BANK OF CENTRAL AFRICAN STATES
Yaounde, the 14th July 2019
The Governor,
To the attention
- of the General Managers of CEMAC banks
- Foreign residents or non-residents receiving employment income
CIRCULAR LETTER N°018/GVR 2019
On the transfer of employment income of foreign non-residents and residents outside CEMAC
Pursuant to Regulation No. 02/18/CEMAC/UMAC/CM of 21 December 2018 regulating foreign exchange in CEMAC, the following clarifications are made to article 91 of the above-mentioned Regulation.
Transfers out of CEMAC of part of the employment income of non-residents or foreign residents, notably salaries, fees, perdiem, miscellaneous allowances and social benefits are free on presentation of the justifications presented in Annex 1 of this document.
The transfer of employment income outside CEMAC is made from an account denominated in FCFA (in the name of the non-resident or foreign resident) or in foreign currency (in the name of the foreign non-resident) opened in the books of a CEMAC credit institution. The opening of a foreign currency account is done in compliance with exchange regulations.
All Employment income paid in FCFA may be transferred outside CEMAC provided that the non-resident or foreign resident provides proof of payment of part of his local expenses (rent, hotel and other living expenses). Otherwise, the amount of employment income to be transferred cannot exceed 75% of this income.
The transfer of employment income paid in foreign currency to foreign non-residents is free of charge.
B E A C BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
Delegation of the transfer of employment income
The non-resident or the foreign resident may delegate the transfer outside CEMAC of the employment income to the entity that settled this income, provided that the transfer is made directly to the non-resident or the foreign resident’s account abroad. The entity must, in addition to the supporting documents listed in Annex 1, attach to the transfer request a certificate of delegation of transfer of the employment income signed by the non-resident or the foreign resident.
The delegated entities shall declare to their credit institution semi-annually (no later than January 15 and July 15), a detailed statement of the beneficiaries of the employment income for which they are in charge of the transfer outside CEMAC. This statement includes by beneficiary the salaries, fees and other work income (per diem, various allowances and fringe benefits) to be paid by the delegated entity, the amounts to be transferred out of CEMAC, the bank references (IBAN codes) of the beneficiaries of employment income abroad.
Information to the Central Bank
Credit institutions shall report quarterly to the Central Bank a statement of the employment income transferred out of CEMAC during the month, in statement DFX 3301 attached to this Circular Letter.
ABBAS MAHAMAT TOLLI
BEAC BP. 1917 Yaoundé Cellule Centrale d'Etudes des Transferts et du Suivi de la Réglementation des Changes
Appendice 1 : Documents required for the transfer of employment income