Regulatory Alerts2022-03-25
Regulation 01/CEMAC/UMAC/CM on Foreign Exchange Rules for Resident Extractive Companies
The Ministerial Committee of the Economic and Monetary Community of Central Africa (CEMAC) has issued Regulation 01/CEMAC/UMAC/CM to establish specific foreign exchange rules for resident extractive companies in the hydrocarbon and mining sectors. The regulation mandates a minimum 35% repatriation rate of foreign currency earnings to the CEMAC through credit institutions, while granting exceptions for exploration-phase activities and resource-backed loans. It further requires the integral repatriation of site rehabilitation funds, imposes strict reporting and domiciliation obligations for imports and exports, and establishes a tiered sanction framework for non-compliance.
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