Page 345 - Atouts Economiques Cameroun-2019-GB
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Opening foreign accounts in CFA Francs to the benefit of non residents is free of charge in the CEMAC zone. Approved intermediaries can open accounts in response to a written request of the non-residents provided these intermediary inform the monetary authorities.
Credit and debit operations of foreign account in CFA Francs are transacted without prior authori- sation. These accounts can not be overdrawn.
Opening of foreign accounts in foreign currency for non –residents is free in the CEMAC zone. The credit and debit operations of these accounts are free and cannot be overdrawn.
Non- residents can open a foreign account with an approved intermediary whose currency is freely convertible into other currencies. As crediting a foreign account in Francs CFA is equal to a pay-
ment in another currency. Actually foreign accounts are reserved exclusively for diplomatic missions, international organisations and their workers.
(forward hedging)
Financial payments on import and exports must be done through the intermediate of a paying bank with a status of an approved interme- diary. These payments must give rise either to the sales or purchase of currency in the exchange market or a credit or debit from foreign account in CFA Francs.
The payment can be done either by opening a documentary credit or by coverage of exchange term. Once the documentary credit is opened and the planned funds are in foreign currency, this currency can only be requested eight days before the effective shipment date of the goods. The transfer can be done as soon as the foreign bank from whom the loan was raised acknow- ledges receipt the shipment documents to the paying bank.
The covers of exchange term maybe lodged to the regulations on the basis of a non-exhaustive list and as per the request of importers.
The importer must open a domiciliation file with an approved intermediary in addition to atta- ching three personally verified legally certified copies of the commercial contract.
(Special import and export cases)
This special cases of import and export mainly concern gold, container import and supply contracts. Gold can be freely bought, held or sold in the form of jewellery by residents.
The detention of gold in any other form but for jewellery automatically necessitates an authorisa- tion from the Ministry of Mines. This rule which is applicable both for imports and exports nonethe- less is not necessary for:
• The import and export of gold carried out by monetary authorities or for their account.
• The import and export of gold manufactured articles which are subject to custom declarations.
• Imports through containers: the importer issues one licence per resident supplier at an approved intermediary who is equally submitted ordinary importation rules.
• Supply contracts: It is necessary to subscribe for a licence or a declaration of importation for companies having long term contracts with perio- dic payments with foreign suppliers. In this case, the paying bank will initiates the payments as per the deadline and terms of the contract.
 Normal and current bank transfers of capitals are open list

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