Loi L/2017/017/AN du 08 juin 2017, abrogeant la Loi L/2016/064/AN du 09/11/2016, elle-même modifiant la Loi L/2014/016/AN du 02/07/2014 portant Statut de la Banque Centrale de la République de Guinée (B.C.R.G) (Law L/2017/017/AN of 8 June 2017 on the Statute of the Central Bank of the Republic of Guinea)

English translation of the French text from bcrg-guinee.org (the French text is the official one). Retrieved 2026-10-26.

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Republic of Guinea Work – Justice – Solidarity PRICE: 100.000 GNF Edition July 2017 Central Bank of the Republic of Guinea

LAW L/2017/017/AN Of 08 June 2017, Repealing Law L/2016/064/AN of 09/11/2016, itself, Amending Law L//2014/016/AN of 02/07/2014 Establishing the Statute of the Central Bank of the Republic of Guinea (B.C.R.G)

Central Bank of the Republic of Guinea Republic of Guinea Work – Justice – Solidarity

Having regard to the Constitution, in particular Article 72 thereof, LAW L/2017/017/AN Of 08 June 2017, Repealing Law L/2016/064/AN of 09/11/2016, itself, Amending Law L//2014/016/AN of 02/07/2014 Establishing the Statute of the Central Bank of the Republic of Guinea (B.C.R.G)

After examining and deliberating thereon, adopts the Law which follows:

Article 1: this Law sets the statute of the Central Bank of the Republic of Guinea, abbreviated "BCRG", hereinafter referred to as "the Central Bank".

CHAPTER 1: LEGAL STATUS? CAPITAL, HEAD OFFICE AND OPERATING PRINCIPLE

Section One: Legal Status

Article 2: The Central Bank of the Republic of Guinea is an institution endowed with legal personality, financial and management autonomy.

It enjoys full legal personality and, in particular, the capacity to contract, to acquire, to alienate movable and immovable property and to sue and be sued.

It is vested with the powers necessary for the achievement of the objectives, missions as well as the functions and operations defined in this Law.

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Article 3: The Central Bank is authorized to use the seal of the Republic together with its corporate name.

Section 2: capital

Article 4: The capital of the Central Bank, fully subscribed and paid up, is two hundred (200) billion Guinean francs. It is entirely held by the State. It is not transferable and may not be subject to any pledge.

The Capital of the Central Bank may be increased by the amount proposed by the Board of Directors and approved by the Government.

Section 3: Head Office

Article 5: The head office of the Central Bank is located in Conakry. It may be transferred elsewhere within the national territory if needed. The Central Bank may open, by decision of its Board of Directors, branches or agencies in all localities of the Republic, and have correspondents in Guinea and in any other country where it deems useful.

Section 4: Operating principles

Article 6: In the performance of its missions and in the exercise of the powers conferred on it by this Law, the Central Bank, its bodies, any member of its bodies and the members of its staff may neither seek nor accept instructions from the Institutions of the Republic, from any other organ or body of the State or from any other person. The latter have the obligation to respect this principle and 4 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

not to seek to influence the Central Bank, its bodies, the members of its bodies and its staff in the performance of their missions.

New Article 7: The staff of the Central Bank is governed by the Labor Code and its implementing texts.

The members of the bodies and the staff of the Central Bank are subject to a code of ethics and professional conduct.

To this end, they are bound by professional secrecy. They are bound to respect this obligation even after the cessation of their functions.

In addition, they must avoid any situation that could influence or appear to influence the impartial and objective performance of their obligations. The private or personal interests of the members of the bodies and of the staff designate the potential advantages for themselves, their families, the other members of their families up to the second degree.

Article 8: The members of the staff of the Central Bank may not take or receive directly any interest or remuneration whatsoever, through work or advice, in a public or private, industrial, commercial, financial or service enterprise, except for a derogation granted by the Governor.

The provisions of this article do not apply to the production of scientific, literary, artistic or agricultural works.

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CHAPTER 2: OBJECTIVE AND MISSIONS OF THE CENTRAL BANK

Section One: Main objective of the Central Bank

Article 9: The main objective of the Central Bank is to ensure price stability. The inflation objective is defined by the Monetary Policy Committee.

