Regulatory Alerts2009-11-24
COBAC Circular Letter LC-COBAC/44 on Minimum Bank Capital Requirements
The Central African Banking Commission issued Circular Letter LC-COBAC/44 to enforce a phased increase of minimum bank share capital to 10 billion CFA francs, requiring existing institutions to reach 5 billion by June 2010, 7.5 billion by June 2012, and the full threshold by June 2014. The letter mandates that banks with current capital below the target submit a formally approved capital enhancement plan by June 30, 2010. This directive ensures all financial institutions comply with the transitional capital requirements established under Regulation COBAC R-2009/01.
Share