Foreign currency accounts are intended for transactions necessary for the activities of companies in the extractive sector resulting from legal or contractual obligations. They may also receive any other transaction essential to their activity in accordance with foreign exchange regulations in force.
Any new category of operations on an authorised foreign currency account admitted by the Central Bank in favour of a company in the extractive sector is automatically extended to all foreign currency accounts of other companies in the extractive sector, as provided for in Article 8 of the Instruction
Foreign currency accounts in CEMAC may be opened in any Credit Institution in CEMAC, regardless of the country of establishment of the extractive sector company concerned.
Operations on foreign currency accounts in CEMAC are carried out freely, subject to verification by the credit Institutions of their compliance with the regulations in force, in particular the provisions relating to the Decisions authorising the opening of such accounts.
Transactions between foreign currency accounts in CEMAC of companies in the extractive sector are free, subject to the obligation of periodic declaration to the Central Bank.
Subject to their conversion into CFA Francs, cash withdrawals from accounts opened in CEMAC cannot be made to cover local needs relating to local tax obligations and social contributions, as well as any other local contribution provided for in oil and mining contracts.
All transactions on foreign currency accounts in CEMAC are subject to periodic monthly reporting to the Central Bank by Credit Institutions.
Foreign currency accounts in CEMAC are supplied with currency from:
- Export earnings;
- Foreign currency financing operations carried out by the extractive sector company, including loans, cash pooling operations and capital contributions;
- Interest and related investment income;
- Any other revenue or payment.
Foreign currency accounts in CEMAC can be debited freely for:
- The total or partial settlement of foreign trade operations inherent in the activity of the extractive sector company and any other authorised operation;
- The payment of interest and repayment of loans taken out for the purposes of the extractive sector company's activities;
- Cash pooling operations in CEMAC;
- Fund-raising operations;
- Dividend payments and distributions of any other nature;
- Investment operations carried out in compliance with foreign exchange regulations;
- Payments to an account in CFA francs, including for local needs related to local tax obligations and social contributions;
- The crediting of a foreign currency account in CEMAC;
- Any other operation necessary lor the needs of their activities, with the exception of operations prohibited by exchange regulations.
The performance of cash pooling operations outside CEMAC from foreign currency accounts opened in CEMAC is subject to the prior authorisation of the Central Bank.
The fees and commissions levied directly by credit Institutions on each operation carried out from the foreign currency accounts of companies in the extractive sector in CEMAC may not exceed the amount of one hundred thousand (100 000) CFA francs.
Foreign currency accounts outside CEMAC cannot be used to settle transactions between resident extractive companies, in accordance with Article 30 of Regulation No. 02l I 8/CEMAC/UMAC/CM of 21 December 2018 on foreign exchange regulations in CEMAC, except for the sole purpose of making calls for funds.
Foreign currency accounts outside CEMAC are supplied with currency from:
- The extractive company's export earnings;
- Foreign currency financing operations carried out by the extractive company, including loans, cash pooling operations and capital contributions;
- Interest and related investment income;
- Any other revenue or payment.
Foreign currency accounts outside CEMAC can be debited freely, especially for:
- The total or partial settlement of foreign trade operations inherent to the activity of the extractive company as well as any other authorised operation;
- The payment of interest and the repayment of loans taken out for the needs of its activities;
- Cash pooling operations of the extractive company;
- Dividend payments and distributions of any other nature to be made by the extractive company;
- Investment operations carried out in compliance with foreign exchange regulations;
- Calls for funds;
- The crediting of a foreign currency account in CEMAC;
- The crediting of another foreign currency account outside the CEMAC of the same holder;
- Any other operation necessary for the needs of their activities, with the exception of operations prohibited by the exchange regulations in force.
All debit and credit transactions are subject to periodic extractive companies concerned to the Central Bank.
In addition to the periodic declaration of extractive companies provided for in the Instruction, the Central Bank may, at any time, request from the holder of the foreign currency account information relating to the operations carried out on the said account.