Without prejudice to this objective, the Central Bank supports the general economic policy of the Government of the Republic of Guinea with a view to healthy and sustainable economic growth.

Section 2: Missions of the Central Bank

Article 10: The Central Bank is vested with the following missions:

• define and implement monetary policy;

• ensure the stability of the banking and financial system:

• promote the proper functioning and ensure the supervision and security of payment systems;

• implement exchange rate policy under the conditions agreed with the Government;

• manage official foreign exchange reserves under the conditions defined by the Monetary Policy Committee,

CHAPTER 3: MONETARY FUNCTIONS AND OPERATIONS OF THE CENTRAL BANK

Section One: General provisions

Article 11: The monetary functions and operations of the Central Bank shall be carried out within the framework of this Law.

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Section 2: Issuance of monetary signs

Article 12: The Central Bank shall have the exclusive privilege of issuing monetary signs, banknotes and metal coins, having legal tender and liberatory power throughout the territory of the Republic of Guinea.

The banknotes shall bear the signature of the Governor and of the Minister in charge of finance.

Article 13: On a proposal from the Central Bank, the Monetary Policy Committee shall decide:

a) on the denominations, formats, designs, colors and all other characteristics of banknotes;

b) on the denominations, types, natures, weights, dimensions, tolerances and all other characteristics of metal coins;

c) on the putting into circulation of a new type of banknote or metal coin;

d) on the withdrawal by way of exchange of a type of banknote or metal coin in circulation as well as the time limit and procedures for the exchange. In the event of withdrawal from circulation of one or more categories of banknotes or coins, the banknotes or coins that have not been presented to the Central Bank within the fixed time limits shall lose their liberatory power.

Their equivalent value shall be paid over by the Central Bank to the Treasury, under the conditions defined by the Board of Directors.

The printing of banknotes as well as the minting of coins shall be carried out at the initiative of the Central Bank.

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The Central Bank shall ensure the maintenance of fiduciary circulation.

Article 14: Any reproduction of banknotes and coins, whether they have legal tender in the Republic of Guinea or abroad, as well as the creation of objects which, by their design, imitate a banknote or a coin, must obtain prior written authorization from the Central Bank.

Violation of the provisions of the above paragraph shall be sanctioned by the provisions of the penal code in force.

Article 15: Also punished by the provisions of the penal code in force are counterfeiting, falsification of banknotes and coins of the Central Bank, the introduction of counterfeit or falsified banknotes and coins into the territory of the Republic of Guinea, the use, sale, peddling and distribution of these banknotes and coins.

Section 3: Operations on precious materials and foreign currencies

Article 16: The Central Bank may, for its own account and for the account of third parties, carry out all operations on precious materials, in particular the purchase, sale, swap and any intermediation related to processing, safekeeping and shipment.

Article 17: The Central Bank may also carry out all of the following operations on foreign currencies, in particular:

a) the negotiation of foreign banknotes and, in general, of any payment instrument denominated in foreign currency and used in international transfers.

b) deposits, loans or borrowings in foreign currencies, on demand, time or notice accounts;

c) the negotiation of commercial paper or securities denominated in foreign currencies.

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The Central Bank shall determine revaluation reserves to take into account latent gains and losses on its position of reserves in foreign currencies, gold, financial instruments and other assets.

Section 4: Open market operations

Article 18 new: To achieve its objectives and within the framework of the accomplishment of its missions, the Central Bank may:

• intervene in the capital markets of the Republic of Guinea through open market operations, by buying and selling outright forward, or on a spot basis by taking or placing in repurchase or pledge and by lending or borrowing bills or securities from eligible participants;

• carry out credit operations with banks operating in the Republic of Guinea;

• Provide emergency liquidity only to solvent Banking Institutions in exchange for adequate collateral.

The Central Bank is authorized, under the conditions defined by the Monetary Policy Committee, to issue securities for the needs of conducting monetary policy.

Article 19: The Monetary Policy Committee shall define the general principles of open market and credit operations carried out by the Central Bank.

It shall determine the list of participants and that of the instruments eligible for these operations.

It shall set the eligibility criteria for bills and securities for the Central Bank's portfolio.

