Regulatory Alerts2020-08-30
Added · Updated
Regulation No. 002/05 Relating to Foreign Currency Purchase Operations via Tender Offers
The Central Bank of Congo establishes a variable-rate tender system and single-rate competitive auction method for foreign currency purchases, restricting eligibility to authorized banks. The regulation mandates specific announcement procedures, submission limits of up to four bids per participant, and a 40% cap on individual bid volumes to prevent market cornering. Non-compliance triggers monetary penalties of 5 percentage points above LIBOR per day of delay and temporary suspension from future auctions for repeated offenses.
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