Regulation No. 003/09 on the Schedule for Foreign Currency Purchase and Sale Operations via Tender

CENTRAL BANK OF CONGO

THE DEPUTY GOVERNOR

REGULATION NO. 003/09 RELATING TO THE SCHEDULE FOR FOREIGN CURRENCY PURCHASE AND SALE OPERATIONS VIA TENDER

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I. Introduction

In accordance with Ordinance-Law No. 67/272 of June 23, 1967, relating to the regulatory powers of the Central Bank of Congo in matters of exchange regulation, and Regulations No. 001/05 and 002/05 of February 14 and June 22, 2005, relating respectively to foreign currency sale and purchase operations via tender, the Central Bank of Congo, in order to ensure the regularity, transparency, and competition of the foreign exchange market, publishes below the schedule for said operations.

II. On the Schedule

Article 1:

The interventions of the Central Bank of Congo on the foreign exchange market in the form of foreign currency purchase and sale via auction are carried out according to an indicative schedule, as follows:

1. Announcement of the tender (J-1)	Preceding working day: Friday
2. Submission of bids by banks (J)	Every 2nd and 4th Monday of the month at 13:30
3. Publication of results (J)	On the same day as the auction, no later than 15:00

If Monday is not a working day, the submission of bids takes place on the following working day.

Article 2:

Outside the days provided for in Article 1, the Central Bank of Congo reserves the right to convene adjudication sessions if the daily fluctuations of the exchange rate (USD/CDF) on the market exceed a margin of 1.5%.

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CENTRAL BANK OF CONGO

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Article 3:

This schedule is valid for one year and may be modified if circumstances require it. Upon expiration of the one-year period, renewal occurs by tacit reconduction.

III. On the Direction, Submissions, and Results

Article 4:

The direction (sale or purchase) is indicated during the tender announcement, while submissions are deposited at the Directorate of Foreign Services.

Article 5:

The schedule, announcements, and results of the tender can be consulted on the BCC website www.bcc.cd.