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Section 5: Required reserves

Article 20: The Central Bank is authorized to require credit institutions to constitute required reserves with it.

The Monetary Policy Committee shall define the constituent elements and the procedures for constituting required reserves as well as the sanctions applicable in the event of non-compliance with the obligation provided for in the preceding paragraph.

Section 6: Payment systems and instruments

Article 21: The Central Bank shall ensure the proper functioning of payment systems. It shall take the measures required to ensure the efficiency, soundness as well as the security of interbank clearing payment systems, securities settlement systems and other payment systems and instruments in the Republic of Guinea and abroad.

In this context, it shall be responsible for the regulation, authorization and supervision of participants, as well as the promotion of payment systems and instruments.

Article 22: The Central Bank may request from credit institutions the declaration of payment incidents.

Section 7: Exchange policy and reserve management

Article 23: The Central Bank implements exchange policy under the conditions agreed with the Government.

The Central Bank ensures the management of official foreign exchange reserves under the conditions defined by the Monetary Policy Committee.

10 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

It organizes the functioning of the foreign exchange market.

The Central Bank is consulted prior to any modification of the exchange regime.

If official foreign exchange reserves dwindle to the point of not guaranteeing international transactions, the Central Bank may propose corrective measures to the Government to remedy this situation. If within a period of 30 days the Government does not act, the Central Bank implements its recommendations.

Article 24: The Central Bank participates in the development, negotiation and signing of international monetary agreements.

Section 8: Supervision of banking and financial activity

Article 25: The Central Bank ensures the supervision of credit institutions, insurance companies, microfinance institutions and other financial institutions.

To this end, it is authorized, in accordance with the provisions of the laws in force, to carry out off-site and on-site controls of credit institutions, insurance companies, microfinance institutions and other financial institutions.

Article 26: On this occasion, it is authorized to collect any document and information necessary for the accomplishment of its mission.

Section 9: Establishment of the balance of payments

Article 27: The Central Bank establishes the balance of payments of the Republic of Guinea.

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To this end, it may require, either directly or through credit institutions and any other person or structure concerned, all information on external transactions of public administrations, natural or legal persons, public or private, having their residence or registered office in the Republic of Guinea as well as persons having their residence or registered office abroad for their transactions relating to their stay or activity in the Republic of Guinea.

Section 10: Collection of information and statistics

Article 28: Within the framework of its missions, the Central Bank is authorized to collect from competent national services and from credit institutions, insurance companies, microfinance institutions and other economic agents, statistical information or any documents and information on the economic, financial and monetary situation of the country.

Article 29: Within the framework of the application of the provisions of Articles 27 and 28, professional secrecy is not enforceable against the Central Bank.

Article 30: The Central Bank is responsible for promoting the rules and practices governing the collection, establishment, management and dissemination of statistics in the fields within its competence. These must comply with international standards in force.

Section 11: Opening of accounts and related services

Article 31: The Central Bank may open in its books accounts for the following institutions: the Public Treasury, Territorial Collectivities, subject Credit Institutions, 12 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

foreign credit institutions, financial institutions and other authorized intermediaries, foreign Central Banks, foreign governments, international financial organizations, international organizations and any other structures and persons under the conditions set by the Board of Directors.

The accounts referred to in the preceding paragraph may not have a debit balance except for the application of Articles 34 and 36.

Article 32: The Central Bank may execute transfers for the benefit or on the order of the Public Treasury, credit institutions and all other account holders in its books.

Article 33: The Central Bank may take charge of the collection and recovery of instruments remitted to it by the holders of accounts opened in its books.

Section 12: Relations with the State

Article 34: The Central Bank keeps in its books and in the places where it is established, the accounts of the Public Treasury. The nature and modalities of the operations recorded in these accounts are defined by agreements between the Minister in charge of Finance and the Governor of the Central Bank.

New Article 35: The Central Bank is the agent of the Public Treasury for its banking and credit operations both in the Republic of Guinea and abroad.

