Regulatory Alerts2016-03-17
Added · Updated
Convention on the Organization and Operation of the Foreign Exchange Market in the Democratic Republic of Congo
The Central Bank of Congo and authorized financial intermediaries establish the organizational and operational rules for the foreign exchange market in the Democratic Republic of Congo. The convention mandates that all participants submit daily statistical data on spot transactions in USD, BEF, and FRF to the Central Bank by 5:00 PM to enable the calculation of weighted average exchange rates. It defines transaction settlement periods, confirmation procedures, internal control requirements, and penalties for late payment, while exempting market transactions from exchange control fees and commissions. The agreement enters into force upon signature by a simple majority of participants and supersedes prior contradictory provisions.
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