EG is a civil law jurisdiction rooted on Spanish civil law. The government system of the country is presidential, led by the Executive branch and headed by the President, who is both the head of state and head of government.
The former CEMAC Foreign Exchange Regulation No. 02/00/CEMAC/UMAC/CM dated 29 April 2000 (“Old Forex Regulation”), after several years of debate, was repealed with the adoption of the New CEMAC Exchange Regulation No. 02/18/CEMAC/UMAC/CM, dated 21 December 2018, (“New Forex Regulation”).
Following the coming into force of the CEMAC Regulation 02/18/CEMAC/UMAC/CM in 21 December 2018 (hereinafter the “FX Regulation”), unlike with the former exchange control regulation of 2000, the Governor of the Bank of Central African States (“BEAC”) issued…
As contemplated by article 191 of the CEMAC Regulation 02/18/CEMAC/UMAC/CM dated 21 December 2018 (hereinafter the “FX Regulation”), on the 10th of June 2019, eleven (11) instructions
The Bank of Central African States (“BEAC”) submitted for adoption a new set of foreign exchange regulations to the Ministerial Committee of the Union Monétaire de L’Afrique Centrale (UMAC), which is the entity responsible for the harmonization of monetary policy in the CEMAC.