(2 minute read)
- Countries in the Central African Monetary Zone (CEMAC) face a difficult task with the fall in oil prices
- The region’s economies, such as Chad, Equatorial Guinea, Congo, Gabon, Cameroon, and the Central African Republic, are facing severe balance of payments deficits and currency shortages
Countries in the Central African Monetary Zone (CEMAC) face a difficult task with the fall in oil prices. The region’s economies, such as Chad, Equatorial Guinea, Congo, Gabon, Cameroon, and the Central African Republic, are facing severe balance of payments deficits and currency shortages.
Banks in the region imposed restrictions on foreign currency transfers in 2019 to strengthen their reserves. However, these restrictions are severely hampering the operations of oil companies. Despite this, the new restrictions, which will come into force, require companies to repatriate all their export earnings to the zone.
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