Regulatory Alerts2022-03-25
Regulation No. 01/CEMAC/UMAC/CM on Foreign Exchange Implementation for Resident Extractive Companies
The CEMAC Ministerial Committee has issued Regulation No. 01/CEMAC/UMAC/CM to mandate resident upstream oil, gas, and mining companies to repatriate at least 35 percent of their foreign currency earnings into the monetary union. The regulation establishes strict rules for declaring and domiciling cross-border trade, requires the full transfer of site rehabilitation funds to Central Bank accounts by January 2023, and permits authorized foreign currency accounts for operational use. Non-compliance triggers proportional fines and monthly penalties distributed to the rehabilitation fund, central bank, and public treasury, thereby strengthening CEMAC's external currency reserves while accommodating sector-specific operational constraints.
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