BANQUE DE LA REPUBLIQUE DU BURUNDI

LE GOUVERNEUR

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CIRCULAIRE N° 002/RC/2023 ON TIME LIMITS FOR PUTTING GOODS INTO CONSUMPTION PAID BEFORE IMPORTATION AND ON STAKEHOLDER RESPONSIBILITIES FOR THE PROPER COMPLETION OF IMPORT OPERATIONS, ISSUED UNDER FOREIGN EXCHANGE REGULATIONS

Pursuant to Law No. 1/34 of December 2, 2008 establishing the Statutes of the Banque de la République du Burundi;

Pursuant to Law No. 1/17 of August 22, 2017 governing banking activities;

Pursuant to the Foreign Exchange Regulations of December 28, 2023;

The Banque de la République du Burundi, hereinafter referred to as the "Central Bank", hereby issues:

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Article 1 : Object

This circular aims to specify the time limits for putting into consumption goods paid before importation and to clarify the responsibilities of stakeholders in ensuring the proper completion of import operations.

Article 2 : Time limit for commercial banks to verify the proper completion of operations for payments made before importation

Banks must ensure that payments made before importation are justified, a posteriori, by a customs declaration of the paid imports, in the ASYCUDA-World system, within a time limit not exceeding three (3) months.

Article 3 : Blocking of import-export operations for importers in default of importation

Beyond six (6) months after payment without corresponding goods, all import and export operations of the concerned importer are automatically blocked by the ASYCUDA-World system until the customs clearance of the imports for which foreign currency has been paid.

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Article 4 : Registration of payment in the ASYCUDA World system

Banks must immediately register any payment made on an Import Declaration (DI) and attach proof of payment, in the ASYCUDA-World system.

If the bank making the payment differs from the one that validated the DI, it is required to register the payment in the ASYCUDA-World system by referencing that DI.

In case of returned foreign currency, commercial banks are required to register the returned amounts in the ASYCUDA-World system.

Article 5 : Reimbursement by the importer of foreign currency paid without corresponding goods

Any importer whose ordered and paid goods are not cleared through customs without valid reason within a period of six (6) months from the payment date must reimburse, via an account used for the transfer, the foreign currency paid, without prejudice to potential legal proceedings.

Article 6 : Entry into force

This circular enters into force on the day of its publication on the Central Bank's website and in the Official Gazette of Burundi.

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Done in Bujumbura, on December 28, 2023

Edouard Normand BIGENDAKO

Governor