Instruction N° 080/DGCC/DCH/18 Amending Instruction 0056/DGCC/DCH/16 Establishing a Bilateral Foreign Exchange Auction Market

Conakry, June 29, 2019

REPUBLIC OF GUINEA
CENTRAL BANK

INSTRUCTION N° 0 8 0 /DGCC/DCH/18 AMENDING INSTRUCTION 0056/DGCC/DCH/16 ESTABLISHING A BILATERAL FOREIGN EXCHANGE AUCTION MARKET

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THE GOVERNOR

Having regard to Law L/2017/017/AN of June 8, 2017, repealing Law L/2016/064/AN of July 9, 2016, repealing Law L/2016/064/AN of November 9, 2016, itself amending Law L/2014/016/AN of July 2, 2014, on the Statutes of the Central Bank of the Republic of Guinea;

Having regard to Law L/2000/06/AN of March 28, 2000, on the regulation of financial relations relating to transactions between the Republic of Guinea and abroad;

Having regard to Law N° 2006/010/AN of October 24, 2007, on the fight against money laundering in the Republic of Guinea;

Having regard to Decree N°L/2010/010/PRG/SGG of December 27, 2010, appointing the Governor;

Having regard to Instruction N°112/DGAEM/RCH/00 of September 11, 2000, establishing the regime for financial relations relating to transactions between the Republic of Guinea and abroad.

DECIDES

Article 1: Purpose

This instruction amends the provisions of Articles 2, 11, and 13 of Instruction N°0056/DGCC/DCH/16 of January 4, 2016, establishing the bilateral foreign exchange auction market.

Article 2: Participants in Bilateral Foreign Exchange Auctions

The BCRG, commercial banks, and all authorized external intermediaries operating in foreign exchange are authorized to participate in bilateral foreign exchange auction operations.

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Article 3: Sanctions applicable in case of failure to meet obligations

Any participant who fails to honor their obligations arising from the foreign exchange auction market shall incur sanctions as defined in the regulatory texts, to which a suspension of 1 to 4 foreign exchange auction sessions will be added.

Article 4: Market Shift Clause

In exceptional cases, the BCRG may pre-announce that the auction will be a unilateral auction where the BCRG will sell US$. In these circumstances, a single participant may not obtain more than 40 percent of the amount sold.

Article 5: Final Provisions

This instruction, which repeals all prior contrary provisions, enters into force from its date of signature and shall be registered and published wherever necessary.

(Signature and seal)

Dr. Louncény NABE

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Post Office Box N° 692 - Conakry - Telephone: (+224) 664 67 77 77 Fax: +224 669 08 88 88 - E-mail: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org / 6 Boulevard du Commerce C/Kaloum ---