BEAC Governor opens Seminar on Diffusion of New Regulatory Mechanism for Changes in CEMAC

On Tuesday 23rd July, the Governor of BEAC, Mahamat Abbas Tolli, opened the seminar on the Diffusion of New Regulatory Mechanism for Changes in CEMAC, continuing the seminars organised by the Central African Banking Commission (COBAC) in the city of Yamena, in the Republic of Chad.

The second COBAC seminar this week was also overseen by the Governor of the Bank of Central African States (BEAC) at the Hilton Hotel in Yamena, with the main aim of reporting on the roll-out of the diffusion of the new mechanism regulating exchange in the Economic and Monetary Community of Central Africa (CEMAC).

It is made up of Regulation No. 02/18/CEMAC/UMAC/CM which regulates CEMAC exchange rates, adopted on 21st December 2018 in Yaunde by the UMAC Ministerial Committee for application, which was signed on 10th June 2019 by the BEAC Governor. In view of the innovations contained in these texts, it is important to raise awareness among the interested parties regarding the new challenges of this system.

Thus, the diffusion seminar organised by COBAC aims to facilitate better uptake of these new texts by all interested parties in the sector.

In order to achieve its aim, the seminar will focus on three topics:

The administrative organisation and basic principles of the regulations governing transactions with the exterior; current transactions, capital transactions and covering operations; exchange regulations, financial stability, and the monetary and business environment.

Furthermore, the coordinator of the Central Research Cell for the transfer of exchange and exchange rate operations, Joseph Henri Ikori, who spoke about the administrative organisation and the principles of the control and reverse of exchange rates, and the established controls and sanctions.

In addition, the national Director of BEAC in Chad, Annour Mahamat Hassan, in his speech, reported on the situation regarding direct deposit, and the export and import of goods and services, in addition to transactions related to trips abroad and the manual exchange of financial and capital operations.

Continuing with the presentations, there was participation from the Deputy Director of Market Operations from the East African Central Bank (BCEAO), Djibril Diaw, who presented the situation regarding the policy on exchange and financial stability. After his speech, the day continued with a presentation on the regulations and policy of monetary union, presented by the BEAC Director of Financial Operations, Mahamat Djibrine.

Source: Equatorial Guinea Press and Information Office

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