To this end, it ensures at the request of the Minister in charge of Finance:

• the management of the portfolio of instruments subscribed to the order of public accountants by taxpayers of taxes, fees and duties;

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• the safekeeping of securities, titles and other conservatory seizures;

the issuance, placement or management of short-term securities and medium- and long-term securities subscribed by account holders in the books of the Central Bank for their own account or for that of their clientele;

• the payment of bearer coupons and the reimbursement of State securities presented at its counters by account holders in its books, provided that the Public Treasury constitutes in advance with it the necessary provision;

• any investment of funds requested by the Public Treasury.

However, the Bank may not carry out signature commitment operations in favor of the private sector at the request of the Public Treasury or any other body.

Article 36: The total amount of advances that the Central Bank may grant to the State and, where applicable, to public bodies and entities, may not exceed 5% of the annual average of ordinary public revenues of the three last financial years preceding the current year and for which the accounts are available. The said advances are repayable within a period that may not exceed 92 calendar days and bear the market interest rate in force in the Republic of Guinea.

The Central Bank may acquire State securities provided that these acquisitions take place on the secondary market.

Article 37: The Central Bank is the financial adviser to the Government.

It assists the Minister in charge of Finance in negotiations for foreign loans and borrowings concluded on behalf of the State or with its guarantee.

14 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

It is consulted on all questions likely to affect the exercise of its prerogatives and functions as defined by this Law. Likewise, the Central Bank may submit to the Government any opinions and suggestions it deems useful in the monetary and financial fields.

Section 13: equity participation and investment of the Central Bank

Article 38: In order to fulfill its missions, the Central Bank may carry out operations necessary for the needs of its administrative infrastructure or for the benefit of its staff. In this capacity, it may acquire, sell or exchange buildings, to meet the needs of its activity or to provide housing for its staff.

Article 39: The Central Bank may, on a decision of the Board of Directors, subscribe to the capital of financial institutions with a regional or international vocation.

It may, under the same conditions, subscribe to borrowings issued by the same institutions.

Section 14: Regional and international cooperation

Article 40: The Central Bank cooperates with African central banks, with a view to sub-regional and continental monetary integration.

Article 41: The Central Bank also cooperates with other central banks.

Article 42: The Central Bank may join any regional or international institution and any convention whose purpose concerns monetary and financial questions.

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It may also conclude any agreement, treaty or international convention relating to these questions, after approval by the Monetary Policy Committee.

CHAPTER IV: INSTITUTIONAL ORGANIZATION

Section one: General provisions

Article 43 new: The organs of the Central Bank are:

• the Governor,

• the Monetary Policy Committee,

• the Board of Directors,

• the Audit Committee,

• the Cabinet Council.

Article 44 new: The Governor as well as the members of the Monetary Policy Committee, the Board of Directors, the Audit Committee and the Cabinet Council of the Central Bank must enjoy their civil rights and have suffered no afflictive or infamous penalty. They must present guarantees of honorability and morality and be of Guinean nationality.

The mandate of the members of the Monetary Policy Committee, the Board of Directors and the Audit Committee is incompatible with the functions or status of administrators, directors, representatives or employees of financial institutions placed under the authority of the Central Bank.

The members of the Monetary Policy Committee, the Board of Directors and the Audit Committee may not hold elective mandates or functions of Minister, Secretary General or Head of Cabinet.

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Article 45: The members of the Monetary Policy Committee and the Board of Directors chosen intuitu personae are appointed by decree of the President of the Republic on the joint proposal of the Minister in charge of Finance and the Governor of the Central Bank.

They are appointed for a mandate of five (5) years renewable once, and must not be part of the staff of the Central Bank.

For each organ, at least half of the members appointed intuitu personae must not exercise any function in the Public Administration.

Notwithstanding the provisions of paragraph 2 of this article, the first mandate of two members of the Monetary Policy Committee and the Board of Directors shall be limited to three (3)

years. The two members concerned will be designated by drawing lots during the first meeting of each of the two organs after the implementation of these statutes.

Provision is made for their replacement at least thirty (30) calendar days before the expiration of their mandate.

Their mandate is irrevocable except in case of serious misconduct or mental incapacity.

Their revocation is pronounced by the President of the Republic on the recommendation of the organ of which they are members. On this occasion, a simple majority of the voting members is required.

Article 46: Except in the case of revocation, their mandate is interrupted by death, resignation or proven incapacity.

