Cameroon: Apex bank tightens banking transparency measures

APA - Yaoundé (Cameroon)

The Bank of Central African States (BEAC) has threatened heavy administrative and pecuniary sanctions on all credit institutions in the sub-region that would shy away from regulations requiring them to transmit data from their treasury to its services.

By Felix Cyriaque Ebolr Bola 

In an instruction bearing the seal of Governor Abbas Mahamat Tolli, which was seen by APA on Friday, he makes a point of honor on the sincerity of the declarations regarding the operations on notes and currency carried out in CFA francs and in foreign currencies, inter-bank operations, on negotiable debt securities, fiduciary for cover, with public treasuries, on other securities, as well as the expected assistance from the central bank.

The data required, on a daily, weekly and quarterly basis, relate to everyday operations in local currency, purchases/sales and loans of daily securities, cash and cash flow.

In order to ensure the regularity of financial flows within the Economic and Monetary Community of Central Africa (CEMAC), the central bank announces on-the-spot, plausibility checks, which may be unannounced.


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