAL AFRICAN STATES Yaounde, the 09th December 2019
The Governor,
For the attention of the Managers of CEMAC Credit Institutions
CIRCULAR LETTER N°025/GR/ 2019
Relating to the documentation to be provided by clients according to the nature of the transactions
Mr. /Madame General Manager.
It has come to my attention that excessive and sometimes unrelated documentation is required from your customers for the settlement of their transactions abroad.
Such a practice contributes on the one hand to lengthening the execution time of your principals’ transactions, and on the other hand to the deterioration of the indicators for assessing the business climate in our area.
To this end, I would like to remind you of the list of supporting documents (attached document) to be obtained from your clients according to the nature of the payment commitments to be honoured outside the CEMAC.
Concerning the specific cases of settlement of imports of goods and services, I would like to point out that clearance documents must be required a posteriori, in accordance with Instruction n°007/GR/2019 specifying the conditions and modalities of declaration, domiciliation and settlement of imports of goods and services.
Moreover, Article 6 of Regulation n°02/18/CEMAC/UMAC/CM of December 21, 2018 on Foreign Exchange Regulation in CEMAC provides for the freedom of transfers, payments and settlements of current transactions abroad, subject to the justification of the origin of funds and the presentation of documents required by foreign exchange regulations.
Consequently, with the exception of current transactions for which foreign exchange regulations require a prior declaration (case of transfer of factor income, Article 88 of the above-mentioned Regulation) to be made to the Central Bank, no prior authorization for the transfer of funds must be requested from the Ministry in charge of currency and credit for the execution of a payment order.
BEAC BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
Please bring this information to the attention of your clients.
Please accept, Mr./Madame General Manager, the assurance of my highest consideration.
ABBAS MAHAMAT TOLLI
N° : SEQ 185/2019
PJ : 01
BEAC BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
| Nature of the transfer | Required documents^{1} |
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