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Yaoundé - 20 February 2020 -
Finance

CEMAC : Commercial banks imported over XAF80 bln of foreign currency without approval in April-May 2019

CEMAC : Commercial banks imported over XAF80 bln of foreign currency without approval in April-May 2019
  • Comments   -   Tuesday, 09 July 2019 15:28

(Business in Cameroon) - Between April and May 2019, banks operating within CEMAC imported more than XAF80 billion of foreign currency without the central bank BEAC’s approval, the central bank indicates.

The central bank, revealing that it has imposed sanctions on these banks, informs that executing clients’ orders without required warrants for BEAC’s coverage has turned those banks to debtors towards their correspondents in banking and rapid transfer services.

The XAF80 billion illegally imported is almost equal to the XAF92.3 billion discovered in the 2,188 foreign currency accounts fraudulently opened for CEMAC residents between 2,000 and February 2019.

A permanent monitoring by BEAC will help avoid such behaviors and punish all the infringers,” the central bank informs.  

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