Regulatory Alerts2020-02-01
Instruction No. 0056/DGCC/DCH/16 Establishing a Bilateral Foreign Exchange Auction Market
The Central Bank of the Republic of Guinea (BCRG) issued Instruction No. 0056/DGCC/DCH/16 to establish a bilateral foreign exchange auction market for commercial banks. The directive mandates that all bids be denominated in US dollars, specifies Tuesday and Friday trading schedules with strict submission deadlines, and requires banks to maintain sufficient GNF or US dollar liquidity in their BCRG accounts. It further outlines the competitive multiple-rate auction methodology, settlement procedures, and sanctions for non-compliance to ensure orderly foreign exchange transactions.
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