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Article 47: In case of revocation, death, resignation or proven incapacity, provision is made for the replacement of the members of the Monetary Policy Committee, the Board of Directors and the Audit Committee. In this case, the appointed member exercises his functions only for the remaining duration of the mandate of the one he replaces.

Article 48: The Central Bank ensures the secretariat of the work of its organs.

The Governor may be assisted at meetings of the organs of the Central Bank by collaborators whose assistance he deems necessary.

Section 2: The Governor

Article 49: The Governor ensures the direction of the Central Bank.

He presides over the Monetary Policy Committee and the Board of Directors.

He prepares and implements the decisions of these bodies, whose meetings he convenes.

In the exercise of his functions, he is assisted by two Vice Governors.

Article 50: The Governor and the Vice-Governors are appointed for a term of five (5) years, renewable once, by decree of the President of the Republic from among persons with professional skills and experience in the economic, financial, monetary, legal or accounting fields.

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Before taking office, the Governor takes an oath before the President of the Republic to direct the Central Bank well and faithfully in accordance with the laws and these Statutes.

Article 51: The Governor and the Vice-Governors may be relieved of their functions during their term of office, for mental incapacity or serious misconduct, by decree of the President of the Republic on the recommendation of the Board of Directors. On this occasion a simple majority of the members of the Board of Directors is required.

Article 52: The remuneration of the Governor and the Vice-Governors, their representation allowances and other benefits are set by the Board of Directors, and borne by the budget of the Central Bank.

The remuneration and allowances are paid for two (2)

years after the cessation of the functions of Governor and Vice-Governors.

During this period, they may not engage in professional activities in the industrial, commercial or services sector, with the exception of public functions that may be entrusted to them.

In the event of resignation or revocation for serious misconduct, the benefits provided for in paragraph 2 of this article are not due.

New Article 53: The Governor represents the Central Bank before public bodies, before other central banks and before third parties in all civil or commercial acts engaging the Central Bank;

• signs, on behalf of the Central Bank, and following deliberation by the bodies, all treaties and conventions relating STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA 19

to the assets and liabilities of the Central Bank;

• recruits and appoints to all grades and positions of the Central Bank within the framework of the guidelines defined by the Board of Directors and in accordance with the Staff Regulations;

• sets the remuneration, allowances and other benefits as well as the obligations of the staff;

• designates, where appropriate, the representatives of the Central Bank within the bodies of other Institutions;

• has the other powers in matters of management of the Central Bank that are not explicitly reserved to the Board of Directors.

Article 54: During the duration of their functions, the Governor and the Vice-Governors are prohibited from taking or receiving any participation or any interests whatsoever in any public or private enterprise.

Article 55: In the event of absence or impediment of the Governor, the interim is ensured by the first Vice-Governor and, in the event of absence or impediment of the latter, by the second Vice-Governor.

In the absence of the Governor and of both Vice-Governors, the Governor may delegate part of his powers to a senior official of the Central Bank whom he shall have designated for that purpose.

Section 3: The Monetary Policy Committee

Article 56: The Monetary Policy Committee is responsible for defining monetary policy and its instruments as well as the other missions assigned to it in accordance with the provisions of this Law.

20 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

Article 57: The Monetary Policy Committee comprises:

• the Governor of the Central Bank;

• the Vice-Governors of the Central Bank;

• four (4) members appointed intuitu personae, for their competence in economic, monetary, financial or legal matters.

Article 58: The members of the Monetary Policy Committee receive a session allowance the amount of which is set by the Board of Directors.

Article 59: The Monetary Policy Committee is chaired by the Governor of the Central Bank and, in the event of absence or impediment, by the Vice-Governor ensuring the interim of the Governor.

It meets on convocation of its Chairman as often as necessary and at least four times a year.

Each member of the Monetary Policy Committee has the right to vote and for this purpose has one vote.

Article 60: The decisions of the Monetary Policy Committee are taken by a simple majority of the votes cast by the members. In the event of a tie in the sharing of votes, that of the Chairman is preponderant.

Article 61: The validity of the deliberations of the Monetary Policy Committee is subject to the presence of at least two thirds of the members.

If this quorum is not reached, the Chairman convenes a new meeting on the same agenda. The Monetary Policy Committee then meets without any quorum requirement.

