Regulatory Alerts2025-03-01
Regulation No. 098/2022/BCRG on the Monitoring of Precious Metals Export Revenues in the Guinean Financial System
The Central Bank of the Republic of Guinea (BCRG) issued Regulation No. 098/2022 to establish a foreign exchange monitoring mechanism for precious metals export revenues within the national financial system. The regulation mandates weekly reporting from primary banks and manual exchange offices, requires approved gold counters to repatriate export proceeds through the banking circuit within 45 days, and empowers the BCRG's Compliance Directorate to maintain a list of compliant exchange offices based on consolidated data. Non-compliance triggers specific restrictions, including limits on foreign currency deposits for banks, operational restrictions for non-repatiating counters, and exclusion from the compliant list for manual exchange offices.