Regulatory Alerts2016-03-17
Added · Updated
Instruction No. 25 on Bilateral Foreign Exchange Auctions by the Central Bank of Congo
This instruction establishes the operational framework for bilateral foreign exchange auctions conducted by the Central Bank of Congo (BCC) with approved commercial banks to support dollarization objectives and market transparency. It mandates that auctions occur on Mondays and Thursdays, requiring bids submitted via the BCC's information system or approved backup procedures, with a minimum bid amount of USD 50,000 and increments of USD 10,000. The BCC acts as the counterparty for all transactions, executing accepted bids at the rates proposed by participants while enforcing a mechanism to ensure rates do not deviate more than 2% from the marginal auction rate. Non-compliance with obligations results in sanctions under existing BCC tariffs, and collusion allows the BCC to cancel sessions or reject offers.
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