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(Agence Ecofin) – "The problem of external assets of CEMAC and international transfers ". This is the first theme that punctuated the 10 th annual consultation meeting, between the COBAC, the regulator of the banking sector in the six countries of CEMAC (Cameroon, Congo, Gabon, Chad, Equatorial Guinea, and Central African Republic), and the heads of credit institutions operating in this community area, organized on June 27, 2018 in Yaoundé.
Addressing this theme, underlines the official communiqué sanctioning the work of the Cameroonian capital, "[19459004theDirectorGeneralofStudiesFinanceandInternationalRelationsoftheBEACnotedthatthenetexternalpositionofCEMACmembercountriescontinuestosufferfromtheunorthodoxpracticesofcreditinstitutions"
To believe this head of the Central Bank, "for the most part, these establishments are part of the applicable regulations", "defaults that taint transfer operations", and shine by "non-repatriation of import receipts through the Central Bank ".
As a reminder, at the end of the CEMAC Heads of State Summit in December 2016, in Yaoundé, the heads of state of the member states had called for urgent measures to stop the drastic decline in foreign exchange reserves, which exposed to a devaluation of the CFA franc used in this community. Also, the BEAC had undertaken to be more rigorous on the conditions of the international transfers of the funds by the banks, to the chagrin of the economic operators, who had then gone up to the niche; particularly in Cameroon, where the main fish importer complained that it was no longer able to pay its suppliers abroad in order to supply the local market.
Interrogated on the subject on 21 March 2018, at the end of the first session BEAC Monetary Policy Committee for the year 2018, the governor of this central bank, the Chadian Abbas Mahamat Tolli, was rather reassuring. " Our currency area has standards on the transfer of funds. Compliance with these standards is not an obstacle to economic activity. In the past, there was a certain laxity. Standards were not rigorously applied. Today, we have teams that study the transfer files, and no file is rejected without notification of the reasons for this rejection by the Central Bank. "
In order to reverse the trend of banks to ignoring the regulations on international transfers, the meeting of June 27, 2018 in Yaoundé gave the opportunity to bankers and the regulator of the banking activity, to discuss the delays in processing transfer operations and repatriation of funds , the reasons for the rejection of transactions related to residents' foreign currency accounts, the definition of the notion of unjustified assets, the need for training and support of institutions by the Central Bank, as well as the principle of creating a one-stop-shop
Brice R. Mbodiam
See also:
11-01-2018 – Delays in remittances and the h also costs block fish imports in Cameroon
26-03-2018 – Remittances: CEMAC banks complain about rigidity of procedures, BEAC claims to have put an end to "laxity"
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