(Business in Cameroon) - During the 2019 fiscal year, Cameroon successfully repatriated XAF644.721 billion of exports revenues. According to the Ministry of Finance, which revealed the information, Cameroon is thus reaping the first rewards of the new foreign exchange regulation No. 02/18/Cemac/UMAC/CM which came into force on March 1, 2019.
According to this regulation, transactions related to exports of goods worth XAF5 million or more must be domiciled with a CEMAC credit institution. “All export of goods are subject to the completion of an export declaration with the customs administration or the entity acting in its place and a firm foreign exchange commitment which obliges the exporter to repatriate and transfer the related revenues within the applicable regulatory time limits,” the text stipulates.
The Bank of Central African States (Beac), in charge of the implementation of this new regulation, revealed that at end June 2019, non-financial companies established in Cameroon held the largest value of non-repatriated external financial assets (XAF492.8 billion) in the CEMAC zone. Cameroon was followed by Gabon (XAF367.8 billion) and Equatorial Guinea (XAF137.8 billion).