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The Monetary Policy Committee deliberates in compliance with the confidentiality rules that it lays down.

Article 62: The other operating rules of the Monetary Policy Committee are set out in internal regulations adopted by this body.

Article 63: In the event of urgency, the Chairman of the Monetary Policy Committee may consult the other members of the Committee at home by a written procedure.

Section 4: The Board of Directors

Article 64: The Board of Directors is responsible for questions relating to the administration and management of the Central Bank in accordance with the provisions of this Law.

Article 65: The Board of Directors is composed of the following members:

• the Governor;

• the two Vice-Governors;

• six (6) members intuitu personae chosen for their competence in economic, financial, legal, accounting or management matters.

Article 66: The Board of Directors is chaired by the Governor and, in the event of absence or incapacity, by the Vice-Governor acting as interim.

Article 67: The Directors receive an allowance the amount of which is set by the Board of Directors.

Article 68: The Board of Directors meets whenever necessary and at least twice a year on the initiative of its Chairman or at the request of at least four (4) of its members.

22 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

New Article 69: The Board of Directors may validly deliberate only if the absolute majority of its members are present or represented. If this quorum is not reached, the Chairman convenes a new meeting on the same agenda. The Board then meets without a quorum requirement.

The decisions of the Board of Directors are taken by a simple majority of the votes of the members present or represented by other directors.

The directors holding positions at the Ministry of Economy and Finance do not take part in the vote on decisions.

The deliberations of the Board of Directors are recorded in minutes, signed in original by the Chairman of the meeting and by at least one member of the Board.

In the event of incapacity of the Chairman of the meeting, the minutes are signed by at least two (2) of the members who attended the meeting and transcribed in a deliberation register.

Copies and extracts of the minutes of deliberations are validly certified either by the Governor or by one of the Vice-Governors.

Article 70: Mission of the Board of Directors:

• authorizes the investment program;

• approves the annual budget and the modifications made to it during the period;

• adopts the organizational structure of the Central Bank on the proposal of the Governor;

• approves any company agreement setting the status of the staff of the Central Bank in addition to the provisions of the Labor Code;

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• proceeds with the approval of the annual accounts and the allocation of the result of the financial year;

• decides on the allocation of a part of the profits to the staff of the Central Bank and to set up pension funds or similar arrangements for the benefit and protection of the staff of the Central Bank,

• decides on the subscription of the capital of financial institutions referred to in Article 39 of this Law;

• decides on the amount of allowances to be allocated to the members of the Monetary Policy Committee, the Board of Directors, the Licensing Committee and the members of the Audit Committee;

Article 71: In case of urgency, the Chairman of the Board of Directors may consult the other members of the Board at their homes by a written procedure.

Article 72: The other rules of operation of the Board of Directors are set by internal regulations established by this body.

Section 5: The Audit Committee

Article 73: The Audit Committee is responsible for assessing the quality of the administration, operation, financial information and the audit and control system of the Central Bank.

The Audit Committee supervises the selection of external audit firms on behalf of the Board of Directors of the Central Bank.

Article 74: The Audit Committee is composed of two (2)

directors and two (2) independent experts whose competence in auditing is recognized by the profession.

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Article 75: The independent experts who are members of the Audit Committee are appointed by the Board of Directors for a period of three (3) years, renewable once. Their mandate is irrevocable except in the event of physical incapacity or serious professional misconduct. Their revocation is pronounced by the Board of Directors on the report of the Chairman of this latter body, ruling by a two-thirds majority.

Article 76: The Audit Committee elects its chairman from among its members at its first meeting.

The Audit Committee meets on the convocation of its chairman or at the request of at least two (2) of its members.

It meets as often as necessary and at least two (2) times a year, in particular before the closing of the accounts of the Central Bank.

It sends the report of its work to the Board of Directors.

The members of the Audit Committee receive a session allowance the amount of which is set by the Board of Directors.

Article 77: The rules of operation of the Audit Committee are determined by the Board of Directors.

Section 6: THE CABINET COUNCIL

Article 77 bis: The Cabinet Council is responsible for the current affairs of the Central Bank.

