BANK OF CENTRAL AFRICAN STATES Yaounde, the 11th June 2019
The Governor,
For the attention of the Managers of CEMAC Credit Institutions
CIRCULAR LETTER N° 010/GR/2019
Operating accounts opened in foreign currencies in the names of non-residents in CEMAC banks.
Dear Madam/Mr. General Manager,
Regulation n°02/18/CEMAC/UMAC/CM of 21 December 2018 regulating foreign exchange in CEMAC, which came into force on 1 March 2019, sets, among others, the conditions for opening and operating non-resident foreign exchange accounts.
Within the meaning of the above-mentioned Regulation, is considered as non-resident "any natural or legal person having his usual residence or his predominant economic centre of interest outside CEMAC, including in particular...":
- heads of diplomatic missions, diplomats and assimilated, as well as members of their families;
- foreign patients, including long-term patients and the persons accompanying them;
- civil servants employed in extraterritorial enclaves;
- embassies, consulates, civil and military missions, international and regional organizations;
- International et regional;
- soldiers on mission;
- seasonal workers;
- members of the ship crew, aircraft and oil platforms; companies or enterprises carrying out specific temporary tasks in CEMAC countries unless they are registered in the trade and personal property credit register of a CEMAC State, even on a temporary basis.
B E A C BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
1. GENERAL TERMS AND CONDITIONS FOR THE OPENING AND OPERATION OF NON-RESIDENT ACCOUNTS
The opening of accounts of non-residents in foreign currencies in CEMAC is free, subject to a posteriori information of the Central Bank within 30 days. However, it shall be subject to the provision of supporting documents by the requesting party. The loss of non-resident status shall entail the automatic closure of the account.
Debits and credits to and from non-resident accounts in foreign currency may be made freely, subject to compliance with the regulations in force.
However, the following transactions are strictly prohibited from non-resident accounts in foreign currencies:
- Credit by payments in CFA francs;
- Crediting by debiting an account in local currency;
- Withdrawals of foreign notes and coins to cover local needs (payment of salaries, settlement of supplier invoices, etc.). Only withdrawals of foreign currency for travel needs are authorized in compliance with the regulatory provisions.
In addition, non-resident account balances in foreign currency may under no circumstances show debit balances.
2. SPECIFIC MODALITIES FOR THE OPERATION OF THE FOREIGN CURRENCY ACCOUNTS OF HEADS OF DIPLOMATIC MISSIONS, DIPLOMATS AND ASSIMILATED PERSONS
The first authority of an embassy, a consulate, a civil and military mission, an international or regional organization is considered to be the head of a diplomatic mission.
The staff of an embassy, consulate, civil and military mission, international or regional organization which is subject to the diplomatic regime and enjoys the status, facilities, privileges and immunities enjoyed by diplomatic agents, shall be considered as diplomats.