Regulatory Alerts2024-11-15
Added · Updated
Instruction No. 10 to Banks (All) - Modification No. 40, Effective Date: February 25, 2016
This instruction mandates that banks maintain mandatory reserves in national currency held in current accounts at the Central Bank of the Congo. It establishes reserve coefficients based on deposit type and currency: 2% for ordinary sight deposits in national currency, 0% for term and special regime deposits in national currency, 10% for ordinary sight deposits in foreign currency, and 9% for term and special regime deposits in foreign currency. Compliance is verified monthly based on the average daily balance of held assets, and any shortfall incurs a penalty equal to the permanent facilities interest rate plus half, automatically deducted from the bank's account.
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