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Find all the economic and financial information on our Orishas Direct application to download on Play StoreThe Bank of Central African States (BEAC) has extended the deadline for bringing companies operating in the mining and hydrocarbon sectors into compliance with the provisions of foreign exchange regulations. Changes due to the impact of the Covid-19 health crisis on production tools.
The deadline for compliance with the exchange regulations initially set at 31 December 2020 for mining and oil companies operating in the Central African Economic and Monetary Community (CEMAC) has been extended to 31 December 2021, due to the negative repercussions of the Coronavirus pandemic.
It is up to the companies concerned to regularize the foreign currency accounts they hold by requesting the required authorizations and to regularize all transactions subject to declaration before the entry into force of the exchange regulation adopted on December 21, 2018.
“Considering the current context of the Covid-19 pandemic causing difficulties in organizing the initially planned working sessions with resident companies in the CEMAC operating in the mining and hydrocarbons sectors, in accordance with the circular letter of 12 November 2019 setting out the due diligence to be carried out by these companies (...), considering that the deadline set for 31 December 2020 is not sufficient for the conclusion of the ongoing discussions (...), the compliance deadline is 31 December 2021”, informs the BEAC
.During this derogation period, these companies have until 30 April 2021 to transmit to the Central Bank all the financial operations requested, including loans, repayments, loans, direct or portfolio investments, hedging operations against currency risks, the list of offshore accounts, information for each account listed, the most recent statements, the agreements of the various accounts, the loan agreements, mining and petroleum contracts... Non-compliance with these measures by the companies concerned exposes them to sanctions, warns the BEAC
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