RESIDENTS

beac central bank of cameroon - Copy

DEVELOPMENT OPPORTUNITIES IN AFRICA: BEAC changes rules for money transfers between residents and foreigners

In a circular letter dated 14 August, Abbas Mahamat Tolli , the governor of the Bank of Central African States Beac, clarifies transfers outside Cemac :

  • Cameroon
  • Central African Republic
  • Congo
  • Gabon
  • Equatorial Guinea
  • Chad

on profits generated by non-residents and foreign residents.

All labour income paid in FCFA may be transferred outside CEMAC, provided that the non-resident or resident alien provides evidence that a portion of his or her local expenses (rent, hotel expenses, and other items of subsistence) have been met. Otherwise, the amount of the employment income to be transferred may not exceed 75% of this income " , 

states the document signed by the governor. However, it states, the transfer of labour income in foreign currency to foreign non-residents is free of charge.

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