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Yaoundé - 31 May 2020 -
Finance

Cameroon: No SCB’s foreign exchange operations were rejected in Sep 2019 (Beac)

Cameroon: No SCB’s foreign exchange operations were rejected in Sep 2019 (Beac)
  • Comments   -   Thursday, 31 October 2019 16:09

(Business in Cameroon) - Société camerounaise de banque (SCB), Cameroonian subsidiary of Moroccan banking group Attijariwafa Bank, recently presented the practical guide it produced on the new exchange regulations in the CEMAC zone to its clients and partners.

In addition to a copy of the regulation adopted by CEMAC Heads of State, the document explains some instructions concerning the application of these regulations. It also enumerates documents to be provided for the financing of external trade.

This document, welcomed by many participants, is a real asset for economic operators working with the bank, as the issue of access to the foreign exchange market has been a real concern in the CEMAC zone since the beginning of 2019. Commercial banks, companies and the Central Bank blamed one another for the malfunctions that occurred.

It should be noted that even the parties involved in external trade in the sub-region do not know all the regulations governing the import and export of foreign currency. According to Beac’s representative in Cameroon who attended the meeting, SCB has improved its relationship with the monetary issuing institution.

"The number of foreign exchange rejections by commercial banks was considerable at the beginning of the year. Now we are seeing a low level of discards. I must also say that Société camerounaise de banque is one of those that obtained zero rejections last September," said the Deputy Director of the Beac for Cameroon, in an intervention during a panel discussion on the subject.

Idriss Linge

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