Regulatory Alerts2020-08-30
Added · Updated
Regulation No. 003/09 on the Schedule for Foreign Currency Purchase and Sale Operations via Tender
The Central Bank of Congo establishes an indicative schedule for foreign currency purchase and sale operations conducted through tender, specifying that bid announcements occur on Fridays, bank submissions take place on the second and fourth Mondays of each month at 13:30, and results are published by 15:00 on the same day. The central bank reserves the right to convene additional adjudication sessions outside this schedule if daily USD/CDF exchange rate fluctuations exceed a 1.5% margin. This regulation remains valid for one year with automatic renewal unless modified by circumstances.
CENTRAL BANK OF CONGO
THE DEPUTY GOVERNOR
REGULATION NO. 003/09 RELATING TO THE SCHEDULE FOR FOREIGN CURRENCY PURCHASE AND SALE OPERATIONS VIA TENDER
I. Introduction
In accordance with Ordinance-Law No. 67/272 of June 23, 1967, relating to the regulatory powers of the Central Bank of Congo in matters of exchange regulation, and Regulations No. 001/05 and 002/05 of February 14 and June 22, 2005, relating respectively to foreign currency sale and purchase operations via tender, the Central Bank of Congo, in order to ensure the regularity, transparency, and competition of the foreign exchange market, publishes below the schedule for said operations.
II. On the Schedule
Article 1:
The interventions of the Central Bank of Congo on the foreign exchange market in the form of foreign currency purchase and sale via auction are carried out according to an indicative schedule, as follows:
| 1. Announcement of the tender (J-1) | Preceding working day: Friday |
| 2. Submission of bids by banks (J) | Every 2nd and 4th Monday of the month at 13:30 |
| 3. Publication of results (J) | On the same day as the auction, no later than 15:00 |
If Monday is not a working day, the submission of bids takes place on the following working day.
Article 2:
Outside the days provided for in Article 1, the Central Bank of Congo reserves the right to convene adjudication sessions if the daily fluctuations of the exchange rate (USD/CDF) on the market exceed a margin of 1.5%.
CENTRAL BANK OF CONGO
CONTINUED ON PAGE 2.
Article 3:
This schedule is valid for one year and may be modified if circumstances require it. Upon expiration of the one-year period, renewal occurs by tacit reconduction.
III. On the Direction, Submissions, and Results
Article 4:
The direction (sale or purchase) is indicated during the tender announcement, while submissions are deposited at the Directorate of Foreign Services.
Article 5:
The schedule, announcements, and results of the tender can be consulted on the BCC website www.bcc.cd.
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