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Cameroon Transfers Oil and Mining Companies’ Contracts to the BEAC
Category :- Business Author :- L J KINGAH 
Posted on August 24, 2020, 2:39 pm
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Cameroon has transferred its contracts with oil and mining companies to the Bank of Central African States-BEAC to ensure its optimum implementation the new foreign exchange regulations the bank issued.

It is the International Monetary Fund-IMF in its Country Report No. 20/48 focused on Cameroon that revealed that the country is committed to implementing the new foreign exchange regulations issued by the Bank of Central African States-BEAC.

 Oil and Mining CAMEROON

Cameroon’s regional import coverage will increase because of it's of efforts towards the implementation of the regulation, according to IMF. Cameroon is readying to adjust its news petroleum code with the foreign exchange regulation.

Since oil and mining companies estimated that the foreign exchange regulation n° 02/18/Cemac/UMAC/CM would affect their contracts with various CEMAC member countries because it required multinationals to repatriate export proceeds the promise has been regarded a significant step.

OIL N MINIG CAMEROON

 It was on March 1st, 2019 that the foreign exchange regulation n° 02/18/Cemac/UMAC/CM came into effect.

OIL BARRELS-CAMEROON

It should be noted that the new foreign exchange regulation required the contrary to the fact that most of the companies’ contracts with CEMAC member countries exempted them from repatriating their export proceeds.

MINING CAMEROON

According to IMF, supported by delayed donor budget support and strict enforcement of the regulations Cameroon’s “foreign exchange repatriation reached CFAF 2,313 billion during Q1-Q3 2019, a 44% increase from the 2018 figures (…) Cameroon’s NFAs at the BEAC stood at 1,995 billion at end-September 2019 and are projected to rise in Q4, supported by delayed donor budget support and strict enforcement of the regulations."

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