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Central Africa: Banks fail to meet international transfer standards according to BEAC.
Yaoundé, July 7, 2018 (CNC) –
This is the statement made by BEAC on the 27th June to Yaoundé . It was during the 10 e annual consultation meeting between the Cobac the promoters of credit institutions.
The banks of the area Cemac do not respect the norms of international transfers. This is the statement made by Bank of Central African States (Beac).
It was at the 10 e annual meeting of consultation between the Banking Commission of Central Africa (Cobac) meets the promoters of credit institutions
The Beac noted that the net external position of the member countries of Cemac continues to suffer from the unorthodox practices of credit institutions.
The Director General of Studies Finance and International Relations of Beac explains that most, credit institutions are in the margin of the applicable regulations .
Those, according to him are illustrated by deficiencies which taint the operations of transfers. Also, the banks of the zone Cemac do not repatriate the import receipts by the channel of the Beac .
However, the resolutions of the summit of the heads of the Cemac in December 2016 in Yaoundé are against these practices. They advocate urgent measures to put an end to the considerable decline in foreign exchange reserves.
Because it is this decline that exposes fcfa to the devaluation. On the other hand, the Beac became more rigorous on the conditions of international money transfers .
To bring the banks to order, the Cobac provided credit institutions with new rules. These include the processing time for the transfer and repatriation of funds.
But also the reasons for the denial of transactions related to residents' foreign currency accounts. As well as the definition of notion of assets unjustified, the need for training and support institutions by the Beac . The Beac also provides for the creation of a one-stop shop .
By: N. Mballa, Correspondent of the CNC
Copyright2018CNC
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