It organizes the services of the Bank and defines their attributions in accordance with the organizational structure approved by the Board of Directors.

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The Cabinet Council is composed of the Governor and the Vice-Governors.

In accordance with the internal rules it has established, the Board of Directors determines the operating procedures of the Cabinet Council.

CHAPTER 5: BUDGETARY, ACCOUNTING, AUDIT AND CONTROL PROVISIONS

Section One: Accounting Year

Article 78: The budgetary and accounting year of the Central Bank begins on 1 January and ends on 31 December of each year.

Section 2: Rules relating to the budget

Article 79: The expenses of the Central Bank are executed within the framework of an annual budget approved by the Board of Directors. The budget of the Central Bank must be balanced in revenue and expenditure.

Amending budgets may be adopted, as needed, during the budgetary year on proposals of the Governor.

Section 3: Accounting rules

Article 80: The operations of the Central Bank are executed and accounted for in accordance with internationally recognized accounting standards and reporting standards, subject to the specific provisions of the status and functions of an issuing institution.

26 STATUS OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

Section 4: Approval and certification of accounts

New Article 81: At the end of each financial year, the Governor finalizes the annual accounts of the Central Bank, which are audited in accordance with international standards by an independent firm with a good reputation and internationally recognized experience.

The external auditors report to the Board of Directors.

The external auditors are chosen by the Board of Directors on the proposal of the Audit Committee for a term of four (4) years. No external auditor may be appointed for more than two consecutive terms.

New Article 82: On the basis of the report of the external auditors, the annual accounts of the Central Bank are submitted for approval to the Board of Directors within six months following the end of the financial year.

Article 83: The approval of the accounts by the Board of Directors constitutes, for the Governor, discharge of his management for the financial year concerned.

Article 84: The financial statements are published on the website of the Central Bank of the Republic of Guinea and in the Official Journal no later than 15 days after their approval by the Board of Directors.

Section 5: Allocation of results

New Article 85: The result to be allocated is determined by deducting from the result for the financial year the total amount of unrealized revaluation gains on balance sheet items for the STATUS OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA 27

allocate to the revaluation reserve and by deducting from these, the amount of unrealized revaluation gains for previous financial years and realized during the current financial year to reallocate them to the profit to be distributed.

The result thus determined, increased or decreased as the case may be, by the carryover of the results of the previous financial year, is allocated by the Board of Directors.

If this result is a profit, it is allocated up to twenty percent (20%) to the constitution of legal reserves until these are equivalent to two (2) times the amount of the authorized capital of the Central Bank and reach an amount equal to ten percent (10%) of the total monetary liabilities of the Central Bank. This deduction resumes if these proportions are no longer reached.

On the proposal of the Governor, the Board of Directors may decide to allocate a portion of the profits to the constitution of special reserves. It may also allocate a portion of the profits accruing to the Central Bank to pension funds or similar arrangements for the benefit or protection of the staff of the Central Bank.

The available balance of the profit, after the deductions provided for in the two preceding paragraphs and by the agreements concluded between the State and the Central Bank, is acquired by the State.

If the result for the financial year is a loss, it is covered by a deduction from the legal reserves. In the event of insufficient legal reserves, the State makes a capital contribution up to the amount of the shortfall observed, within sixty (60)

calendar days from the publication of the accounts of the Central Bank.

28 STATUS OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

The result thus determined, increased or decreased as the case may be, by the carryover of the results of the previous financial year, is allocated by the Board of Directors in the month following the approval of the accounts.

Section 6: Audit and internal control

Article 86: The Central Bank establishes an audit and internal control system, in accordance with the international standards applicable in this area to institutions of the same nature.

This system is intended to contribute to the control of risks inherent in the specificity and missions of the Central Bank and to ensure compliance of rules, procedures and practices with universally recognized standards, to guarantee transparency for activities and the required security and quality for operations.

Article 86 bis: Internal Audit is placed under the direct administrative authority of the Governor. The function of Internal Audit is thus exercised in complete independence from the audited entities. To this end, the Central Bank ensures the conditions for the protection of auditors acting within the framework of this function.

Internal Audit is headed by a General Auditor, appointed by the Governor with the approval of the Board of Directors.

Functionally, Internal Audit is attached to the Audit Committee. As such, audit reports are simultaneously communicated to the president of the Committee and to the Governor.

Article 87: In application of the provisions of Article 73 of these Statutes, the Audit Committee assesses the quality of the audit and internal control system.

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CHAPTER 6: OBLIGATION OF INFORMATION AND PUBLICATION

Article 88: The Central Bank informs the legislative body, the Government and the public of its policies, functions and operations as defined in this law.

To this end, the Central Bank prepares each quarter a report on the evolution of the monetary situation of the country. This report is addressed to the Monetary Policy Committee.

The Governor of the Central Bank produces an annual activity report which he submits to the President of the Republic no later than 30 June.

The Governor of the Central Bank may, on his own initiative or at the request of the President of the Parliament of the Republic of Guinea, address said Parliament or its competent committees.

The Central Bank shall prepare an annual report on the economic, monetary and financial situation of the Republic of Guinea and on its own activities. This report shall be published.

Article 89: At the end of the meetings of the Monetary Policy Committee and its Board of Directors, the Central Bank shall publish a press release.

CHAPTER 7: MISCELLANEOUS PROVISIONS

Article 90: The Central Bank shall be exempt, in the course of any judicial proceeding, from providing security and advance payment in all cases where the Law provides for this obligation.

Article 91: In the context of activities related to the performance of the missions entrusted to it by this Law, the Central Bank shall be exempt from the payment of any tax and any duty.

30 STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

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Article 92: Account assets on the books of the Central Bank of credit institutions and other financial institutions shall be immune from seizure when said assets are:

• Constituted in application of the mandatory reserves and prudential directives of the Central Bank,

• Held in the settlement accounts for the balances of clearing operations.

Also immune from seizure shall be the account assets of stock exchange companies, opened on the books of the Central Bank when these assets are allocated to payments under a system for the settlement and delivery of financial instruments.

Article 93: The State shall ensure the security and protection of the property and establishments of the Central Bank. It shall provide it with the escorts necessary for the security of transfers of funds and securities.

Article 94: The Central Bank shall have the power to issue the regulations and decisions necessary for the proper execution of the functions with which it is invested under this Law or any other text. A regulation issued by the Central Bank shall have general application. It shall be enforceable in its entirety and directly applicable.

A decision issued by the Central Bank shall be enforceable for the person to whom it is addressed. The regulations issued by the Central Bank shall take effect on the date of publication or later, as specified in the regulations. They shall be published in the Official Journal.

Article 95: The Central Bank shall be empowered, in the areas falling within its competence, to take administrative measures, such as written warnings, suspension and revocation of authorizations and other measures, as specified in this Law, or in any other relevant law or regulation.

STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

Financial fines may be imposed, at the sole discretion of the Central Bank, unless otherwise provided in any other relevant law.

CHAPTER 8: FINAL PROVISIONS

New Article 96: The provisions of this Law shall replace by operation of law those of Law L/2014/016/AN of 02 July 2014. Likewise, they repeal the provisions of Law L/2016/064/AN of 09 November 2016, relating to the same matter, as registered and published in the Official Journal of the Republic, special issue, of November 2016.

The rights and obligations of the Central Bank of the Republic of Guinea towards third parties shall not be affected by this substitution.

Article 97: This Law shall entail neither the creation of a new legal person nor the cessation of business.

Article 98: In the event of a conflict between the provisions of this Law and other Laws, the provisions of this Law shall prevail. The provisions of this Law shall not be revoked, annulled, amended or invalidated, in whole or in part, by other Laws. Any change shall require prior consultation with the Central Bank.

Article 99: This Law, which shall enter into force from its date of promulgation, shall be registered and published in the Official Journal of the Republic of Guinea and executed as Law of the State.

32 Conakry, 08 June 2017 Professor Alpha CONDE STATUTE OF THE CENTRAL BANK OF THE REPUBLIC OF GUINEA

B.C.R.G CENTRAL BANK OF THE REPUBLIC OF GUINEA 6 Boulevard du Commerce Commune de Kaloum Tel.: (+224) 664 77 E-mail: secretariat.gouv@bcrg-guinee.org www.bcrg-guinee.org P.O. Box: 692 Conakry